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Derivative Instruments and Hedging Activities
 3 Months Ended
Mar. 31, 2022
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. These contracts are recorded on the Company’s condensed balance sheets at fair value as discussed in Note 10, Fair Value.
As of March 31, 2022 and December 31, 2021, the value of the Company’s open futures, options and forward contracts was approximately $(17,755,661) and $(15,711,099), respectively.
  
As of March 31, 2022
 Balance Sheet ClassificationAsset DerivativesLiability Derivatives
Derivatives not designated as hedging instruments:  
Commodity contractsCurrent Assets/Liabilities$25,025,966 $43,082,814 
Foreign exchange contractsCurrent Assets/Liabilities27,720 153,747 
Interest rate caps and floorsCurrent Assets/Liabilities720,379 293,165 
Totals $25,774,065 $43,529,726 
  
As of December 31, 2021
 Balance Sheet ClassificationAsset DerivativesLiability Derivatives
Derivatives not designated as hedging instruments:  
Commodity contractsCurrent Assets/Liabilities$11,584,595 $27,141,888 
Foreign exchange contractsCurrent Assets/Liabilities58,673 68,683 
Interest rate caps and floorsCurrent Assets/Liabilities290,491 434,287 
Totals $11,933,759 $27,644,858 
During the three-month periods ended March 31, 2022 and 2021, net realized and unrealized gains (losses) on derivative transactions were recognized in the condensed statements of operations as follows:
 20222021
Derivatives not designated as hedging instruments:  
Commodity contracts$(7,832,140)$(6,042,326)
Foreign exchange contracts(2,228)19,226 
Interest rate swaps, caps and floors570,464 206,840 
Totals$(7,263,904)$(5,816,260)