摘要
2019年以来,天然气作为清洁低碳的化石能源,贸易量保持了较快增长,北美、欧洲和亚太三个主要区域市场不断完善,跨区域液化天然气现货贸易逐渐活跃。天然气价格的季节属性使得天然气期货月差价格波动异常活跃,贸易商经常面临因采购和销售计价期不一致而出现的跨期计价风险。亨利中心天然气价格和日韩基准价格、荷兰TTF价格之间产生分化,贸易商面临着跨区基差风险。LNG在运输过程中存在蒸发率等因素,贸易商需要承担运输过程中的货损风险。中国企业在参与国际贸易活动时,面对跨期风险、基差风险和货损风险,应积极使用金融衍生品进行套期保值,规避价格波动对贸易利润和经营收益可能产生的不利影响。
Since 2019,the trade volume of natural gas,as a cleaner and low-carbon fossil fuel,has maintained rapid development,three major regional market at North America,Europe,and Asia-Pacific continue to improve,and cross-regional liquefied natural gas (LNG) trading activities becoming more active.The seasonal pattern of gas price and the combined time spread fluctuation of gas futures price often leave trading companies with price risk derived from different purchase and sales pricing periods.Trading companies also have to deal with basis risk caused by price divergence in Henry Hub,JKM and TTF,as well as cargo loss risk due to evaporation issues in LNG shipping.When taking part in the global natural gas trading market,Chinese enterprises should actively use financial instrument to hedge the time spread risk,basis risk and cargo loss risk derived from their physical trades,and avoid potential adverse impact on trade profits and operation income by price fluctuations.
作者
周钰迪
ZHOU Yudi(China International United Petroleum&Chemicals Co.,Ltd.)
出处
《国际石油经济》
2022年第5期33-41,共9页
International Petroleum Economics
