Our condensed consolidated balance sheets present derivative assets and liabilities on a net basis. Please read Note 12—Fair Value Measurements for the gross fair value and net carrying value of our derivative instruments. Our cash margin that is required as collateral deposits cannot be offset against the fair value of open contracts except in the event of default.

Our open futures and over-the-counter (“OTC”) swaps at March 31, 2023, will settle by June 2024. At March 31, 2023, our open commodity derivative contracts represented (in thousands of barrels):


Contract Type	Purchases	Sales	Net
Futures	51,364	(51,873)	(509)
Swaps	1,047	(3,028)	(1,981)
Total	52,411	(54,901)	(2,490)

At March 31, 2023, we also had option collars that economically hedge a portion of our internally consumed fuel at our refineries. The following table provides information on these option collars at our refineries as of March 31, 2023:




Average barrels per month	125,000
Weighted-average strike price - floor (in dollars)	$	67.08
Weighted-average strike price - ceiling (in dollars)	$	91.20
Earliest commencement date	April 2023
Furthest expiry date	December 2023

We are exposed to interest rate volatility in our ABL Revolver, Term Loan Credit Agreement, Supply and Offtake Agreement, and Washington Refinery Intermediation Agreement. We may utilize interest rate swaps to manage our interest rate risk. As of March 31, 2023 and December 31, 2022, we did not hold any interest rate derivative instruments.

The following table provides information on the fair value amounts (in thousands) of these derivatives as of March 31, 2023 and December 31, 2022, and their placement within our condensed consolidated balance sheets.


	Balance Sheet Location	March 31, 2023		December 31, 2022
		Asset (Liability)
Commodity derivatives (1)	Prepaid and other current assets	$	7,835	$	495


Commodity derivatives	Other accrued liabilities	(2,047)		(10,989)

J. Aron repurchase obligation derivative	Obligations under inventory financing agreements	1,224		(12,156)
MLC terminal obligation derivative	Obligations under inventory financing agreements	(7,203)		14,435

(1)Does not include cash collateral of $18.9 million and $40.8 million recorded in Prepaid and other current assets as of March 31, 2023 and December 31, 2022, respectively, and $9.5 million in Other long-term assets as of both March 31, 2023 and December 31, 2022.

The following table summarizes the pre-tax gains (losses) recognized in Net income (loss) on our condensed consolidated statements of operations resulting from changes in fair value of derivative instruments not designated as hedges charged directly to earnings (in thousands):


		Three Months Ended March 31,
	Statement of Operations Location	2023		2022


Commodity derivatives	Cost of revenues (excluding depreciation)	$	(624)	$	(18,454)
J. Aron repurchase obligation derivative	Cost of revenues (excluding depreciation)	13,380		(43,269)
MLC terminal obligation derivative	Cost of revenues (excluding depreciation)	(17,023)		(64,396)