On September 7, the first contract of Shanghai crude oil futures SC1809 completed smoothly. At this point, the "last mile" of Shanghai crude oil futures was opened, marking the success of the listing of China crude oil futures. China united petroleum corp. became one of the first companies to take part in the delivery of crude oil futures in Shanghai, with a volume of 100,000 barrels.
The crude oil SC1809 contract is the first major contract of Shanghai crude oil futures after its listing. According to relevant regulations of Shanghai international energy trading center, the last trading day of this contract is August 31, and the settlement date is September 3, solstice, September 7, with the total settlement amount being 601,000 BPD.
On March 26, Shanghai crude oil futures was listed. For more than five months, China united oil has actively participated in the trading of Shanghai crude oil futures. On the first day of the listing, zoomlion won the first batch of orders in China. On May 10, the first crude oil futures delivery drill was completed in the bonded oil depot in dalian, opening the whole process of domestic crude oil futures delivery business. On June 20, the first warehouse of Shanghai international energy trading center was registered in dalian petrochina bonded oil depot, and the crude oil delivery warehouse was officially put into use. On September 7, SC1809 crude oil futures were successfully completed.
Crude oil futures, as the first futures variety open to the outside world in China, adopt RMB pricing, net price trading and bonded delivery, which has attracted the attention of both domestic and foreign market participants and regulators. The smooth completion of the delivery shows that the system design and trading rules of Shanghai crude oil futures are accepted by the market, which to some extent reflects the performance of this variety in serving the real economy function and fully reflects the price discovery of crude oil futures on the spot market.
Zoomlion will continue to participate in crude oil futures trading, warehouse receipt trading, physical delivery, and continuously enrich trade patterns, making positive contributions to the healthy and stable development of crude oil futures in Shanghai, said a person in charge of the company.
