1. Why do you want to launch petroleum asphalt futures?
1. Petroleum asphalt is one of the essential raw materials for national infrastructure construction. Because of the close relationship between asphalt and crude oil price, the price of international and domestic petroleum and petrochemical markets fluctuated greatly in recent years, which brought great influence to the production and operation of asphalt production and circulation enterprises in China.
2. At present, the futures varieties that have been listed and traded have played an active role in improving the spot price formation mechanism, promoting the development of the spot market, optimizing national macro-control, improving enterprise management methods, and improving industry competitiveness. The listing of petroleum asphalt futures and the gradual exertion of its functions will have a far-reaching impact on related industries.
3. As the first asphalt futures variety in the world, the listing of asphalt futures can play the role of price discovery, making the price open and transparent; Second, it will provide effective tools for asphalt enterprises to manage risks, meet the needs of enterprises to hedge and avoid risks, help users avoid the risk of road construction cost changes, and ensure the smooth progress of traffic road construction in China; The third is to further improve the China Petrochemical commodity futures series and enhance the market influence of China petroleum commodities in the Asia-Pacific region and even the world.
Second, what is the relationship between asphalt and crude oil?
1. Asphalt is the downstream variety of crude oil, and its price is affected by the price of raw materials, which shows a certain linkage relationship with the international crude oil price in the long run. If the price of domestic heavy traffic asphalt and Brent crude oil in the Yangtze River Delta in the past 10 years (from 2004 to 20 13 years) is calculated by a simple regression model, Brent will increase by 1 USD/barrel, and the price of asphalt will increase by 3 1.3 yuan/ton. According to the data after exchange rate adjustment, Brent will increase 1 yuan, and the wholesale price of East China asphalt will increase by 4.80 yuan, with a correlation coefficient of 75%. Of course, in real transactions, the price fluctuation of crude oil and asphalt markets cannot be simply calculated by the above conclusions, and the influencing factors of the two markets are both related and different.
2. The crude oil market is often an international market, and the price fluctuation is influenced by the international macro-economy, geopolitical situation, the rise and fall of the US dollar, the supply and demand of crude oil and other factors. As one of the downstream products of crude oil, the price of asphalt is greatly influenced by the fluctuation of international crude oil price, which has the commonality of general energy products, mainly crude oil. Compared with crude oil, it is a more regional variety. On the one hand, it is affected by the price of crude oil, on the other hand, it is affected by local road construction process, refinery capacity and operating rate, weather conditions and other factors. It can be said that it is affected as much as crude oil, or even more.
3. After the introduction of asphalt futures, it is expected to provide a clearer price vane for the asphalt industry and make the price more open and transparent. Through the comprehensive response of the futures market to the changes of asphalt and crude oil market, it provides risk management tools for asphalt production, trade and consumption enterprises, and also provides a basis for the tracking and in-depth study of asphalt prices. On the other hand, asphalt futures are similar to crude oil futures in trading, settlement, delivery, risk control and rule design. The listing of asphalt futures will also play a leading role in the listing of crude oil futures in the future, and accumulate experience for the marketization of domestic oil prices and the introduction of oil sequence futures varieties in China's energy futures market.