Ryzyko wahań poziomu marż produktowych źródłem zagrożenia dla rozwoju ekonomicznego rafinerii
Crack Spread Fluctuations as a Source of Threat for Refinery Economic Development
Author(s): Natalia Iwaszczuk, Bartosz Łamasz, Oleksandr IvashchukSubject(s): Energy and Environmental Studies, Economic development
Published by: Społeczna Akademia Nauk
Keywords: refining margin; crack spread; bull spread; bear spread;
Summary/Abstract: In the article presented the possibilities of using selected hedging option strategies to manage the level of refining margins. The research was the market of crude oil and refined products in the period from January to September 2016. A crack spread 3/2/1 was used as a model refining margin. To protect the margin level, authors of the article decide to choose two different types of spread strategies: a bull spread and a bear spread with different strike prices of options (ATM-2%, ATM and ATM+2%).
Journal: Przedsiębiorczość i Zarządzanie
- Issue Year: 18/2017
- Issue No: 9.2
- Page Range: 47-63
- Page Count: 17
- Language: Polish