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Acknowledgments

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I would like to offer my sincere gratitude to everybody at Volguard Private Limited, Timothy Sung, Melissa Chia, Kevin Fazaeli, Ouchnid, Junia Sulaiman, and all my friends in Singapore for their advice, counsel, and support during the last 12 months.

I would like to thank Rania Soppelsa from the SORBONNE-ASSAS and all my students for their strong interest and enriching debates.

I extend a special thank you to Uncle Lin and Aunt Lanting for taking care of me when I come to Hainan, without forgetting Qi Guo, You Yingyu, and all my friends in China.

I would also like to thank Mostafa for driving me all the way down to my home town, to Beni-Mellal and beyond.

S. MOHAMED DAFIR

We would like to thank Samantha Hartley and Thomas Hyrkiel for their invaluable support throughout the publishing process.

We are especially indebted to the International Energy Agency, the International Air Transport Association, and BP for providing their historical data.

I would also like to express my gratitude to my colleagues, Sashi Anumula and Abhinav Jain, for several thought-provoking discussions on physical commodities and refined products markets that were very enriching. I am thankful for the kind words of encouragement and support provided at every stage of the project by my family, friends, colleagues, and well-wishers.

VISHNU N. GAJJALA

Fuel Hedging and Risk Management

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