Davide Tait
All courses

Module 6 · Coming soon

Commodities

Curves, roll yield and the spreads that traders actually trade.

9 episodes2h 45mEntry · Intermediate · Advanced
Course on The Alternatives
Commodities

Owning a commodity and owning a commodity future are two different businesses. The curve, not the price, decides most of your return.

You learn to compute roll yield, read convenience yield and model crack and spark spreads with real data.

What you will learn

  • Distinguish spot markets from derivatives and hard from soft commodities
  • Read supply and demand cycles without the narrative
  • Calculate roll yield in contango and backwardation
  • Model crack and spark spreads and quantify inflation hedging drag

Episode curriculum

Entry

  1. Spot markets versus derivatives18m
  2. Hard and soft commodities15m
  3. Supply and demand cycles20m

Intermediate

  1. Contango and backwardation22m
  2. Roll yield calculations24m
  3. Convenience yield and storage economics20m

Advanced

  1. Crack spreads step by step26m
  2. Spark spreads and power markets24m
  3. Inflation hedging and the drag you pay25m