China's oil demand is growing rapidly. Since 1993, it has become a net importer of oil, importing more than 70 million tons of crude oil every year and spending nearly 20 billion US dollars. The year before last, due to the rising international oil price, it paid billions of dollars more. China's oil supply and demand and price are increasingly dependent on foreign resources, and the risks it bears are also increasing. Domestic enterprises have a high voice for resuming oil futures trading. In fact, China has made a successful exploration in the field of oil futures. At the beginning of 1993, the former Shanghai Petroleum Exchange successfully traded oil futures. Later, the former South China Commodity Futures Exchange, the former Beijing Petroleum Exchange and the former Beijing Commodity Exchange successively signed oil futures contracts. Among them, the former Shanghai Petroleum Exchange has the largest trading volume and relatively standardized operation, accounting for about 70% of the national oil futures market share. Its standard futures contracts mainly include Daqing crude oil, 90 # gasoline, 0 # diesel oil and 250 # fuel oil. By the beginning of 1994, the daily average trading volume of the former Shanghai Petroleum Exchange had surpassed that of the Singapore International Financial Exchange (SIMEX), the third largest energy futures market in the world, which had a great impact at home and abroad. China's successful practice in the field of oil futures in the past provides valuable experience for future oil futures trading.

Two. Introduction to world oil futures

The oil crisis in the early 1970s brought a huge impact on the world oil market, and the sharp fluctuation of oil prices directly led to the emergence of oil futures. After the birth of oil futures, its trading volume has been growing rapidly, surpassing metal futures, and it is an important part of the international futures market.

Crude oil futures are the most important oil futures. There are four important crude oil futures contracts in the world: West Texas Intermediate (a light and low-sulfur crude oil futures contract of NYMEX), Brent crude oil futures contract of London International Petroleum Exchange (IPE) and Dubai sour crude oil futures contract of Singapore Exchange (SGX). Other petroleum futures include heating oil, fuel oil (377 1, gasoline, light diesel oil, etc. NYMEX West Texas Intermediate crude oil futures contract specifications are per lot 1000 barrels, and the quotation unit is USD/barrel. After this contract, it is the most successful commodity futures contract in history, and its transaction price has become the focus of international oil market.

The following are the trading varieties of major oil exchanges in the world:

The New York Mercantile Exchange: Light oil, natural gas, unleaded gasoline, hot oil, Brent crude oil.

Singapore exchange: middle east crude oil

Tokyo Industrial Products Exchange: gasoline, kerosene, diesel oil and crude oil.

British International Petroleum Exchange: Brent crude oil and diesel oil

Three. The world's major oil futures exchanges

The New York Mercantile Exchange

Listing contracts: 1, 1978,1/heating oil futures contract 2, leaded gasoline futures contract 1982, replaced by unleaded gasoline futures contract 1986, West Texas Intermediate Crude Oil (WTI).

200 1 the trading volume was 72.54 million lots, with an average daily trading volume of 270,000 lots.

International petroleum exchange

Listing contracts: 1,198/year listed light diesel oil futures contract 2, 1988 listed Brent crude oil futures contract 3, 1997 listed natural gas futures contract.

200 1, with a trading volume of 26,465,438+0,000 lots and an average daily trading volume of 65,438+0,700 lots.

tokyo commodity exchange

Listed contracts: 1,1/July 1999 gasoline and kerosene futures contract 2, 20065438+September crude oil futures contract.

200 1, with a turnover of 25.6 million lots.

Singapore exchange SGX

Listing contracts: 1, 1989 SIMEX listed high-sulfur fuel oil futures contract 2. In April 2002, it signed a cooperation agreement with TOCOM to trade the Middle East crude oil futures contract.

Shanghai Futures Exchange (formerly Shanghai Petroleum Exchange) 1993 Daqing crude oil, 90# gasoline, 0# diesel oil and 250# fuel oil.

The total transaction volume is 50 million tons.