if physical contracts ( short ) and futures ( short ) combined equal futures ( long ) , then what percentage of futures long are future shorts?
table of contents valero energy corporation and subsidiaries notes to consolidated financial statements ( continued ) cash flow hedges cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases , refined product sales , and natural gas purchases . the objective of our cash flow hedges is to lock in the price of forecasted feedstock , product or natural gas purchases , or refined product sales at existing market prices that we deem favorable . as of december 31 , 2012 , we had the following outstanding commodity derivative instruments that were entered into to hedge forecasted purchases or sales of crude oil and refined products . the information presents the notional volume of outstanding contracts by type of instrument and year of maturity ( volumes in thousands of barrels ) . notional contract volumes by year of maturity derivative instrument 2013 .

| Derivative Instrument | NotionalContractVolumes byYear ofMaturity 2013 |
| :--- | :--- |
| Crude oil and refined products: |  |
| Swaps – long | 1,300 |
| Swaps – short | 1,300 |
| Futures – long | 11,894 |
| Futures – short | 2,981 |
| Physical contracts – short | 8,913 |

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futures_long = 11894
futures_short = 2981
percent_futures_long = futures_short / futures_long
answer = percent_futures_long * 100