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China's oil futures market reform to pave the way for oil futures

China's oil futures market reform to pave the way for oil futures

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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China's oil futures market reform to pave the way for oil futures

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information
According to three people familiar with the matter said, China most early or in October launched the global crude oil futures contracts, to compete with the existing London Brent and West Texas Intermediate (WTI) index contract. China is currently promoting the reform of the oil market.
Crude oil futures contracts, which are expected to better reflect the growing importance of China's crude oil pricing, will also promote the use of the renminbi, despite the turmoil in the global trading environment and China's recent intervention in the stock market.
Shanghai International Energy Trading Center (INE) to market participants last month announced the draft of crude oil futures contracts. To see the draft of the source told Reuters, the contract will be launched in the earliest October.
As the world's second largest oil consumer, China has begun to relax the control of the oil market this year, the first to extend the oil import quotas to private oil refineries, this reform is a big surprise for market participants.
"The development of the futures market is closely related to the real goods market," INE said in a statement on the response to the new contract issue.
"More real money market participants come in, the futures market liquidity will be better."
Chinese authorities approved the introduction of Shanghai crude oil futures last year, which will become China's first to allow international investors to participate directly in the futures contract.
The contract will participate in the competition of the market, crude oil futures, the market scale of trillions of dollars, currently accounts for the dominant position of the contract has two: as an indicator of global oil prices in London Brent crude and West Texas (WTI).
Crude oil traders said that China's crude oil futures will eventually compete with Brent crude oil. Brant crude oil is based on the British Beihai is increasingly dry, the size of the oil field production and pricing, and will be subject to the impact of the factors associated with asia.
INE said its goal is to allow overseas investors, oil companies and financial institutions to participate in its crude oil futures trading.
"If China's crude oil futures are not immediately attracted to the liquidity, and the market is still in turmoil like this, traders will suffer and soon to stop trading in China," said one trader, who might be involved in China's crude oil futures market.
Recent Chinese authorities on the market intervention is also a bit worried, but he pointed out that despite the sharp decline in oil prices, but China's iron ore and coal futures market is still running smoothly.
Real priority
To allow futures to run, traders need to get a wide range of real goods market, so that the futures contract price can be derived therefrom.
Allow independent oil refineries to import crude oil, will make China's three state-owned oil giants - PetroChina, Sinopec, CNOOC - facing pressure. The three oil companies already by oil prices fell, the stock market crash and executives suspected of corruption and other bad blow.
"These changes have come at a much higher rate than we had expected," said one of the three state-owned oil companies. "Reform and open oil city is the new king of Beijing now."
So far, the Chinese government total approved seven local refineries were 71.58 million barrels /, crude oil import quotas, accounting for about 11% of the total crude oil imports is expected to follow-up will be approved more quotas.
"China's oil market liberalization will provide more favorable market conditions for the introduction of crude oil futures," INE said.
Based on this kind of reform, coupled with increased competition, HSBC remind customers should be cautious about the potential of China's major oil stocks."
Citigroup is expected by the end of 2015, the seven local refinery demand for crude oil will increase more than doubled, reaching 81.5 million barrels / day.
Citi said, at least eight refineries have to apply for import quotas, in addition to 15 is expected to apply for.
Andrew-Speed Philip, head of energy security research in National University of Singapore, said the oil market reform will increase the pressure on China's state-owned oil companies to promote competition.
"Chinese private enterprises have grown up, they are mainly not through privatization, but squeezing state-owned enterprises, so that they can not be a better performance, or the marginalization," he said.
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