30) Financial instruments related to commodity contracts
Financial instruments related to oil, gas and power activities as well as related currency derivatives are recorded at fair value under “Other current assets” or “Other creditors and accrued liabilities” depending on whether they are assets or liabilities.ties.
Most commitments on crude oil and refined products have a short term maturity (less than one year). The maturity of most Gas & Power energy derivatives is less than three years forward.
The changes in fair value of financial instruments related to commodity contracts are detailed as follows :
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
The description of each fair value level is presented in Note 1) "Accounting policies" paragraph M) "Financial assets and liabilities" (v) "Fair value of financial instruments" to the Consolidated Financial Statements.