October 17, 2009
OIL 101 is a straightforward guide to oil and an essential read for anyone coming to grips with where oil prices, the economy and society are headed.
In OIL 101, Downey provides the facts one needs to understand oil, from its history and chemistry, to refining, finished products, storage, transportation, alternatives, and how prices are determined every day in global wholesale oil markets and how those markets are connected to prices at the pump.
Irish born, Morgan Downey moved to New York in the early 1990s to begin a career in finance following his education in Ireland (University of Limerick). Mr. Downey became a naturalized US citizen in 2000.
Mr. Downey is a commodities trader at Standard Chartered Bank in New York City. Prior to joining Standard Chartered Bank in 2007, Morgan managed commodity businesses in Australia (Sydney), Asia (Singapore) and Europe (London).
Mr. Downey’s job trading oil requires him to build oil supply and demand models in order to determine which direction oil prices will move. These models are used to estimate values at which various grades of oil at locations around the world should be priced.