期权套期保值在炼化企业应对价格风险中的应用探究OACHSSCDCSTPCD

Price risk from crude oil procurement has a significant impact on the production and operation of refining enterprises.Although traditional futures hedging can hedge the risk of price volatility,it also loses potential gain when the spot price moves in a favorable direction.The nonlinear structure of option returns can compensate for this disadvantage of futures hedging.For refining enterprises,the use of options hedging allows for a combination of different trading strategies.When the expected crude oil market price is downward,a protective put option strategy can be adopted to lock in spot market profits,when the expected crude oil market is in the consolidation phase,a covered call option strategy can be employed to mobilize inventory assets and when the expected market is upward,a long straddle strategy can be taken to lock in crude oil procurement costs.Option hedging also has volatility risk,credit risk,and liquidity risk.China's crude oil options market has taken off and could help refiners cope with price risks.