The client of China and Singapore Jingwei on March 12th. On the 12th, the main domestic crude oil futures contract (SC crude oil futures) opened sharply lower than 5%. After that, it fluctuated downward and fell to a limit within 25 minutes of opening, at 256.2 yuan / barrel. At this point, domestic crude oil futures have fallen for four consecutive days, with a cumulative decline of 28.77%.
Source: Wind
SC crude oil futures are listed on the Shanghai International Energy Exchange and have been listed for nearly two years. Recently, affected by factors such as the price war in the international crude oil market, SC crude oil futures continued to fall sharply. On the 11th, the Shanghai International Energy Trading Center notified that from the close of settlement on March 11, 2020 (Wednesday), the trading margin ratio of crude oil futures contracts was adjusted to 11%. From the next trading day, the daily limit of crude oil futures contracts The amplitude is adjusted to 10%.
Last Friday, the OPEC + meeting broke production talks. As Russia did not reach an agreement with OPEC on the amount of production cuts, Saudi Arabia countered, planning to increase oil production next month, and said it would significantly reduce the official price of oil. On the 9th, the crude oil market trembled, and international oil prices plummeted. The United States and the United States and the United States and the United States both created the largest one-day drop since the 1991 Gulf War. On the same day, SC crude oil futures hit a limit.
On the 10th, the market warmed up, and international oil prices rebounded sharply, but at the same time, the crude oil market escalated. According to the Wall Street Journal Chinese website on the 11th, Saudi Arabia and Russia ’s competition for the oil market has further escalated, Riyadh announced that it will increase production, and Moscow also said it is ready to extract more crude oil.
On the morning of the 12th, US President Trump stated in a national TV speech that due to the epidemic, "all travel from Europe to the United States" will be suspended for 30 days starting on Friday (13th), except for the United Kingdom. According to Reuters, after the news was announced, oil prices fell short-term.
Source: Wind
Wind data shows that the decline in the United States and cloth oils has expanded. As of press time, both NYMEX crude oil and ICE cloth oil have fallen by more than 5%.
However, since the 9th, domestic crude oil futures have not experienced a roller coaster trend of international oil prices, but have continued to fall.
After the SC crude oil fell for three consecutive days, Founder's medium-term futures analysis said that from historical data, the average price difference between Brent crude oil and SC crude oil is about 3.59 US dollars / barrel, and SC crude oil appears as premium Brent crude oil most of the time. SC crude oil is a crude oil futures listed in China, which reflects the price of the Far East market to a certain extent. The Far East market is the main demand area for crude oil. For a long time, a large amount of crude oil has to be imported from the Middle East, West Africa and other places. Most of the import quotes refer to Brent crude oil.
Founder's medium-term futures further pointed out that for a commodity, the price of the commodity in the main demand area is theoretically higher than the price of the commodity in the supply area, so the crude oil price (SC crude oil) representing the demand area will be higher than the crude oil in the supply area most of the time. Price (Brent crude). Domestic SC crude oil's three consecutive daily limit stops basically made up about 25% of the decline in crude oil outside the disk on Monday. (Zhongxin Jingwei APP)