中文
In 2020, the global energy industry and financial market will face unprecedented drastic changes and challenges under the epidemic situation. While maintaining a high degree of linkage with international oil prices, Shanghai crude oil futures price also reflects the characteristics of the Asian market. It can better meet the hedging risk and physical delivery needs of real enterprises, and effectively help enterprises solve the problems of production, supply and marketing and tide over the epidemic. Wang Fenghai, general manager of Shanghai Futures Exchange, said at the 2020 Shangyan Energy Forum co sponsored by Shanghai Futures Exchange, Shanghai international energy trading center and China Petroleum and Chemical Industry Federation on the theme of “opening up and development in the changing situation”, said: “since this year, with the increasing demand for physical hedging, the scale of Shanghai crude oil futures market has grown by leaps and bounds, with trading volume and position It has reached a new high. The influence of Shanghai crude oil futures is gradually emerging in Asia. ”
With the continuous growth of market capacity and thickness, the function of Shanghai crude oil futures to serve the real economy has become increasingly prominent. While maintaining close contact with international oil prices and accurately reflecting the changes of market fundamentals, the price discovery function is more sensitive and the risk management function is more significant in some Asian emergencies. Since 2020, affected by multiple factors such as epidemic situation and macro situation, crude oil price fluctuated greatly, and international financial market also showed many extreme performances. Facing the double pressure of price and supply, the entity enterprises have increased their participation in the futures market and actively used Shanghai crude oil futures to hedge against the impact of the epidemic on the production and operation of enterprises. During the outbreak of the epidemic, Shanghai crude oil futures contract trading was active in recent months, and the total market position continued to expand, reaching new highs.
Wang Fenghai said that in this year’s global crude oil price fluctuations, Shanghai crude oil futures operation is more stable, and the ability to serve entities has been enhanced. In the first half of 2020, Shanghai crude oil futures completed delivery of nearly 27 million barrels, accounting for about 57% of the total delivery volume since listing, an increase of about 1.5 times over the same period last year, involving Oman, Basra, upper Zakum and Qatar offshore crude oil, helping refineries adjust the surplus and shortage of oil types and realize the effective connection with the spot market. Well known oil related enterprises at home and abroad have actively participated in delivery, with hedging delivery accounting for more than 40%. The ability of futures market to serve the real economy has been significantly improved.
It is understood that while Shanghai crude oil futures run smoothly and effectively and further play its functions, it has also made a series of optimization and improvement in terms of system and mechanism, continuously promoting market development and enhancing market depth. In terms of trading mechanism, it issued crude oil futures price index in accordance with international standards, and actively promoted the research and development of daily reference price of crude oil futures and settlement price trading of crude oil futures (TAS), continuously improved the information release and trading mechanism of crude oil futures, enriched derivatives tools, facilitated risk management of entity enterprises, and reduced transaction costs. In terms of system arrangement, we should optimize the trader suitability system, simplify the account opening process, expand the overseas white list, and solve the problems of crude oil futures forward cash transfer and foreign exchange management. In addition, we will promote the multi-path opening up of crude oil futures and attract large-scale foreign institutional investors to participate in crude oil futures and other futures and options trading at the Shanghai Stock Exchange.
As the first international futures variety in China, the listing of crude oil futures is of great significance, which opens up the way of internationalization of China’s futures market. The stable operation and further enhancement of the function of crude oil futures in the past two years have played a positive role in promoting the formation of the benchmark price of crude oil in Asia and the internationalization of financial markets, marking the completion of the first stage of successful listing and stable operation of crude oil futures.
The relevant person in charge of CNPC said that while maintaining close correlation with international crude oil futures, Shanghai crude oil futures can reflect the supply and demand of China’s imported crude oil market in a more timely manner, providing a means for Chinese participants to carry out comprehensive hedging. Its price is highly effective relative to the physical market, and the interaction between futures and cash is smooth.
“After listing, Shanghai crude oil futures have been running smoothly and trading in the market has been active, providing a very convenient investment and maintenance tool for domestic market participants.” Fan Chunhua, crude oil analyst of Guoxin futures, said that as an international variety, in addition to being affected by fundamentals, its operation is also affected by the exchange rate of RMB against the U.S. dollar, and the overall performance of Shanghai crude oil futures is more stable than that of international oil prices.