Recently, the market is eagerly looking forward to the crude oil futures standard contract officially debut, also debut also includes crude oil futures trading, settlement, delivery, risk control, futures traders appropriate system, including 10 business rules. This series of business rules introduced, marking the real estate futures market really entered the real stage. fertiliser
“Crude oil futures market is getting closer, the fastest in the third quarter of this year will be listed.” Huaan futures Shanghai branch general manager, chief oil analyst Xu Jie told reporters that the Chinese version of the crude oil futures market, many domestic Of the private refining business, is a major positive.
In recent years, with the gradual liberalization of crude oil import qualification, more and more private refining enterprises to obtain the use of imported crude oil quotas. According to the relevant data, so far, has been officially approved (excluding the publicity period) imports of crude oil use quota enterprises, the cumulative use of imported 77.85 million tons of crude oil, if the business has entered the publicity period (extended, Haike, Lan Bridge , Hubei Jinao, wins star, Qi Cheng, Hualong, Dalian Jinyuan), the cumulative use of imported 95.25 million tons of crude oil.Sodium Molybdate
According to report, the last two years, although crude oil prices in a relatively low, but its volatility is still relatively strong, 20% of the ups and downs in a month is very normal. “In addition to a small number of enterprises are involved in international crude oil futures trading, most companies do not have to the international futures market risk management of their positions, they can only passively accept the international oil prices volatility.” Xu Jie said.
However, he also said that with the domestic crude oil futures market, there will be more and more private refining enterprises to participate in the futures market. According to its introduction, refining business profit model is to improve the utilization of funds under the premise of the lowest possible cost of oil production. Bacillus thuringiensis
“Refining companies can buy some of the crude oil futures market in the domestic crude oil, lock a part of the cost of oil, and the delivery location is also in the country, transport is also very convenient at the same time, they can follow the market every month to open positions to avoid significant fluctuations in oil prices Production to bring the uncertainty of risk. “Xu Jie told reporters.
Shandong Province, a private refining enterprise futures hedging business department official said that the current domestic private refining enterprises to participate in the futures market is not too much, but with the pace of crude oil futures market approaching, many refining enterprises are in action to set up their own Of the hedge team.
“Crude oil futures market to the domestic private refining enterprises to provide hedging tools and channels, but also to the overseas enterprises to bring cross-market arbitrage opportunities.” The official said.
Xu Jie said that in addition to the use of crude oil hedging to carry out risk management, the private refining enterprises can register their own inventory for the warehouse receipts, and then warehouse receipts of financing, which can greatly improve the efficiency of enterprise funds, Occupy a high degree of refining enterprises has a very important significance.
“The private Refining enterprises to use good crude oil futures, according to their actual production scale and characteristics, to establish a good momentum in the futures market size and operating rhythm, and then through the inventory of financial, improve capital utilization, the business performance and risk Control capacity to a new level. “Xu Jie said.Flumethrin
Shanghai Petroleum Products Trade Industry Association Deputy Secretary-General Wu Jun believes that the domestic petrochemical industry chain, the introduction of crude oil futures with milestone significance. First, to promote the further opening up of the crude oil market, to participate in the main body more diversified, crude oil futures investors both domestic investors, but also outside the investors; both institutional investors, but also individual investors, and with domestic and foreign crude oil The increase in the main body of futures, crude oil spot competition will gradually change the pattern. The second is to promote the full range of state-owned oil companies to participate in the futures market to promote the domestic oil product pricing mechanism of the market; third is to find long-term prices to facilitate the future production costs of enterprises to develop long-term sound business plan; Risk management awareness, the use of hedging means to enhance the profitability of enterprises and anti-risk ability.
In his view, hedging is a key prerequisite for the success of futures and spot market relevance. “In the past, China’s enterprises in the spot transactions will be hedged, but are used in foreign markets and domestic markets hedge transactions, once the domestic prices and foreign prices seriously deviated from the situation, not only lead to hedging failure, but also Resulting in unnecessary losses. “Wu Jun said.