Hedging jako forma zabezpieczenia rafinerii przed ryzykiem zmian cen ropy naftowej
Hedging as a Method Protecting Refineries before the Risk of Crude Oil Fluctuation

Summary/Abstract: The paper presents the characteristics of the main risks for the European refining sector. Firstly, the climate regulations and their impact on the refining sector are taken into consideration and carefully analysed. Secondly, the changes in the structure of demand for manufactured products in the sector are presented. The article also presents the state of technological refineries in Europe and their competitiveness compared with refineries in other parts of the world. Moreover, the impact of oil price fluctuations on the financial results of companies in the refining sector are attempted to be examined. The major aim of this paper is to present the possibilities of using the selected hedging strategies to reduce the negative impact of price risk. Strategies type of spread has been proposed as one method of protecting Polish refineries against the risk of fluctuation of the value of Urals crude oil.

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