Video: BP Energy Company's CRO on data and the impact of new fundamentals
Profound changes in energy market fundamentals are making historical data less and less useful, says Gary Taylor
In the past, energy risk managers have relied on historical data to feed into predictive calculations and models. However, huge changes in energy market fundamentals – in particular, changes to oil and gas flows due to shale, liquefied natural gas and the US export of crude – mean historical data is not as relevant as it used to be, says BP Energy Company’s chief risk officer, Gary Taylor.
“We have to figure out which information to use, which to discard, and we have to get better at using real-time information,” he says.
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