Judging from the current exploration volume, China is still a country with scarce oil and gas resources. With the continuous development of the Chinese economy, domestic pressure on the demand for fossil fuels is increasing. At present, China's oil refining and processing capacity continues to increase, pushing China's oil to become increasingly dependent on foreign countries. According to statistics data from Zhuo Chuang, as of the end of 2011, China's foreign oil dependence has exceeded 55%. As the world's fastest oil demanding country, China currently accounts for about 10% of the total global oil demand. However, faced with increasingly wide Asian premiums and high international oil prices, China’s energy price security is greatly affected. **In this context, it is necessary for China to establish its own oil industry.
Against this backdrop, under the vigorous promotion of Guo Shuqing, the preliminary plan for crude oil ** was determined last month. The program determined that the trading unit for crude oil contracts was 100 barrels/hand, with a minimum movement price of 0.01 US dollars/barrel or 0.1 yuan/barrel, the daily limit price does not exceed ±5% of the settlement price of the previous trading day, and the minimum margin is 7% of the contract value. The delivery grade of crude oil** is “medium crude oil*â€, and the market adopts net price trading, which means that the quotation does not include tariffs and value added tax, and is open to domestic and foreign investors on the part of participating entities. In fact, it can be summarized as "net price transaction, bonded delivery". Despite the introduction of the plan, it still faces numerous operational details.
Billing currency ------ dollar or ***?
Zhuo Chuangxin thinks that there are two problems in these issues that are the most critical. The first and the most critical issue is the pricing and settlement method. The market has previously reported that there are two kinds of solutions, namely, dollar valuation or settlement. . Zhuo Chuangxin believes that there is a big problem no matter which method is used.
Zhuo Chuang analysis of information, China's establishment of a key role of crude oil ** is to promote the internationalization process, in the future can be used as an important tool to return to the country. The process of internationalization of *** is initially a process from counting currency to settlement currency to investment currency, and finally to reserve currency. This process is progressive. Therefore, the development of crude oil ** with internationalization will eventually be priced and settled. Therefore, under this premise, some market participants believe that dollar-denominated and U.S. dollar settlements are more appropriate, but Zhuo Chuangxin believes that although this solution has the least resistance and the fastest income, it does not conform to the internationalization of ***. . In addition, some market participants believe that the current internationalization of *** is not mature, and there is no risk in using US dollar pricing and settlement. Zhuochuang believes that from the start of China's vigorous efforts to promote the construction of two centers in Shanghai, to the steady progress of the QFII, and even recently China has just announced the direct exchange of yen against the yen, it can be said that the internationalization process has entered the fast lane, with *** Pricing or settlement is entirely possible.
After determining this issue, it is the current choice of pricing and settlement. From the perspective of the role of internationalization, it is certainly more prone to settlement. However, if China begins to use *** settlement, it is very easy for internationalization to become a local ** again. It may be difficult to attract international traders because after all, the *** exchange rate has not been liberalized. At present, it is only Fixed settlement will increase the difficulty for international traders to participate. If foreign traders are not involved, the purpose of China's establishment of crude oil to compete for the right to speak up will not be achieved.
Therefore, Zhuochuang believes that the finalized plan is likely to be denominated in dollars and settled in U.S. dollars. This is in fact the same as that used by other countries. The pricing method is very different, but the settlement currency is US dollars. It can attract a large number of international traders to participate in, in addition to this crude oil ** can also be used as a kind of quasi-***************************************************************************************************************************************. Establish the status of China's crude oil.
How to improve the situation of strong and weak inside and outside the main body of trading?
The second problem is the subject of participation. As a strategic resource, crude oil has not been liberalized. The oil imports include only several large state-owned enterprises and national companies with a background of Sinopec, PetroChina and Zhuhai Zhenyu. participate. Private enterprises have hardly participated. If the crude oil market is launched under the current oil circulation system, the ** trading market will face the embarrassing situation that the domestic oil refining enterprises are participating in too few quantities.
The solution to this problem is to liberalize the crude oil market to a certain extent and allow more enterprises to participate in it. And just a few days ago, there were market rumors that the relevant authorities were brewing to introduce moderately liberalized policy documents such as restrictions on the import of crude oil that favored the entry of private capital, including allowing private enterprises to participate in the application and distribution of non-state trading oil import quotas. In order to promote the diversification of business entities.
Recently, Zhuo Chuang also learned from the geological refining that the later countries will select several refineries as trial units for crude oil imports, but the import volume is relatively small. If this news becomes a reality, the amount of imported crude oil will represent one direction of national policy. At present, there are only 81 local refineries (including the acquired enterprises) in Shandong. As of the beginning of 2012, the processing capacity was once 82.7 million tons per year, and refineries of some refineries are not inferior to some of the refinements and scales. The main refinery, if crude oil imports are once again released to private enterprises, it is conservatively estimated that the crude oil market in the future will increase 10-20 large-scale crude oil private enterprises.
Zhuo Chuangxin believes that encouraging free competition and increasing the market discourse power of private enterprises can increase the activity of market transactions and truly exert the risk aversion function rather than the hype function of the market. In particular, for geo-smelting, raw material supply has always been the biggest problem in its survival and development. The gradual release of crude oil import rights can solve the problem of insufficient supply of raw materials; at the same time, it has greatly extended private enterprises. The industry chain will improve its ability to combat risks and, more importantly, this will give birth to more companies involved in crude oil and enhance the ability of Chinese companies to negotiate in the international crude oil market.
Against this backdrop, under the vigorous promotion of Guo Shuqing, the preliminary plan for crude oil ** was determined last month. The program determined that the trading unit for crude oil contracts was 100 barrels/hand, with a minimum movement price of 0.01 US dollars/barrel or 0.1 yuan/barrel, the daily limit price does not exceed ±5% of the settlement price of the previous trading day, and the minimum margin is 7% of the contract value. The delivery grade of crude oil** is “medium crude oil*â€, and the market adopts net price trading, which means that the quotation does not include tariffs and value added tax, and is open to domestic and foreign investors on the part of participating entities. In fact, it can be summarized as "net price transaction, bonded delivery". Despite the introduction of the plan, it still faces numerous operational details.
Billing currency ------ dollar or ***?
Zhuo Chuangxin thinks that there are two problems in these issues that are the most critical. The first and the most critical issue is the pricing and settlement method. The market has previously reported that there are two kinds of solutions, namely, dollar valuation or settlement. . Zhuo Chuangxin believes that there is a big problem no matter which method is used.
Zhuo Chuang analysis of information, China's establishment of a key role of crude oil ** is to promote the internationalization process, in the future can be used as an important tool to return to the country. The process of internationalization of *** is initially a process from counting currency to settlement currency to investment currency, and finally to reserve currency. This process is progressive. Therefore, the development of crude oil ** with internationalization will eventually be priced and settled. Therefore, under this premise, some market participants believe that dollar-denominated and U.S. dollar settlements are more appropriate, but Zhuo Chuangxin believes that although this solution has the least resistance and the fastest income, it does not conform to the internationalization of ***. . In addition, some market participants believe that the current internationalization of *** is not mature, and there is no risk in using US dollar pricing and settlement. Zhuochuang believes that from the start of China's vigorous efforts to promote the construction of two centers in Shanghai, to the steady progress of the QFII, and even recently China has just announced the direct exchange of yen against the yen, it can be said that the internationalization process has entered the fast lane, with *** Pricing or settlement is entirely possible.
After determining this issue, it is the current choice of pricing and settlement. From the perspective of the role of internationalization, it is certainly more prone to settlement. However, if China begins to use *** settlement, it is very easy for internationalization to become a local ** again. It may be difficult to attract international traders because after all, the *** exchange rate has not been liberalized. At present, it is only Fixed settlement will increase the difficulty for international traders to participate. If foreign traders are not involved, the purpose of China's establishment of crude oil to compete for the right to speak up will not be achieved.
Therefore, Zhuochuang believes that the finalized plan is likely to be denominated in dollars and settled in U.S. dollars. This is in fact the same as that used by other countries. The pricing method is very different, but the settlement currency is US dollars. It can attract a large number of international traders to participate in, in addition to this crude oil ** can also be used as a kind of quasi-***************************************************************************************************************************************. Establish the status of China's crude oil.
How to improve the situation of strong and weak inside and outside the main body of trading?
The second problem is the subject of participation. As a strategic resource, crude oil has not been liberalized. The oil imports include only several large state-owned enterprises and national companies with a background of Sinopec, PetroChina and Zhuhai Zhenyu. participate. Private enterprises have hardly participated. If the crude oil market is launched under the current oil circulation system, the ** trading market will face the embarrassing situation that the domestic oil refining enterprises are participating in too few quantities.
The solution to this problem is to liberalize the crude oil market to a certain extent and allow more enterprises to participate in it. And just a few days ago, there were market rumors that the relevant authorities were brewing to introduce moderately liberalized policy documents such as restrictions on the import of crude oil that favored the entry of private capital, including allowing private enterprises to participate in the application and distribution of non-state trading oil import quotas. In order to promote the diversification of business entities.
Recently, Zhuo Chuang also learned from the geological refining that the later countries will select several refineries as trial units for crude oil imports, but the import volume is relatively small. If this news becomes a reality, the amount of imported crude oil will represent one direction of national policy. At present, there are only 81 local refineries (including the acquired enterprises) in Shandong. As of the beginning of 2012, the processing capacity was once 82.7 million tons per year, and refineries of some refineries are not inferior to some of the refinements and scales. The main refinery, if crude oil imports are once again released to private enterprises, it is conservatively estimated that the crude oil market in the future will increase 10-20 large-scale crude oil private enterprises.
Zhuo Chuangxin believes that encouraging free competition and increasing the market discourse power of private enterprises can increase the activity of market transactions and truly exert the risk aversion function rather than the hype function of the market. In particular, for geo-smelting, raw material supply has always been the biggest problem in its survival and development. The gradual release of crude oil import rights can solve the problem of insufficient supply of raw materials; at the same time, it has greatly extended private enterprises. The industry chain will improve its ability to combat risks and, more importantly, this will give birth to more companies involved in crude oil and enhance the ability of Chinese companies to negotiate in the international crude oil market.
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