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You will go a long heating oil futures on the NYMEX. Within 6 months, Heating Oil in New
York harbor (ie spot market) would cost $ 1 less than you think. When you close
your position on NYMEX futures long you will make a loss of $ 1, since you sell futures at
a price of $ 1 below the price at which you buy the future (6 months ago). You owe it to
future clearing house $ 1. But you owe $ 1 future clearing house only offsets the
lower cost $ 1 in the spot market so the cost-effectiveness of the oil is not changed. Of course in
this case you wish you had not brought into line rao- but you do not have perfect strategic sense
and this is the reason why you hedge
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