First, improve China's influence and voice in the international oil market.
The establishment of China's own crude oil futures market can integrate domestic crude oil demand factors into international crude oil market price fluctuations and influence international crude oil prices through arbitrage mechanism in domestic and foreign markets. On the premise of effectively controlling market speculation, China's crude oil futures market can reflect domestic energy demand, and form a group effect with Singaporean and Japanese crude oil futures markets, squeezing out the speculative bubble in international crude oil prices and making crude oil prices more rational.
Secondly, it provides a means for domestic petroleum and petrochemical enterprises to preserve value and avoid risks.
With the deepening of internationalization of China petroleum enterprises, the demand for oil price management risk is increasingly urgent. However, due to the restrictions of relevant policies and government regulations, most domestic petroleum and petrochemical enterprises are unable to participate in international crude oil futures hedging and hedging, and are in a very unfavorable passive position in the competition.
The development of China crude oil futures market can play its price discovery function, and more domestic petroleum and petrochemical enterprises can also carry out hedging operations. On the one hand, it can better reflect the domestic market demand, on the other hand, it can avoid excessive speculative risks, enhance the ability of domestic oil companies to cope with the risk of large and frequent fluctuations in oil prices, and provide stable crude oil supply for the domestic market.
Third, it is conducive to the formation of a sound pricing mechanism for refined oil.
At present, the pricing of refined oil products in most countries in the world is in line with the international market price, and its pricing mechanism not only reflects the changes of oil prices in the international market, but also considers factors such as supply and demand in its domestic market, production costs and social affordability.
At present, China's refined oil pricing is guided by the government, and this mechanism is widely criticized. The establishment of China's crude oil futures market and the formation of a refined oil price mechanism reflecting domestic crude oil supply and demand can prompt the government to liberalize the control of refined oil prices and form oil prices that are in line with national conditions. If domestic refined oil prices are linked to crude oil futures and adjusted daily, the current reform of refined oil price mechanism will be pushed back. By establishing China's own crude oil futures market, absorbing the active participation of upstream and downstream oil manufacturers at home and abroad, and forming a market-oriented refined oil pricing mechanism, China gained the corresponding right to speak in the international crude oil market.
Fourth, it is conducive to the establishment of China's strategic crude oil reserves.
As the second largest consumer of crude oil in the world, China's oil demand has increased sharply, and the importance of strategic oil reserves to China's economic security is highlighted. China should use the crude oil futures market to raise huge funds and establish and maintain its own strategic crude oil reserve system. On the one hand, through the "bonded delivery" of listed crude oil futures, China is helped to reserve crude oil, and a delivery warehouse is established in China to store crude oil, forming a social reserve of strategic oil; On the other hand, through the futures margin system in the futures market, it helps enterprises to establish a stable long-term supply and marketing relationship, reduce the spot inventory of crude oil and replenish the strategic reserve of crude oil.