About the Author 3 1 Executive summary 10 2 Defining real-time information services 12 Introduction 12 Special characteristics of real-time services 12 Service displays 16 The role of display software 20 Issues to watch out for 24 A note on copyright 27 3 Information publishers - what they produce 28 Introduction 28 Who are the publishers? 28 4 Information distributors and techniques utilized 35 Introduction 35 Information flow 35 How information is distributed 37 5 Presenting information - display vendors 39 Introduction 39 Information needs 39 Combined news/price real-time display systems 40 Data aggregators 42 6 Selling and support of real-time services 44 Introduction 44 Company structure 44 How real-time services are sold 46 How real-time services are supported 49 7 Real-time news pages 55 Introduction 55 Message and medium 55 Electronic vs. print 56 8 Real-time price pages 62 Introduction 62 Pricing risk 62 Information routing and database applications 63 Data warehouses 67 Data errors and corrections 70 Price assessment methodologies and specifications 75 9 Real-time intraday deals & indications 77 Introduction 77 Deals pages and indications pages 77 New innovations 79 Indications pages 80 10 Real-time futures pages 81 Introduction 81 Basic services 81 11 Real-time charting packages 84 Introduction 84 Charts 84 12 Locating pages - a guide to page directories 90 Introduction 90 Finding the right information 90 13 Effective use of screen desktop space 94 Introduction 94 Setting up your desktop 94 General tips for effective screen presentations 98 “Instant Messenger” windows 99 14 Database storage of news & prices 102 Introduction 102 Effective storage 102 15 Understanding content and building relationships 106 Introduction 106 Who covers news? 106 How are price assessments produced? 108 How much can one rely on this information? 109 Interacting with editors and reporters 109 Winning confidence and building relationships 110 Getting deals reflected in market assessments 111 Creating credible talk instead of propaganda 112 Proper positioning 112 Things to avoid 112 Journalistic rules and terms to know about 113 Methods of recourse 114 16 Case studies to optimize usage 116 Introduction 116 Case Study 1: GasCo, a large energy company 116 Case Study 2: SXR, a medium-size power trading company 121 17 What to expect in the future 127 Introduction 127 Distribution 128 New formats for information 129 New display devices 130 Quality of futures information 131 Conclusion 133

TABLES Table 1: Publishers as distributors of information 36 Table 2: Distributor software package attributes 40 Table 3: Large GasCo’s information needs 119 Table 4: Medium sized SXR’s information needs 122 Table 5: Small sized trading firm - Mitchell’s information needs 125

The usefulness of energy market information is driven by speed. For the last 40 years we have seen a continuing evolution of delivery technologies ranging from printed publications delivered through the postal system to streams of information delivered instantaneously through the Internet.

The energy industry’s consistent need for more timely delivery of information is based upon changing market dynamics. For many years the global energy market was primarily US-centric and it was sufficient to deliver petroleum news and price information to customers via the postal service and international courier. The need for more timely information accelerated with increasing globalization of the petroleum and petrochemical markets and the deregulation of US oil prices in 1980. Early real-time delivery systems were launched to meet these new needs. Early real-time information systems of many publishers were wedded to that publisher’s proprietary terminal. The connections were quick and reliable, but users began to balk at the proliferation of terminals on their desks as their needs grew and as they decided that they wanted to have information supplied by more than one publisher. In the early 1990s, the greater proliferation of PCs, coupled with software developments made it possible for customers to receive information from several publishers and information sources on one desktop screen. Information amalgamators began to proliferate. Finally, large publishers began to get into the act, offering greater delivery transparency. The resulting real-time electronic energy information services are a very useful tool for companies looking to maximize the profit value of information. They do what they claim: They get information to your decision makers nearly as fast as it is generated. However, making most effective use of that information can be tricky. Information is presented in many different formats. It’s organized in a multiplicity of ways that try to meet the larger-scale needs of a broad cross section of companies.

Used correctly, an investment in an electronic information system can be a wise move, returning a great deal of value to your employees. However, used incorrectly, systems can be duplicative of print services, and can actually cost your company valuable time and money.

This guide attempts to help companies get the most for their money. It will provide information on a number of fronts:

  What are the special characteristics of real-time services?   How are they sold and supported?   What distribution vendors are out there?   What kind of information is presented in these services?   How their content differs from print publications.   How to configure systems for maximum effect.   Getting to know the people who produce the information.

This study has been produced by individuals who are electronic information “insiders”, with a combined total of more than 30 years management experience working for both electronic and print energy information publishers. It provides detailed information that will help you and your company make informed strategic decisions about which types of systems to buy and how to make sure these systems fit your needs without eating away at your company’s bottom line.