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进口原油具有的贸易特点及计价方法,与炼油企业当期销售成品油的计价方法不同,造成原油与成品油计价期不同,在国际油价剧烈波动,特别是油价快速下跌时,使炼油企业严重亏损。当企业均衡生产时,这种时间差带来的市场风险会通过装置长周期运行而减小,但当企业的加工和采购进度因装置检修、非计划停工以及市场供需调整等原因进行大幅调整时,成本和产品价格之间的时间差可能会给企业带来巨大风险。分别介绍了进口原油、成品油的贸易特点及计价方法,提出了如何研究国际油价走势。分析了国际油价上涨时,如何选择原油计价期,实现低价采购原油、高价销售成品油的目标;国际油价下跌时,如何实现同期原油计价量与原油加工量匹配,实现均衡计价,规避因国际油价波动造成的企业亏损,进一步剖析了如何运用套期保值方法,锁定当期炼油企业原油加工效益。同时,列举了操作中的注意事项,提出套期保值应善于选择时机操作,加强计划管理的重要性,以及控制合理库存的必要性。
The characteristics and pricing methods of imported crude oil are different from those of refined oil products sold by refined oil refiners in the current period, resulting in different pricing periods for crude oil and refined oil products. As crude oil prices fluctuate sharply, especially when oil prices rapidly drop, oil refineries suffer serious losses. When the enterprises produce balancedly, the market risk brought by such time difference will be reduced through the long period operation of the device. However, when the progress of the processing and purchasing of enterprises is drastically adjusted due to the reason of equipment maintenance, unplanned lockout and market supply and demand adjustment, The time lag between cost and product price can pose a significant risk to the business. Introduced the trade characteristics and pricing method of imported crude oil and refined oil respectively and put forward how to study the international oil price trend. When the international oil price goes down, how to choose the crude oil price period and achieve the target of low price to purchase the crude oil and the high price to sell the refined oil? How to realize the match between the international crude oil price and the crude oil volume during the same period, Further analysis of how to use hedging methods to lock in the current oil refining enterprises benefit from the processing of crude oil. At the same time, the precautions in the operation are listed. It is suggested that hedging should be good at choosing the timing, strengthening the importance of plan management and the necessity of controlling reasonable inventory.