In order to operate as a professional in this business, it is necessary to understand every layer of the industry (physical, financial, and geo-political). The energy markets represent a network of related physical, financial and credit markets, with very complex interactions and interdependencies. This book enables the reader to come to an understanding of every layer and interaction, learning everything they need to about the realities of working within these markets, in an accessible, straightforward manner. Energy markets are evolving towards a highly integrated, global system, with shocks propagating across specific physical commodities markets and different local markets. The physical and financial markets cannot be examined in isolation from each other and this book brings the two together, providing detailed and comprehensive coverage of these continually evolving areas.