According to media reports, at the beginning of October, the national development and Reform Commission lowered the maximum retail price of refined oil. Gasoline and diesel were lowered by 300 yuan/ton, about 0.22 yuan and 0.26 yuan per liter respectively. This is the first time since this year that the price of refined oil has been lowered in China, and it has risen for four consecutive times before
even if the price of refined oil is lowered, the voice for reforming the pricing mechanism of refined oil is still difficult to subside. In August this year, the price of major international oil futures has already plummeted. However, China did not lower the price of refined oil until early October, and various doubts and speculations arose one after another. The explanation given by the national development and Reform Commission is that when the moving average price of crude oil in the international market changes by more than 4% for 22 consecutive working days, the price of domestic refined oil can be adjusted accordingly
according to a number of media reports, an insider from the pricing department of the national development and Reform Commission disclosed that experts and insiders are being convened to discuss the revision plan of the refined oil pricing mechanism. The opinion draft will be issued before the end of the year. At that time, the opinions of experts and enterprises in the industry will be solicited. The 22 days of concern are a price adjustment cycle or will be shortened. The price formation mechanism of refined oil is only a temporary measure. In the long run, the marketization of refined oil price reform has been made clear: on the basis of accelerating the frequency of price adjustment, gradually make the oil price financial, that is, find the price through the way of oil futures
East Asia is in urgent need of oil pricing power
"at present, we are communicating with the national development and Reform Commission and the three major oil companies of PetroChina, Sinopec and CNOOC on the issue of oil futures, hoping to promote this work." Yangmaijun, general manager of Shanghai Futures Exchange, told me
oil futures is a kind of futures trading, which stipulates that the operation of a special fixture may exceed the service limit of the stroke in the future. It is a standardized contract to deliver a certain amount and quality of oil at a certain time and place. "The characteristics of supply and demand, resource distribution and consumption jointly determine the financial attribute of oil. Not only does the oil commodity have the financial attribute, but the oil market volunteer service team will coordinate and communicate with the staff of the farmers' market, which has also been financialized." Wang Jun, deputy director of the consulting and Research Department of the China Center for international economic exchanges, said, "the financial attributes of oil are mainly reflected in three aspects: first, the price system has been financialized; second, oil is closely linked with the international monetary system; third, international speculative capital has manipulated and intervened in the oil market and oil prices."
as the three largest oil import regions in the world, the United States and Western Europe import about 500million tons of crude oil every year. Most of the crude oil imported by the United States is priced according to the New York light crude oil pricing system, while Western Europe and other countries are priced according to the London Brent crude oil pricing system. At present, the benchmark of global oil futures price is London North Sea Brent crude oil and New York light oil
in contrast, Asia, which imports about 900million tons of crude oil every year, especially China, Japan and South Korea, imports more than 600million tons of crude oil every year, but does not have its own crude oil pricing system. It mainly refers to Brent and Dubai crude oil pricing. "The current situation of the oil market is actually that the futures market guides the spot market." Dongxiucheng, director of China oil and gas industry development research center of China University of petroleum, told us, "similar to other futures products, the primary function of oil futures is price discovery, that is, the price can be generated through the transaction matching of futures market, and then the price can guide the spot market; the second is to realize the hedging function to avoid the instability caused by the sudden unilateral fluctuation of the market; the last is the speculation function of futures."
in fact, as early as 2008, wanglihua, chairman of Shanghai Futures Exchange, said in an interview: "the crude oil price is actually liberalized and can be tested first. Moreover, if the plan is to launch crude oil futures, there is already a foundation, and a lot of consensus has been reached in the industry and other aspects. Now we only need to break through the obstacles in specific operation and understanding."In 2009, the executive meeting of the State Council deliberated and approved in principle the opinions on the construction of "two centers" in Shanghai
Xiao Lin, deputy director of Shanghai Municipal Development and Reform Commission, once wrote that the financial crisis has increased China's bargaining power over the import of resource commodities, providing a difficult opportunity for China to enhance its pricing power over important commodities in terms of our company's business process. We should seize this opportunity, speed up the development and innovation of futures varieties, accelerate the research and launch of energy futures such as oil, coal and natural gas, make China one of the important energy pricing centers, and open up new channels for domestic enterprises to hedge and lock in costs
however, the first wave of the global financial crisis has passed, but China's oil, coal, natural gas and other energy futures products have not been successfully launched, which highlights the difficulty of China's financial reform. Fangxinghai, director of the Shanghai Municipal Finance Office, told: "the promotion of oil futures is clearly stated in the documents of the State Council, so we keep proposing it. However, any financial reform will involve the interests of all parties, so it will be very difficult to introduce a new measure. Our national economy is constantly developing, the demand for financial services is constantly increasing, and the internal requirements for further improvement of the market are very strong."
an insider from the energy and Chemical Industry Department of Shanghai Futures Exchange said, "we also hope that the oil futures can be launched as soon as possible, including the preparatory work such as system construction has been basically completed." In addition, Wang Jun, deputy director of the consulting and Research Department of the China Center for international economic exchanges, believes that the establishment of China's oil futures market should be taken as the core of the national oil security strategy. China needs to establish its own oil futures trading platform, gradually form its own quotation system, and actively integrate into the global oil futures market pricing system, We will strive to gradually change the monopoly pattern of the London and New York exchanges over the world oil in the next 10 to 20 years
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