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The article deals with the problem of domestic oil consumption in Iran. It is argued that, due to resource mismanagement Iran may face a risk of declining oil export capabilities even without severe economic and technological sanctions. Oil sector shortcomings as well Iran`s high vulnerability to sanctions were mainly caused by Ahmadinejad populist economic policy. The findings support also the claim that so far first phase of subsidy reform has not reduced domestic consumption of oil and has not freed any financial resources for necessary investment in energy sector.
PL
W artykule przedstawiono propozycję strategii inwestycyjnej polegającej na wykorzystaniu tzw. spreadów na rynku ropy naftowej. W rozważanym przypadku zajmowanie pozycji typu spread polega na otwarciu pozycji krótkiej na ropie w gatunku WTI i jednocześnie zajęciu pozycji długiej na ropie w gatunku Brent. Proponowana strategia inwestycyjna jest strategią długoterminową, wykorzystującą fakt, że contango na ropie WTI jest zwykle znacznie większe niż na ropie Brent, co pozwala na czerpanie dodatkowych zysków z naliczanych podczas rolowania kontraktów punktów swapowych. (abstrakt oryginalny)
EN
In the paper we propose an investment strategy based on spreads on the market of crude oil. We open spreads in such a way that we open short position on WTI crude oil and in the same time we take a long position on Brent crude oil. The investment strategy that we propose is a long term strategy, which is based on the fact that the contango on WTI crude oil is usually much higher than in the case of Brent crude oil. This allows the investor to take some additional profits from swap points that are added to the account during rolling over procedure.(original abstract)
EN
The aim of the paper is to present risks, challenges and directions for further changes relating to the Polish energy security in the global and regional environment. The phenomena associated with the concept of climate changes, global technology race and increasing resource dependencies is presented. There is taken also an attempt to link these issues in the context of rapidly changing geopolitical dependencies, both with presentation of the consequences of these threats. The paper likewise submits the issues of energy security, the risks associated with the energy security of the European Union and the basic assumptions that underlie the EU's energy security policy.
EN
The article presents the principles of operation supply chains, and shows the variability of their configuration. The variability is caused mostly economic reasons such as cost, quality infrastructure and relationships with partners. The problem occurs in the supply of crude oil to the refinery in Poland. The chain formed under the previous system will soon be exposed to strong competition and will need to create a new system of supply. In the feature we can aspect an important role of Gdańsk port in petroleum supply chain. Relative to its infrastructures will become a major service center of petroleum products and petroleum services.
PL
W artykule wykazano wpływ wartości ropy Brent na ceny oleju napędowego w okresie obejmującym pierwsze dziewięć miesięcy 2014 roku. Omówione w kolejnej części opracowania standardowe i azjatyckie opcje kupna o europejskim stylu wykonania posłużyły do budowy strategii zabezpieczających przed niekorzystnymi ruchami cen paliw silnikowych. W celu dostarczenia informacji o skuteczności tych strategii, porównano koszty, jakie musiałby zapłacić nabywca poszczególnych rodzajów opcji. Zestawienie wartości premii opcyjnych o różnych terminach wygaśnięcia i zmieniającej się cenie wykonania opcji pozwoliło określić wpływ tych parametrów na ceny omawianych instrumentów pochodnych.
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The article shows the impact of the Brent Crude Oil for diesel prices during the period covering the first 9 months in 2014. The standard and Asian call options with European-style, described in the next part of this paper, were used for building strategy to hedge against negative movements in the price of motor fuel. To provide information about the effectiveness of these strategies, the authors compared the costs that buyer of different types of options would have to pay. Values of premium options, with different expiry dates and the changing price of the options, allowed to determine the effect of these parameters on the prices of these derivatives.
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