La volatilité des prix des matières premières

This article is centred on the volatility of commodity prices. It presents the instruments offering a protection against volatility and shows how they can be employed. The first section exposes these derivative instruments. It distinguishes them in step with the need they respond and the way they are traded. It also recalls the fundamental principles of hedging. The second section is devoted to the term structure of commodity prices and its dynamic behaviour. A study of the volatility of crude oil futures prices illustrates the presentation. The last section underlines the interest of the information provided by futures prices curves, not even for hedging purposes, but also for stock management and investment.