Facing the increasing dependence of oil on foreign countries and the increasing fluctuation of international oil prices, domestic related enterprises are facing increasing risks. In order to solve the oil price risk and alleviate the increasingly serious energy crisis, China has established diversified measures such as strategic oil reserves and oil futures. According to the article published by shanghai securities news on August 25th, 2006 and the statistics of Shanghai Futures Exchange, from listing in 2004 to July 3rd, 2006, the cumulative turnover of fuel oil futures was 1250 1 billion yuan, with an average daily turnover of 2.666 billion yuan. On average, 140 to 160 members participate in the transaction every day, and the number of transactions every day is between 20,000 and 50,000, and the daily turnover rate is as high as 200% or even 500%. Positions increased steadily and trading was active.
As the five designated delivery oil depots of Shanghai Futures Exchange are located in Guangdong, Guangdong, as one of the trading centers, consumption centers, distribution centers and oil transportation centers in China, occupies an important position in the spot and futures markets of fuel oil in China. The rise of Shanghai fuel oil futures will definitely add a heavy weight for China to become the pricing center of the global fuel oil market, and South China, especially Guangdong, will also become the oil transportation center of the global fuel oil market. Some insiders predict that with the development of China's fuel oil futures market, the oil transportation center and distribution center in the Asia-Pacific region will gradually move from Singapore to China. China is bound to enter the global fuel oil market.
After several years of operation, the price discovery function of fuel oil futures in China has been effectively brought into play, and fuel oil futures have become an effective hedging tool for the vast number of fuel oil consumption and management enterprises in China. The successful launch and smooth operation of China fuel oil futures objectively formed "China pricing" which can effectively reflect the supply and demand situation of China fuel oil market. Crude oil futures will also be listed soon.
It has laid a good foundation for reforming the pricing mechanism of crude oil, refined oil and other commodities in China and establishing a market-oriented pricing mechanism for crude oil and refined oil that reflects the scarcity of resources. Taking this as a breakthrough, it is of positive significance to establish and improve China's oil market system and futures market system, China's energy financial derivatives market system, build an effective risk management platform for enterprises and governments, actively participate in the international refined oil market pricing system, completely change the serious deviation between China's oil consumption and oil pricing power, ensure the safety of China's oil-based energy financial derivatives, safeguard national economic and political security and stability, and maintain the normal international economic and political order.
Despite the large market demand and actual transaction volume, such transactions are still in a gray area due to the restrictions of national policies. Except for a few large companies with legal qualifications, most of them entrust agents to change hands in different ways behind the scenes, and even often buy black market foreign exchange for trading. It is impossible to guarantee the openness of the transaction and the equality of obtaining transaction information, so the overall hedging effect is not good and the impact on the Singapore market is small.