The influence of the hottest fuel oil futures on C

2022-08-24
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China's price influence of fuel oil futures has increased. The last issue said that it would speed up the preparations for the listing of crude oil, gasoline, diesel, asphalt and other oil futures.

yesterday, the "fuel oil futures market seminar and the summary and commendation meeting for the fifth anniversary of the listing of fuel oil futures" was grandly held in Guangzhou. Yang Maijun, general manager of Shanghai Futures Exchange, said that in the five years since the listing of fuel oil futures, Remarkable achievements have been made in the steady operation and steady development of the market, and the influence of "Chinese prices" and "Chinese standards" has gradually increased

Yang Maijun introduced in his speech at the conference that fuel oil futures have achieved remarkable results in the steady operation and steady development of the market in the past five years since its listing, which is specifically reflected in four aspects:

first, the market is generally stable, and the rule system of fuel oil futures has been tested. Especially in the face of the impact of the international financial crisis in 2008 and the ups and downs of the crude oil futures market, there was no risk event in Shanghai fuel oil futures market, which fully shows that the whole set of trading and delivery rules, risk control system and technical support system of Shanghai fuel oil futures can stand the test, and has accumulated valuable experience for China to gradually launch crude oil futures and refined oil futures, It has laid a solid foundation for manufacturers, dealers and traders to sell experimental machines in the on-site market. Second, the transaction scale continues to expand, and the market attention has increased significantly. As of August 25th, 2009, a total of 1218 trading days, the cumulative turnover of monthly contracts of fuel oil futures this year has reached 2.1 billion tons, with a cumulative trading amount of 68000, creating a benefit of billion yuan, and a cumulative delivery of 1.3304 million tons. Judging from the trading volume of global energy futures and options in the first half of 2009, the trading volume of fuel oil futures on Shanghai Futures Exchange is second only to WTI light and low sulfur crude oil futures listed on the New York Mercantile Exchange and London Brent crude oil futures listed on the Intercontinental Exchange, becoming the third largest energy futures and options in the world

third, the investor structure is gradually optimized and the hedging function is gradually brought into play. Oil production, circulation and consumption enterprises all over the country widely participate in Shanghai fuel oil futures market to hedge and avoid risks. Although under the current policy and regulatory framework, foreign legal persons cannot directly participate in domestic futures trading, many world-renowned energy traders and spot traders are studying and trying to enter this market

fourth, fuel oil futures have maintained a good interactive relationship with the domestic spot market and the international energy market, and the influence of "Chinese prices" and "Chinese standards" has gradually increased. In the past, the pricing power of fuel oil was in Singapore, and Chinese enterprises could only use Platts' quotation as a reference for import settlement, and could only passively accept Singapore's quality standards. Now, relying on China's huge spot market, Shanghai fuel oil futures market has formed "Chinese prices" and "Chinese standards" that reflect the actual situation of supply and demand in the Chinese market, which have had a great impact on the international market. It can be predicted that with the steady development of Shanghai fuel oil futures market, it will play a leading role in China's fuel oil trade pricing system

Yang Maijun also pointed out that fuel oil futures have been listed for five years. With the passage of time, there are also some new problems in the operation, resulting in some new needs, which need to be studied, solved and constantly improved. The exchange will better listen to the opinions and suggestions of the industry, promote the steady development of the fuel oil futures market, and better serve spot enterprises and investors

Yang Maijun finally said that the Institute will continue to strengthen research and development and speed up the preparations for the listing of crude oil, gasoline, diesel, asphalt and other oil futures. Under the unified deployment of the China Securities Regulatory Commission, with the understanding and support of relevant ministries and commissions and relevant parties, seize the rare historical opportunity after the financial crisis, timely list crude oil futures, and strive for the position that the production volume of the top 10 enterprises in the Asia Pacific oil pricing system is more than 2million tons, so as to better safeguard national interests and economic security, and make greater contributions to the long-term sustainable development of China's national economy

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