摘要
炼厂原油套期保值常遇到套期保值的必要性、套期保值的效果评估、衍生业务体系如何真正发挥作用、如何从技术角度更有效地开展套期保值业务等问题。分析炼厂原油套期保值的关键环节并提出了具体的建议、解决方案和操作办法。强调炼厂进行原油套期保值操作应以保证生产稳定、避免大幅波动风险为理念,明确原油风险控制的目的和原则,将风险控制与炼厂原油计划、采购、库存控制、价格均衡紧密结合,以基本面分析和技术分析为基础,推进低价位套期保值采购和高价位风险防控运作,以实现预期的成本控制目标。
The problems and confusions in crude oil hedging in refineries can be roughly summarized as the necessity of hedging,the evaluation of the effect of hedging,how the derivative business system really plays a role,and how to carry out hedging business more effectively from a technical point of view.This paper analyzes the key links of crude oil hedging in refineries and puts forward specific suggestions,solutions and operation methods.The author emphasizes that refineries should take the concept of ensuring production stability and avoiding the risk of large fluctuations,and clarify the purpose and principles of crude oil risk control.The author suggests that refineries closely integrate risk control with refinery crude oil planning,procurement,inventory control and price equilibrium,and promote low-price hedging procurement and high-price risk prevention and control operations based on fundamental analysis and technical analysis to achieve the expected cost control goals.
作者
孙海滨
SUN Haibin(Dalian West Pacific Petrochemical Company Ltd.)
出处
《国际石油经济》
2024年第4期99-103,共5页
International Petroleum Economics
关键词
原油期货
炼厂
套期保值
风险管控
crude oil futures
refineries
hedging
risk control