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I'd understand the supply/demand dynamics of the industry. You should be aware of how crack spreads and utilization rates are related and drive the economics of the the hydrocarbon markets. Understand what drives the cyclicality in the industry. Market trends, various energy sources and key issues forming their future outlook. Keep in general, dont get to specific. Try to understand 1-3 of the overarching trends in the industry.
Definitely not necessary for an UG interview, but absolutely a way to set yourself apart from your peers and show a genuine interest in the Natural Resources space.
Why Natural Resources? What are industry-specific metrics? What's happening in the World right now? What's going on in the industry right now? What's the difference between upstream and midstream? How would you hedge revenues? These are the questions that I've been asked (directly/indirectly) when I interviewed for NatRes/Oil&Gas groups.
You don't need to know how to calculate NAV, or LBO ExxonMobil, but you have to show that you follow the industry and did your homework.
They like jocks. That's the culture where I know people at least. Good luck.
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