Shanghai Crude Oil Futures Debut
- Author: Kelly Blake Mar 29, 2018,
Mar 29, 2018, 1:51
This weighed on crude oil futures as well. The global benchmark traded at a $4.56 premium to WTI.
Trading of the new oil futures contracts for September settlement started on the Shanghai International Energy Exchange at 440.20 yuan ($69.70) per barrel, reports Chinese daily the South China Morning Post. Barclays Research analysts said they expected the supply deficit of the past few months to give way to a surplus on rising USA output.
U.S. West Texas Intermediate (WTI) crude futures were at $65.51 a barrel at 0255 GMT, down 37 cents, or 0.6 percent, from their previous close.
Crude was also squeezed ed by a rise in the number of US rigs drilling for oil to a three-year high of 804, implying further rises in production, which has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd).
About 19 foreign brokers had registered to trade the contracts as of last week, the exchange said. Prices assessed at the Shanghai exchange will reflect China's crude supply and demand.
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Still, China offers the potential for a deep, liquid market, buoyed by an explosion of interest from mom-and-pop investors that has supported its vast commodities derivative markets from apples to iron ore in Shanghai, Zhengzhou and Dalian. Yuan-based futures will help promote the yuan as a global currency.
Although the exchange will have an overnight trading session to match late European and early US trading, it will close for more than six hours before trade resumes in Beijing.
China has launched yuan-dominated crude oil futures, a major step in Beijing's years-long push to win greater sway over oil. "Anything lower than expectations will turn around weakness that we're seeing today". "We take the view that the contract is viable and adds to the crude oil trading value chain, and is here to stay", said Kevin Tan, executive vice president at Singapore-based brokerage Straits Financial Services. Chinese trader Unipec told Reuters it was the counterparty for the Glencore deal.
State-run Sinopec Corp, Asia's top refiner, said last month it expected to boost its USA crude oil imports this year to more than 10 million tonnes, or 200,000 bpd.
Chinese authorities have reportedly accelerated the launch amid growing crude imports.
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McKenna said he hoped Shanghai crude gets a lot of traction and we end up with three established global benchmarks, but he cautioned that the first couple of days have been volatile.
United States shipments, which benefited from OPEC supply cuts and rebounding crude oil prices, averaged 153,000 bpd past year.
WTI is now trading above $64.60.
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