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Nouveaux instruments financiers et gestion du couple rentabilité-risque sur le marché du pétrole

Listed author(s):
  • Michel Albouy

[fre] Avec la fin du monopole de l'OPEP et les fortes variations de prix du pétrole qui en ont résultées, il est devenu de plus en plus évident que de nouveaux instruments financiers avaient un rôle important à jouer. Le but de cet article est de présenter comment utiliser les marchés à terme et les warrants pétroliers afin de réduire l'exposition au risque de prix et gagner de l'argent sur le marché du pétrole. En couvrant leurs positions sur le physique par des positions sur le marché à terme, il est possible pour les producteurs et consommateurs de produits pétroliers de réduire leur risque. [eng] With the end of the OPEP monopoly the oil price volatility has been increased and it became increasingly apparent that new financial instruments would become more important. The aim of this article is to present how to use futures markets and petroleum warrants in order to reduce risk exposures and to make money on the oil market. By hedging cash positions with futures positions, it is possible for producers and industrial consumers of petroleum products to reduce their risk.

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Article provided by Programme National Persée in its journal Revue d'économie industrielle.

Volume (Year): 38 (1986)
Issue (Month): 1 ()
Pages: 45-63

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Handle: RePEc:prs:recind:rei_0154-3229_1986_num_38_1_2197
Note: DOI:10.3406/rei.1986.2197
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