Accelerate the improvement of energy product series and improve the quality of market operation
2023/8/8
OPEC+ recently stated that it will continue to maintain the production reduction policy. Saudi Arabia even announced on August 3 that it will extend the measure of reducing production by 1 million barrels per day until September, and may expand the scale of production reduction thereafter. "Because the current external environment is very uncertain, global inflation is still at a high level, and the continuous fluctuation of energy prices has a great impact on the long-term development of the industrial chain. Therefore, the use of futures derivatives for hedging is to ensure the stable operation of enterprises. important means.” The relevant person in charge of the Shanghai Futures Exchange said at the meeting.
According to Jia Anan, deputy general manager of CITIC China Securities Capital Management Co., Ltd., at the beginning of the outbreak of the epidemic in 2020, overseas crude oil prices fell to negative oil prices. A spot customer is facing violent fluctuations in crude oil prices and hopes to avoid large losses through hedging. Then the customer locked the inventory price at 363 yuan/barrel through OTC options. During the option contract period from February 28 to March 30, 2020, the price of crude oil continued to fall due to the impact of the epidemic. When the position was finally closed, the closing price was 245.7 yuan/barrel, and the customer received an absolute compensation of 117.3 yuan/barrel. For customers, the use of a small amount of premium effectively compensates for the inventory depreciation caused by the drop in crude oil prices and avoids operational risks.
The profits of refined oil companies are easily affected by fluctuations in upstream crude oil prices. Using crude oil futures to hedge the risk of product oil price fluctuations is an important means of business operations. Although Shanghai crude oil futures prices have not yet been included in my country's refined oil price adjustment mechanism, the price correlation between Shanghai crude oil futures and overseas prices is very high, and the price adjustment mechanism includes not only crude oil prices, but also comprehensive factors such as exchange rates and freight charges. Shanghai crude oil futures are denominated in RMB, which itself reflects information such as shipping costs and exchange rates. Therefore, the price of Shanghai crude oil futures is relatively close to the price of the domestic price adjustment mechanism. Enterprises can purchase spot goods in batches during the time interval when the wholesale-retail price spread is high, simultaneously sell short futures, simulate and lock the retail price difference of refined oil, and indirectly lock the profit of refined oil sales.
According to industry estimates, taking a gas station that sells 15 tons a day as an example, the average price difference between wholesale and retail gasoline in the past three years was 1,502 yuan/ton. The operation of locking the wholesale and retail price difference will be triggered. Based on a one-time purchase of 6 months, within 3 years, the profit level of gas stations participating in hedging has increased by 1.52 million yuan compared with that without hedging, and the corresponding gross profit has increased by 93 yuan/ton, an increase of 6.2%. , play a significant role in reducing costs and increasing efficiency.
It is understood that since the listing of my country's crude oil futures, the open interest and trading volume have grown steadily, not only serving many domestic spot companies, but also playing an increasingly important role in international crude oil pricing. There are 17 coastal delivery warehouses for my country's crude oil futures, with a storage capacity of 69.335 million barrels, 30% of which are re-exported to South Korea, India, Malaysia and other countries, and another 20% of crude oil warehouse receipts are canceled and continue to be in the bonded area Carry out spot circulation.
"While these delivery resources radiate domestically and overseas, they also transmit the influence of prices to domestic enterprises and some countries in Northeast Asia. Shanghai crude oil futures have become a very effective and important source of information in Asian crude oil pricing, and are being It will gradually become one of the benchmark prices for crude oil pricing in Asia," said the participants.
The relevant person in charge of the SHFE stated that in the "14th Five-Year Plan" modern energy system plan, it is proposed to deeply promote the energy consumption revolution, supply revolution, technological revolution, and system revolution, and strengthen international cooperation in an all-round way. The promulgation and implementation of the Futures and Derivatives Law provides strong legal protection for domestic and foreign investors to participate in China's futures market. In the next step, the SHFE will accelerate the improvement of the series of energy products, continue to improve the quality of market operations, continuously improve market functions, and help the energy industry to achieve high-quality and sustainable development.
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