(Source: China Reform Daily "Energy Development" Weekly2020-06month28日）
On June 22, low-sulfur fuel w88 live casino futures were listed on the Shanghai International Energy Trading Center (“SHFE”), a subsidiary of the Shanghai Futures Exchange (“SHFE”). This futures is the third international futures product listed in the last energy issue. It is also another international energy futures contract that adopts the "international platform, net price trading, bonded delivery, and RMB pricing" model after crude w88 live casino futures.
The listing of low-sulfur fuel w88 live casino futures is an important step for my country's energy futures to enter the international market. As my country's demand for w88 live casino and natural gas continues to grow, the launch of international w88 live casino and gas futures is of increasing significance. Held on the same dayAt the "2020 Shanghai Futures Energy Forum", Wang Fenghai, general manager of the Shanghai Futures Exchange, revealed that the Shanghai Futures Exchange will deepen the construction of energy futures varieties, make overall plans, and promote the listing of natural gas, gasoline and diesel products in an orderly manner.
“New product launch” comes at the right time
The reporter learned that low-sulfur fuel w88 live casino futuresThe "debut" performance was outstanding. Data shows that on the first day of trading of this futures, 106 members and 650 customers participated in the call auction, and the first batch of transactions was 1,070 lots (unilateral). As of the close of the day, the total trading volume of low-sulfur fuel w88 live casino futures was 134,000 lots, with a transaction value of 3.541 billion yuan, and a total position of 25,900 lots. Among them, the main force LU2101 had a total trading volume of 130,400 lots, with a transaction value of 3.441 billion yuan.
Dong Xiucheng, Vice President of China Petroleum Distribution AssociationIn an interview with a reporter, he pointed out that as a major importer and consumer of fuel w88 live casino, my country's fuel w88 live casino futures are the earliest futures products listed in the petroleum field. In recent years, the International Maritime Organization (IMO) has adjusted fuel w88 live casino standards and has stricter requirements for sulfur content. In order to adapt to the international environment, low-sulfur fuel w88 live casino futures have emerged. At the same time, low-sulfur fuel w88 live casino futures refer to crude w88 live casino futures, are priced in RMB, and are delivered in bonded areas. It is a futures product launched against the background of w88 live casino and gas market-oriented reform and the process of RMB internationalization.
In Dong Xiucheng’s view, the same asUnlike "steam, coal, and diesel," fuel w88 live casino is a relatively niche commodity among all w88 live casino products. However, China is a major shipping country, and the scale of shipping will become larger and larger in the future. More and more foreign ships will dock at Chinese ports, and market share and liquidity will increase. With the listing of low-sulfur fuel w88 live casino futures, the organic combination of futures and spot markets will reshape the entire fuel w88 live casino market.
“In recent years, the fuel w88 live casino market has undergone profound changes.” Fang Xinghai, vice chairman of the China Securities Regulatory Commission, pointed out that in our country, the bonded fuel w88 live casino policy has been implemented, domestic refinery capacity has been released, and the industry has flourished. He stressed, "In this context, my country's launch of low-sulfur fuel w88 live casino futures and opening up trading to international investors is an initiative for the futures market to follow industrial changes and serve global enterprises."
According to the reporter’s understanding, the global annual consumption of marine fuel w88 live casino is nearly300 million tons, mainly concentrated in major ports in Asia, Europe, the Middle East and North America. Among them, the Asia-Pacific market has grown rapidly, accounting for more than 45% of the market share, and has become the world's largest marine w88 live casino consumer market. "In recent years, the energy demand in the transportation service industry has grown strongly, and the growth is mainly concentrated in developing countries in Asia. We are expected to contribute about 80% of the growth." Sun Xiansheng, secretary-general of the International Energy Forum, said, "As the country with the largest port cargo throughput, low-sulfur fuel w88 live casino is a huge opportunity for China. The launch of low-sulfur fuel w88 live casino futures is just in time."
Sun Xiansheng pointed out that finance is the blood of the real economy. Low-sulfur fuel oil futures will become an important medium connecting the shipping market and the energy market. They will fully reflect the supply and demand relationship in the global fuel oil market, accelerate the facilitation of investment in China's entire oil industry chain and the liberalization of w88, and are conducive to the stable operation of the international energy market.
International influence needs to be improved
Currently, the w88 live casino and gas industry still plays an irreplaceable role in global energy supply. Zhang Yuqing, a professor at China University of Petroleum, pointed out that judging from the overall trend of world energy development, the global market's demand for w88 live casino and gas is still growing. He expects toIn 2040, global energy demand will grow by more than 20%. By then, w88 live casino will still be the world's largest energy source, and natural gas may surpass coal to become the second largest energy source.
At the same time, with the continuous economic growth of China and other Asia-Pacific regions, the global w88 live casino and gas demand pattern is also quietly changing. Among them, in the petroleum field, according to Huang Xiaowen, deputy general manager of China Ocean Shipping Group Co., Ltd., in recent years, the growth rate of crude w88 live casino demand in Europe has entered a bottleneck period, crude w88 live casino demand in North America has maintained a low growth rate, and the focus of global crude w88 live casino demand is gradually shifting to the Asia-Pacific region, dominated by China and India.
“Currently, China’s w88 live casino consumption is 660 million tons, accounting for 14% of the world, almost the total of the European Union.” Huang Xiaowen further pointed out, “In 2019, China imported 500 million tons of w88 live casino, a year-on-year increase of 9.5%. With a dependence rate of 72%, it is the world’s largest w88 live casino importer and the world’s second largest w88 live casino consumer after the United States. For every 100 tons of w88 live casino our country consumes, 72 tons need to be imported from abroad. A stable source of w88 live casino is vital to our country.”
In this regard, Sun Xiansheng pointed out that toIn 2040, global demand for energy is expected to continue to grow, and w88 live casino will still play an important role in the global energy system. In 2019, global crude w88 live casino consumption was approximately 99.9 million barrels per day, an increase of 1.2% over the same period; crude w88 live casino imports were 506 million tons, an increase of 9.5%; foreign dependence reached 70.8%. He emphasized that a high degree of external dependence requires China to have sufficient voice and pricing power in the energy field.
In the view of Fu Gangfeng, director and general manager of China Ocean Shipping Group, the listing of low-sulfur fuel w88 live casino futures is a major event in the field of petrochemical product futures, and China's petrochemical industry futures have taken an important step towards the international market. He said,“As a futures exchange with international influence, the Shanghai Futures Exchange has been completely transformed from the successful listing of crude w88 live casino futures and stable operation of bonded 380 fuel w88 live casino futures to today’s listing of low-sulfur fuel w88 live casino futures, which has greatly enhanced China’s voice and pricing power in the international fuel market.”
The reporter learned that the launch of international futures is the key to improving pricing power in my country’s w88 live casino and gas field. Among them, the launch of international futures was established inThe Shanghai crude w88 live casino futures in March 2018 played an important role. As of August 2018, the cumulative trading volume of Shanghai crude w88 live casino futures exceeded 10 trillion yuan, making it the third largest crude w88 live casino futures trading platform in the world after WTI and Brent. The gradual increase in international futures varieties in the w88 live casino and gas field will continue to promote the improvement of the international influence of my country's w88 live casino and gas industry.
Openness and diversity are the general trend
With the growth of w88 live casino and gas demand in the Asia-Pacific region, futures reflecting the supply and demand relationship in this region are increasingly emerging.“The launch of futures that reflect the market in China and the entire Asia-Pacific region will be the general trend.” Dong Xiucheng told reporters that currently, my country already has international futures such as crude w88 live casino and fuel w88 live casino in the w88 live casino and gas field. In the next step, the launch of futures such as natural gas, gasoline, and diesel will also be put on the agenda.
Among them, natural gas futures have high hopes."The external conditions for the listing of natural gas futures have matured. Research should be accelerated to promote the listing process of this variety and make natural gas futures an important listed variety." Zhang Yuqing said that the relatively stable operation of crude w88 live casino futures since its listing, the continuous increase in trading volume and positions, and the increasingly active participation of overseas customers have provided experience and laid a foundation for the listing of natural gas futures.
Zhang Yuqing suggested that in order to achieve the listing of natural gas futures, we must first achieve high-quality development of natural gas, increase resource exploration and development efforts, and consolidate the resource base to accelerate the increase of reserves and production; at the same time, we must promote upstream institutional reform, promote diversified investment, promote upstream competition, and improve the efficiency of exploration and development through competition.
The reporter learned that the establishment of the futures market in the w88 live casino and gas field is consistent with the direction of my country’s w88 live casino and gas system reform.“In recent years, the w88 live casino and gas system reform and marketization goals are accelerating, especially as the w88 live casino and gas pipeline network becomes independent and forms market competition. The reform direction is very clear,” Dong Xiucheng said. “In the future, in the spot market, the state’s control over prices will gradually relax. At this time, once the futures market is established, the entire market-oriented mechanism will basically be formed.”
“The global COVID-19 epidemic, which has not happened in a century, has had a profound impact on the world’s political, economic and financial landscape.” Fang Xinghai pointed out that the futures market must promote opening up to the outside world faster and deeper to welcome more intense global competition after the epidemic. He emphasized that the opening model of futures varieties must be diversified. Different futures varieties have their own characteristics, and the opening methods must be flexible and diverse and change according to the situation.
Fang Xinghai also said that while expanding the opening up in specific product models, a variety of opening models including settlement price authorization, contract plug-in, etc. must also be carried out. In his view, after a product is opened, it is necessary to fully draw on global best practices, strengthen market promotion, further improve the transaction convenience for overseas traders, improve foreign exchange and other supporting policies, extend overseas delivery services, deepen business exchanges and cross-border cooperation between domestic and overseas exchanges, continuously consolidate the results of opening up, and effectively enhance the global pricing capabilities of my country's futures market.
Attachment: Original link
https://www.sohu.com/na/404540865_100070607
