摘要
石油是现代工业的血液,重要的战略物质。20世纪70年代末,石油价格的自由波动使风险管理成为石油企业的核心。衍生产品因其独特的优势非常适合石油价格风险的管理而被引入石油市场,使世界石油市场交易方式发生了重大变革。世界石油衍生品市场,包括:纽约商品交易所、伦敦国际石油交易所、新加坡交易所,得到了极大的发展,成为国际石油市场的重要组成部分。目前,石油衍生产品市场围绕着两个互补的轴线发展:大公司石油价格风险的套期保值和石油行业的金融性操作。石油远期、期货、期权、互换都发挥着各自的作用,尤其是一些特有的石油衍生产品:油价顶、裂解基差交易、裂解基差期权、跨期价差期权、体积产量支付合同等,为适应石油行业的需要而产生。石油市场的国际化以及石油市场形式的多样性,使得石油衍生品的价格风险管理具有其它实物资产价格风险管理难以比拟的优势,实际情况表明石油行业成功地运用衍生品管理了价格风险。
The oil is the ＂blood＂ of modern industry and the important strategic material. Everyone involved in the industry is exposed to the risk of very large changes in the value of any oil that they are producing, transporting, refining or purchasing. Since the late 1970＇s, Oil price risk has traditionally been at the heart of the oil business for its dramatic fluctuations. On 1990＇s,The derivative instruments were introduced into the oil market for its unique superiority to suit the petroleum price risk management extremely, which transformed the structure and operation of the oil market over the past decades. Oil trading has evolved from a primarily physical activity into a sophisticated financial market. So, oil futures markets and its OTC markets grow rapidly. World oil derivative markets, including the New York Mercantile Exchange, London International Petroleum Exchange, Singapore Exchange, have developed enormously and become the important parts of the international oil market. At present, the oil derivative markets have developed around two complementary axes： hedging the oil price exposure of large companies, and the financing operations of the oil industry. Both of these have generated rapid growth for the OTC and exchange-traded oil derivatives industry. Oil price risk management instruments, such as oil forwards, oil futures, oil options, oil swaps are all playing the respective role in the price risk management. Especially, some unique oil derivative instruments, such as the crack spread contracts, the crack spread options, the calendar spread options, the volumetric production payment contracts, were innovated for the need of oil industry, giving companies much more control over prices and bringing new participants into the market. The most important change to the oil market has been the gradual extension of trading horizons further and further into the future. Before the introduction of forward and futures contracts, oil companies had no effective means setting prices for future delivery. Price risk management tools such as derivative instruments are used to manage price volatility in order to protect company revenues and profits. Participants of the oil market use the different risk management strategaes＇ through oil derivative products. A survey shows that the majority of foreign oil companies take the initiative in using futures markets, hedging to lower oil price risks. There are oil producer, petroleum refiners, storage operators, large consumers （local distribution companies, airlines and shippers）, who transacts for the purpose of hedging. All available evidence indicates that the oil industry has successfully used derivatives to manage risk.
出处
《资源科学》
CSSCI
CSCD
北大核心
2007年第6期182-187,共6页
Resources Science
作者简介
张辉，男，湖北人，博士，讲师，主要研究领域为资本市场与金融工具、石油金融。E-mail：goodlucky609@163.com
