Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Financial Instruments

Schedule of notional values of derivative instruments

	Units (1)		Unit of Measure
Exchange-Traded Derivatives
Long		67,667	Thousands of barrels
Short		(70,208)	Thousands of barrels
OTC Derivatives (Petroleum/Ethanol)
Long		5,980	Thousands of barrels
Short		(6,355)	Thousands of barrels

(1) Number of open positions and gross notional values do not measure the Partnership’s risk of loss, quantify risk or represent assets or liabilities of the Partnership, but rather indicate the relative size of the derivative instruments and are used in the calculation of the amounts to be exchanged between counterparties upon settlements.

Schedule of net gains and losses from derivatives recognized in consolidated statements of operations

	Statement of Gain (Loss)	Three Months Ended				Nine Months Ended
	Recognized in Income on	September 30,				September 30,
	Derivatives	2022		2021		2022		2021
Derivatives in fair value hedging relationship
Exchange-traded futures contracts and OTC derivative contracts for petroleum commodity products	Cost of sales	$	11,859	$	(25,270)	$	8,514	$	(54,933)
Hedged items in fair value hedge relationship
Physical inventory	Cost of sales	$	(5,532)	$	28,695	$	19,544	$	53,073

Schedule of the amount of gains and losses from derivatives not involved in a fair value hedging relationship or in a hedging relationship recognized in the consolidated statements of income

	Statement of Gain (Loss)	Three Months Ended				Nine Months Ended
Derivatives not designated as	Recognized in	September 30,				September 30,
hedging instruments	Income on Derivatives	2022		2021		2022		2021
Commodity contracts	Cost of sales	$	8,195	$	1,977	$	17,269	$	3,110

Schedule of fair values of derivative instruments and location in consolidated balance sheets

		September 30, 2022
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	4,149	$	115,081	$	119,230
Forward derivative contracts (1)	Derivative assets		—		21,758		21,758
Total asset derivatives		$	4,149	$	136,839	$	140,988
Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	—	$	(66,501)	$	(66,501)
Forward derivative contracts (1)	Derivative liabilities		—		(24,425)		(24,425)
Total liability derivatives		$	—	$	(90,926)	$	(90,926)

		December 31, 2021
		Derivatives		Derivatives Not
		Designated as		Designated as
		Hedging		Hedging
	Balance Sheet Location	Instruments		Instruments		Total
Asset Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	1,476	$	106,629	$	108,105
Forward derivative contracts (1)	Derivative assets		—		11,652		11,652
Total asset derivatives		$	1,476	$	118,281	$	119,757
Liability Derivatives:
Exchange-traded derivative contracts	Broker margin deposits	$	(9,201)	$	(72,993)	$	(82,194)
Forward derivative contracts (1)	Derivative liabilities		—		(31,654)		(31,654)
Total liability derivatives		$	(9,201)	$	(104,647)	$	(113,848)

(1) Forward derivative contracts include the Partnership’s petroleum and ethanol physical and financial forwards and OTC swaps.