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Oil futures trading in pipeline
By Chang Tianle (China Daily)
Updated: 2004-04-21 08:31

The Shanghai Futures Exchange (SHFE) is seeking opinions on its newly approved fuel oil futures contracts and trading rules to prepare for the derivative's re-launch, a senior exchange official said yesterday.

The solicitation will close on April 28, but exchange officials have yet to name the date when trading will start in fuel oil futures, approved on Monday by the China Securities Regulatory Commission.

Fuel oil accounts for a large proportion of China's consumption needs, with the nation overtaking Japan as the world's second-largest oil consumer.

China consumed around 44 million tons of fuel oil in 2003, compared with just 3.44 million in 2002, according to an SHFE report.

Around half of this fuel oil was imported, as China has witnessed a sharp decline in its fuel oil production in recent years.

Domestic output decreased 38.68 per cent since 1990 to 20 million tons last year. But imports skyrocketed 36 times from 650,000 tons in 1990 to 23.78 million tons last year. About 80 per cent of this oil comes from neighbouring countries including South Korea, Singapore and Russia.

But domestic users can do little to hedge their risks to deal with price fluctuations without fuel oil futures.

Domestic enterprises are calling for oil futures as a means to hedge risks as the global oil market becomes increasingly volatile.

"Moreover, as a large consumer, the lack of fuel oil futures puts China at a disadvantage in terms of pricing," said Chu Juehai, who heads SHFE's fuel oil futures team.

SHFE has decided to set No 180 fuel oil to be traded. Traders should have reserves of 8 per cent, higher than the normal 5 per cent set for copper and aluminium. The fluctuation is set within a range of 5 per cent.

"Risk prevention is our first priority. Such a provision is able to cover risks," Chu said.

Experts also point out that fuel oil is the most liberalized oil product, which makes it the first to hit the board.

Chu said the re-launch of the fuel oil futures contracts will pave the way for other futures products.

Fuel oil is mainly used in China in power plants, transportation and industrial manufacturing, according to the National Bureau of Statistics.

About 32 per cent goes to power generation, 25 per cent is used by petrochemical companies and transportation - mainly shipping - accounts for 22 per cent.

South and East China consume 71 per cent of the country's fuel oil, with Guangdong Province taking over 10 million tons every year. Guangdong is also the largest importer province.

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