In 2007, among the domestic fuel oil import and consumption regions, Shandong Province ranked among the top in the country with a market share of 33% or13 (many fuel oils flowed to local refineries to delay coking plant raw materials and were processed twice to produce gasoline, diesel oil, liquefied gas and other products), while Guangdong Province ranked second with only 28%, and Tianjin in the middle ranked third with a ratio of 65. In 2007, the cumulative import volume of fuel oil in East China (including the Yangtze River Delta, Shandong and Fujian) reached1110,000 tons, up by 9. 16% year-on-year, surpassing South China for the first time in history, which became the new focus of fuel oil import in China.

On the whole, the total import volume of fuel oil in China in 2007 was 24116,000 tons, down15,000 tons year-on-year, with a decrease of 13.66%. Among them, the top four import content sources are Russia, South Korea, Venezuela and Singapore, with the quantities of 4,482110,000 tons, 4 1.486 tons, 3.37 million tons and 2,072,200 tons respectively. Since its listing on August 25th, 2004, Shanghai fuel oil futures price has maintained a strong correlation with Huangpu fuel oil spot price, Singapore fuel oil spot price and US WTI crude oil futures price. Empirical statistical research shows that the correlation between Shanghai fuel oil futures price and new york crude oil futures price reaches 87%, with Guangdong Huangpu fuel oil spot price reaching 97%, and with East China fuel oil spot price reaching 96.7%. While the fuel oil futures price is highly correlated with the surrounding markets, it also shows the independence of its trend, which shows that the price change range is smaller than that of NYMEX crude oil and Singapore, and it also shows a strong correlation with the domestic spot market. On the one hand, it reflects the different views of domestic investors on international oil prices.

Fuel oil is the downstream product of crude oil, so the price trend of fuel oil has a strong correlation with crude oil. From 200 1 to 2003, the price correlation between the New York Mercantile Exchange WTI crude oil futures and Singapore fuel oil spot market 180CST high sulfur fuel oil reached 94.09%. Like crude oil, the fuel oil market is characterized by very sharp price fluctuations. Take 180CST high sulfur fuel oil in Singapore fuel oil market as an example. The spot price of 20011FOB Singapore is about $96 per ton. It's only been 13 months, and in February 2003, the price rose to $2 10 per ton, an increase of 65438.

Calculation formula of imported fuel oil

Generally calculated according to the following formula

[(MOPS price+discount) × exchange rate ×( 1+ tariff rate)+consumption tax ]×( 1+ VAT rate)+other expenses.

MOPS price: based on the date of bill of lading or NOR, the price is calculated by the methods of full month, 2+ 1+2, 2+0+3, etc.

Exchange rate: calculated according to the foreign exchange quotation of the day.

Value-added tax 17%, 20 1/provisional tariff 3% (from July1to 1%).

Consumption tax rate: the applicable tax rate for fuel oil is 8/kloc-0 per ton/2 yuan per liter of 0.8 yuan.

Other expenses: there are many kinds, which can include the following contents according to the situation: import agency fee, port fee/dock fee, storage fee, commodity inspection fee, barge fee, health inspection fee, insurance premium, interest, urban construction fee, education surcharge, flood control fee, etc.

An example of cost calculation of imported fuel oil

Date of bill of lading: 20 10 1 12.

MOPS price: 502.94 USD discount: 1. 17 USD exchange rate: 6.8 Import agent fee: 35 yuan/ton port fee: 26 yuan/ton storage fee: 30 yuan/ton commodity inspection fee: 2.4 yuan/ton.

The total cost is [(502.94+1.17) × 6.8× (1+0.03)+812 ]× (1+0.1.

Note: In spot trade, import agency fees, port fees, storage fees and commodity inspection fees vary according to the specific conditions of ports and oil depots. Refers to the funds in the account of the member exchange to ensure the performance of the contract, which belongs to the occupation deposit.

(1) The exchange sets different trading margin collection standards according to different stages of listing operation and different positions of a futures contract. When the position of the fuel oil futures contract changes, the trading margin is charged. Standard total position (x) Trading margin ratio x ≤ 1 10,000%110,000 < X ≤ 1.5%1.5 million.

(2) The minimum trading margin for fuel futures contracts is 8% of the contract value. With the approval of the China Securities Regulatory Commission, the Exchange may adjust the trading margin. When the cumulative increase or decrease of the fuel oil futures contract reaches 12% for three consecutive trading days (i.e. trading days); Or the cumulative increase or decrease for four consecutive trading days (i.e. trading days) reaches14%; Or if the cumulative increase or decrease reaches 16% for five consecutive trading days (i.e. trading days), the exchange may take one or more measures according to market conditions, such as unilaterally or bilaterally, in the same proportion or in different proportions, increasing the trading margin of some members or all members, restricting the withdrawal of some members or all members, suspending some members or all members from opening new positions, adjusting the range of price limit, closing positions within a time limit, and forcibly closing positions. However, after adjustment, the increase or decrease of trading margin will be reduced.