The article observes the factors which infl uence oil price volatility in reproduction of oil caused by ambiguity of the OPEC Plus agreement in early March 2020 and intensifi ed by reduction of oil products consumption with the new coronavirus infection at the background. The authors point out that understanding of the process of managing an open futures position until its expiration date has positive effects on the trading effi ciency both in contango and backwardation situations. They also reveal that risks are the main constraining factor for derivative fi nancial tools of underlying assets in both commodity and stock markets. Oil and gas companies, whose income tax is an essential part of oil and gas regions’ budgets and whose mineral extraction tax and export duty go to the federal budget, require government support for hedging risks. The support should be provided by means of direct budget damper mechanisms or indirect measures such as stimulation of development of financial and industrial groups. They can possess enough investment potential for hedging risks of derivatives in conditions of high oil price volatility. The article presents cluster analysis of foreign economic activity of oil and gas regions of the Privolzhsky (Volga) Federal District. The activity is focused mainly on products of fuel and energy complex as well as chemicals, plastic and synthetic rubber. By means of simplex method the author developed the optimization isoline map for risks of changing future prices of oil derivatives, losses when covering a margin account to maintain ownership and risks connected with price volatility of the underlying asset.