Reflections and suggestions on issues related to crude oil hedging in refineries
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.
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