v3.26.1
Derivative Instruments and Hedging Activities
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities
In the ordinary course of business, the Company enters into contractual arrangements as a means of managing exposure to changes in commodity prices and, occasionally, foreign exchange and interest rates. The Company’s derivative instruments primarily consist of commodity futures, options and forward contracts, and interest rate swaps, caps and floors. Although these contracts may be effective economic hedges of specified risks, they are not designated as, nor accounted for, as hedging instruments. Futures and options contracts, along with margin deposit, are with a single counterparty and are subject to a right of offset. As a result, these items are netted on the balance sheet, regardless of their position. In contrast, forward contracts are with multiple counterparties and do not have a right of offset. Therefore, these contracts are reported at their gross amounts on the balance sheet. These contracts are recorded on the Company’s consolidated balance sheets at fair value as discussed in Note 9, Fair Value.
Derivatives not designated as hedging instruments as of June 30, 2026 and December 31, 2025 were as follows:
Balance Sheet ClassificationJune 30,
2026		December 31,
2025
Forward contracts in gain position$7,943,868 $6,254,683 
Futures and options in gain position14,258,485 3,095,040 
Futures and options in loss position(25,815,555)(2,490,174)
Total forward, futures and options contracts(3,613,202)6,859,549 
Margin deposit20,563,459 3,007,108 
Current assets
$16,950,257 $9,866,657 
Balance Sheet ClassificationJune 30,
2026		December 31,
2025
Forward contracts in loss position$7,803,997 $4,956,529 
Interest rate swap5,206 11,708 
Current liabilities $7,809,203 $4,968,237 
During the three and six-month periods ended June 30, 2026 and 2025, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed consolidated statements of operations as follows:
Net Gain (Loss) Recognized 
on Derivative Activities for the		Net Gain (Loss) Recognized 
on Derivative Activities for the
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Derivatives not designated as hedging instruments:
Commodity contracts$6,388,710 $(2,651,990)$(36,979,347)$(2,483,250)
Foreign exchange contracts221,024 38,719 201,224 11,252 
Interest rate swaps, caps and floors9,128 (4,404)6,502 (12,117)
Totals$6,618,862 $(2,617,675)$(36,771,621)$(2,484,115)