Fundamentals of commodity spot and futures markets Equilibrium relationships between spot prices and forward prices Stochastic modelling of commodity price processes Plain-vanilla option pricing and hedging Risk-neutral valuation of plain-vanilla options Monte-Carlo simulations and analytical formulae for Asian, barrier, and quanto options Agricultural commodity markets The structure of metal markets and metal prices The oil market as a world market The gas market as the energy market of the next decades Spot and forward electricity markets Commodity swaptions, swing, and take-or-pay contracts and real options In the energy industry -- Coal, emissions, and weather Commodities as a new asset class.