The successful listing and smooth operation of fuel oil futures have greatly increased investors' confidence. The recent Cao incident further shows that it is more and more urgent to establish China oil futures system as soon as possible. In fact, long before the CAO incident broke out, international energy giants often forced China enterprises to buy positions in the Singapore fuel oil paper market, which often caused losses to China importers. Therefore, the introduction of fuel oil futures in Shanghai has been widely welcomed and actively participated by fuel oil companies such as Guangzhou Huatai Xing and Shenzhen Xiefu.
The Cao incident once again warned people that the overseas derivatives market is very stormy, and domestic enterprises are often at a disadvantage when conducting overseas derivatives transactions, because trading places is overseas and the counterparty is strong. Facts show that speeding up the construction of China's own oil futures system will change this unfavorable situation.
Jacky Jiang, general manager of Shanghai Futures Exchange, pointed out that "China Aviation Oil Incident" shows that a big oil consuming country like China urgently needs to establish its own oil futures market system and integrate it into the international oil pricing system. When analyzing the "Cao" incident, an image metaphor is used: the competition between China enterprises and multinational companies in the overseas derivatives market is like a boxing match of 50 kg to 100 kg. Opponents have been influenced by their own rules for many years. In such a competitive environment, China enterprises that lack experience and strength will lose miserably.
China's economic development needs oil, and China is destined to become the most interested object of international oil speculators. If you have your own oil futures market, you will gradually promote the development of the market and pay attention to protecting your own enterprises in the process of development. In fact, using its own derivatives market to improve the international competitiveness of local enterprises has been clearly reflected in the copper futures trading of Shanghai Futures Exchange.
At the "International Symposium on Oil Price and Trading Behavior" jointly organized by the International Energy Agency (IEA) and the New York Mercantile Exchange (NYMEX) in new york recently, participants attached great importance to the impact of China's fuel oil futures listing and China's market on international oil prices. William ramsey, deputy director of the International Energy Agency, believes that the listing of fuel oil futures contracts on the Shanghai Futures Exchange will have a far-reaching impact on China's oil industry and even the world oil market. Foreign counterparts also expressed their appreciation for the fuel oil futures contract and market organization and management of the exchange. Mr. Robert of the Commodity Futures Trading Commission of the United States commented that "the fuel oil futures contract of Shanghai Futures Exchange can have such stable and active trading at the initial stage of listing, which is very successful in the newly listed futures contract". 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, billions of dollars were overpaid because of the rise in international oil prices. 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 launched oil futures trading. Later, the former South China Commodity Futures Exchange, the former Beijing Petroleum Exchange and the former Beijing Commodity Exchange successively launched 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.
2065438+On June 6th, 2005, China financial institutions announced that they planned to start RMB crude oil futures trading within this year, which was a very important signal to the international market. Up to now, CNOOC's acquisition of Nixon has been approved. This acquisition is China's largest overseas acquisition. In 2005, CNOOC planned to acquire Unocal Oil Company of the United States for $654.38+085 billion, which ended in failure. As the saying goes, CNOOC's acquisition of Canadian energy companies has finally settled after more than five months.
Industry researchers believe that winning the Canadian oil giant is great good news for CNOOC, which can not only promote the substantial increase of its oil and gas production, but also help it effectively expand overseas markets. Nexen's rich oil and gas resources exploitation equipment, R&D center, sales network and management talents have always been CNOOC's dream, and its rich experience in shale gas and oil sands exploitation is CNOOC's dream.
At the same time, CNOOC's move is of great significance for ensuring domestic energy security. CNOOC's oil output will be the same as Sinopec's, and the situation of "three pillars" in the oil industry will be more prominent. Developing domestic market and international market at the same time will accelerate the development of domestic oil giants. Traditional energy will still occupy a dominant position for a long time, and the position of oil is irreplaceable by other energy sources. CNOOC's move will add a lot of color to the perfection of the national oil reserve system.
However, it remains to be seen to what extent CNOOC's overseas expansion can improve China's voice in international crude oil prices. After all, the international crude oil price is the decisive factor affecting the world oil industry, which has long been dominated by European and American countries. Wall Street's control of oil prices through the capital market has become an important factor restricting the development of China's oil industry. China should speed up the establishment of oil futures market, improve relevant financial markets as soon as possible, and it is imperative to develop futures and spot markets.
The successful practice in the field of futures provides valuable experience for future oil futures trading.
As a resource commodity closely related to economy, the core of its struggle and competition is to control the market and price in the final analysis. In addition to the scarcity of resources, the fundamental reason for the current high oil price lies in: on the one hand, the monopolistic behavior of international monopoly capital, which controls most of the world's oil resources, is getting worse; On the other hand, international speculative capital is making waves. The competition in the international market is all-round and multi-level competition. We need to participate in the multi-level international market competition such as spot, futures and property rights, actively influence prices through a large number of repeated transactions, safeguard China's oil security through the establishment of futures reserves, and reduce the impact of short-term oil price fluctuations on the domestic market. We need to understand and master the competition rules and price changes in the international market, and we need business entities to participate in the international market competition. Therefore, in China's petroleum strategy, it is of great strategic significance for China's petroleum economic security to establish China's own petroleum futures market, fully participate in international market competition and realize sustainable development by means of marketization.
According to the announcement issued by State Taxation Administration of The People's Republic of China, since 2065438+2003 65438+ 10/day, the products (except asphalt) that are liquid under normal temperature and pressure conditions produced and processed by taxpayers will be subject to consumption tax according to regulations. According to the tax rate of naphtha 1 yuan/liter or fuel oil 0.8 yuan/liter. According to industry insiders, private gas stations should be the most affected by this new policy, because most private gas stations use blended oil, mainly because the wholesale price of blended oil is far lower than that of PetroChina and Sinopec (about 500 yuan-1500 yuan/ton). The increased cost of blending oil due to consumption tax will undoubtedly be passed on to private gas stations. Private gas stations are facing greater survival pressure. Only when the increased taxes and fees are passed on to consumers will oil prices rise again.