炼油企业原油金融衍生品工具应用研究  

Study on Crude Oil Financial Derivatives Usage in Refineries

作　　者：陈都 Chen Du(SINOPEC Crop.Petroleum Refining Department,Beijing 100728,China)

机构地区：[1]中国石油化工股份有限公司炼油事业部,北京100728

出　　处：《当代石油石化》2024年第2期26-31,共6页Petroleum & Petrochemical Today

摘　　要：原油贸易具有全球性特点,其交易金额巨大,影响因素较多,复杂性和不确定性显著。原油期纸货流通性强,期纸货交易量远大于原油实际贸易量,应用原油金融衍生品对冲炼油企业生产经营风险具备可行性。炼油企业可通过使用原油金融衍生品工具,从炼油全产业链的角度,充分降低原油采购、运输、库存运作和产品销售及出口等环节的经营风险,理论上可锁定炼油利润,有助于炼油企业生产经营优化及稳定创效。Crude oil trade is global and complex,with many influencing factors,uncertainties and huge transaction amounts.Crude oil paper cargo flow is strong,and its trading quantity is much bigger than the actual quantity.Therefore,it is feasible to use financial derivatives to hedge against risks of refinery production and management.Refiners hedging through crude oil financial derivatives are so as to resist the management risk of crude oil procurement,transportation,inventory operation,sale and export of products,and in theory,it can lock in refining profits and help to optimize refinery operation and management and gain stable profits.

关 键 词：炼油企业 金融衍生品 原油采购和运输 库存运作 成品油出口 

分 类 号：F426.72[经济管理—产业经济] F832