わが国の法人向けオイルデリバティブ取引と先物取引の原油市場への影響(<特集>エネルギー価格形成のメカニズム〜最新動向と今後の展望〜)

概要

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Crude oil prices soared to historical highs in September. The recent surge of crude prices is also aggravating the uncertainties regarding the future course of the market. Along with the rise of uncertainties, Japanese corporations are adopting more derivative schemes such as futures, swaps and options. Moreover, note that these schemes are growing more complex to match the diversifying risk hedging needs among corporations in recent years. This thesis is divided into two chapters. The first chapter provides examples of actual derivative schemes by Japanese corporations on the basis of a survey on the currently expanding market size of corporate oil derivative schemes. This chapter also comments on the economic effect that corporations benefit from these hedging schemes. The second chapter focuses upon derivative transactions-futures transactions in particular-and analyzes how the increase of transactions is affecting the crude oil market and the pricing mechanism. In the final conclusion, this thesis concludes that new market players joining the crude oil market along with the expansion of derivative transactions are serving as a factor in the recent rise of crude prices. At the same time, the thesis also notes that these players are absorbing the price fluctuation risks for corporations possessing actual needs for crude oil by providing the market with liquidity.
一般社団法人日本エネルギー学会の論文
2007-12-20