So corporations should not take out insurance? I guess that means no fire insurance for their buildings, either.
In your example, the “insurance” guarantees the price of the commodity at a future date, which is supposed to translate to lower prices for the consumer.
Now relate that to the oil business. What do we see? Real or imaginary supply disruptions result in almost immediate increases at the pump. The consumer, who must ultimately pay the cost of the “insurance”, finds that he is not the beneficiary.