Large petrochemical enterprises at home and abroad, represented by two barrels of oil, actively participate in crude oil futures trading and promote the landing of crude oil futures.
The insiders believe that the listing of China crude oil futures can more intuitively reflect the relationship between supply and demand in the domestic market, provide the benchmark price for the domestic refined oil pricing formula, and then promote the price mechanism reform of the refined oil industry.
Two barrels of oil actively promote the landing of crude oil futures
According to the data of Shanghai Futures Exchange, as of the close of last Friday, the total volume of crude oil futures was 278,000 lots, and the position was 8 198 lots, with a total turnover of 65.438+015.923 billion yuan.
Judging from the trading trend, crude oil futures trading is increasingly active, and compared with the two days before the market opened, the trading volume in the last three days has increased significantly.
The Securities Daily reporter also learned that on March 26th, China International Petrochemical Co., Ltd., a wholly-owned subsidiary of Sinopec, signed a long-term contract with Shell for the supply of crude oil in the Middle East. This batch of Middle East crude oil forward contracts became the first physical contract between China crude oil futures and Shanghai crude oil futures after it was officially listed in Shanghai International Energy Exchange Center (INE), which promoted Shanghai crude oil futures to take a solid step in the Asian oil market.
As an energy central enterprise, Sinopec actively serves the national strategy, actively participates in Shanghai crude oil futures trading, and strives to promote the formation of a benchmark price reflecting the relationship between oil supply and demand in China and the Asia-Pacific region.
On the same day, China United Petroleum Co., Ltd. (hereinafter referred to as China United Petroleum), a subsidiary of China Petroleum, reached the first crude oil futures transaction, with a trading volume of 10 lot (10000 barrels).
Chen, an analyst of Jinlianchuang crude oil, told the Securities Daily that Shanghai crude oil futures is the first domestic futures product that allows foreign international investors to participate, and it is the first step for China to integrate into the world crude oil pricing system. Sinopec and PetroChina, representing China and even the world's largest crude oil trading companies respectively, are actively participating in futures and spot market transactions, and strive to promote the pricing of China's crude oil imports with Shanghai crude oil futures, so as to realize the real landing of Shanghai crude oil futures.
The reform of refined oil price is expected to be put on the agenda.
It should be mentioned that in early March, the National Energy Administration issued "Guiding Opinions on Energy Work in 20 18", pointing out that it is necessary to accelerate the reform of the oil and gas system. Implement the opinions of the State Council Central Committee on deepening the reform of oil and gas system, study and formulate relevant supporting policies and measures, promote the reform of oil and gas pipeline network operation mechanism, straighten out the provincial pipeline network system, speed up the fair opening of oil and gas infrastructure, and improve the investment and operation mechanism of oil and gas reserve facilities.
This means that this year's oil and gas reform will continue to move towards deep water areas. With reference to foreign crude oil futures prices, China's existing refined oil prices will be adjusted according to whether the price adjustment range corresponding to the moving average price of 10 working days reaches 50 yuan/ton. Because the use of foreign crude oil varieties can neither truly reflect domestic supply and demand, nor timely enough.
The introduction of China crude oil futures will reflect the real domestic supply and demand situation, provide an authoritative reference for the adjustment of refined oil prices, and make timely price feedback.
Zhao Guizhen, an analyst at Longzhong Petrochemical Network, told the Securities Daily that the differences in international and domestic consumption structure, consumption habits and consumption seasons are difficult to reflect the real supply and demand situation in the domestic refined oil market; In addition, the barriers to the import and export of refined oil products will lead to differences in price linkage at home and abroad. If the refined oil futures are listed, it can guide the spot market price of refined oil more directly, which is beneficial to the risk management and market judgment of refineries.
After the listing of crude oil futures, it will be settled in RMB. That is to say, while China gradually has the right to speak about crude oil pricing, the crude oil processing cost of domestic main and local refineries may decrease.
"Some market participants are worried that the price of refined oil will fall accordingly. In fact, this kind of worry is unnecessary. " Zhao Guizhen also pointed out that the spot market price of crude oil futures will be active to some extent because the state allows foreign investors to participate in China crude oil futures trading. Crude oil futures prices will be linked to refined oil prices, and the reform of refined oil price mechanism will be put on the agenda in the near future.