China crude oil futures have been approved for listing. February 2004 65438+65438+February 2004, China Securities Regulatory Commission officially approved the Shanghai Futures Exchange to conduct crude oil futures trading in its international energy trading center, and the listing of crude oil futures is progressing steadily. 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. At present, China's oil supply, 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. China's successful practice in the field of oil futures in the past provides valuable experience for future oil futures trading.

In short, oil futures are futures with forward oil prices as the subject matter!

China will soon become the largest importer of crude oil in the world. Over the years, the rapid economic growth has led to the increasing demand for crude oil and the increasing dependence on imported crude oil, which has also led to greater risks. The fundamental purpose of China's crude oil futures is: (1) to strengthen China's right to speak and price crude oil; (2) Provide hedging tools for upstream and downstream manufacturers in the domestic industrial chain to avoid the risk of crude oil price fluctuation.

At present, there are four important crude oil contracts in the world, namely, the New York Mercantile Exchange's light low-sulfur crude oil contract and high-sulfur crude oil futures contract, London International Petroleum Exchange's Brent crude oil futures and Singapore Exchange's Dubai acid crude oil futures. The introduction of China crude oil futures will win China a place in the global crude oil price.

In addition to enhancing the right to speak about crude oil prices and providing hedging tools, the listing of crude oil futures will also promote the further internationalization of commodities in China, and the listing of crude oil futures will consider introducing foreign investors. The Regulation on the Administration of Futures Trading adds the provision that "qualified overseas institutions can engage in futures trading of specific varieties on futures exchanges", paving the way for the introduction of crude oil futures to foreign investors.

In short, the listing of crude oil futures shoulders more significance than all previous commodities. The introduction of foreign investors will create an important global crude oil pricing center. With the determination of crude oil futures settlement mechanism, it will also promote the reform of China's financial mechanism and open the door for China to further enter the international market. The draft design of domestic crude oil futures contract surfaced. Crude oil futures will be denominated in RMB, traded at net price and delivered in bonded mode. Participants include domestic and foreign traders. In crude oil futures trading, RMB will be fully convertible. According to the draft design of China's crude oil futures contract, the trading variety is medium sulfur crude oil, and the trading unit is 100 barrels per hand. The daily price limit of crude oil futures shall not exceed 4% of the settlement price of the previous trading day, and the minimum margin shall be 5% of the contract value. People at the Shanghai Futures Exchange stressed, "This is just a draft, not a final decision." The draft crude oil futures was drafted by Shanghai Futures Exchange, and the scheme design mainly embodies the three core principles of "international platform, net price trading and bonded delivery".

The "international platform" is mainly reflected in the introduction of global investors. At present, the regulatory authorities are studying the participation mode of foreign capital. Foreign investors can participate through agents of domestic futures companies or become self-operated members of previous futures exchanges. The principles of "net price transaction" and "bonded delivery" are mainly embodied in the fact that the delivery price of crude oil futures is the net price excluding tariffs, value-added tax and other taxes, which is completely consistent with the international crude oil trade practice and is conducive to the formation of the benchmark price of crude oil generally recognized by the international community. Moreover, the previous issue has successfully tried out the bonded delivery of copper futures and accumulated relevant experience. Draft crude oil futures contract of Shanghai Futures Exchange;

Trading variety: intermediate sour crude oil.

Transaction unit: 100 barrel/hand

Quotation unit: Yuan (RMB)/barrel (the transaction quotation is the price excluding tax)

Minimum price change: 0. 1 yuan (RMB)/barrel.

Minimum trading margin: 5% of the contract value.

Maximum fluctuation limit of daily price: 4% of the settlement price of the previous trading day.

Contract delivery month: within 36 months, of which the latest 1~ 12 months is a continuous monthly contract, and the quarterly contract is after 12 months.

Trading time: 9: 00 a.m. ~165438+0: 30 p.m. ~13: 30 and other trading hours specified by Shanghai international energy trading center.

Delivery grade: medium sulfur crude oil, delivery quality API 32, sulfur content 15%.

Last trading day: the last trading day of January before the delivery month of the contract.

Delivery date: five consecutive working days after the last trading day.

Delivery place: delivery warehouse designated by Shanghai International Energy Trading Center.

Delivery method: physical delivery

Trading code: SC Shanghai International Energy Trading Center Co., Ltd. (hereinafter referred to as Energy Center) is an international trading place for global investors with the approval of China Securities Regulatory Commission and funded by Shanghai Futures Exchange. Perform duties according to Company Law, Regulations on the Administration of Futures Trading and relevant rules and regulations of China Securities Regulatory Commission.

20 13 1 1.6, the Energy Center is registered in China (Shanghai) Pilot Free Trade Zone, and its business scope includes organizing the listing, trading, settlement and delivery of energy derivatives such as crude oil, natural gas and petrochemical products, formulating business management rules, implementing self-management, releasing market information and providing technology, facilities and services.

The Energy Center will follow the principle of "openness, fairness and justice" and take "internationalization, marketization, rule of law and specialization" as the criteria to establish and improve the international energy derivatives trading platform. The goal is to objectively reflect the energy supply and demand situation in the Asia-Pacific region, improve the role of the energy market in the Asia-Pacific region in the international market system, provide tools for price discovery, risk management and investment management for global energy production, circulation and consumption enterprises and investors, actively promote the optimal allocation of energy commodity resources and promote economic development.

Shanghai International Energy Trading Center, with a registered capital of 5 billion yuan, is currently the largest registered capital enterprise in Shanghai Free Trade Zone. 2013165438+122 October, the energy center was officially inaugurated, marking a key step in the listing of crude oil futures, which is expected to be listed before the end of 20 15.

Crude oil futures are the choice of many people. Investment and financial management are not guaranteed, and so is crude oil investment, similar to stocks. Therefore, the basic knowledge of financial management is still needed, not all crude oil foreign exchange companies can choose, and not all investments can be profitable. It is very important to prepare or start.