China launches crude oil futures trading — China Focus

Shanghai crude oil futures jump more than 6%

Active trading of the yuan-denominated crude contracts in Shanghai could eventually give mainland oil companies and consumers a greater say in pricing the commodity.

The admission of foreign investors directly to futures trading occurs for the first time in Chinese commodity markets. This compares with global turnover of more than $10 trillion in worldwide oil futures, the world's biggest commodity market.

Concerns of a looming trade dispute between the United States and China had also weighed on global markets.

While the nation hopes to establish a benchmark for global oil transactions, whether the Asian nation would achieve that goal has been the subject of hot debate.

Nearly 15.4 million barrels of Shanghai's most-active September contract changed hands in the 2-1/2-hour morning session to 11:30 a.m. (0330 GMT).

"The market is reacting to news that global trade war tensions are easing and geopolitical risks are escalating, but that doesn't mean concerns have diminished over rising US output and supplies", Will Yun, a commodities analyst at Hyundai Futures Corp., said by phone from Seoul.

Trump attorney discussed pardons with Flynn, Manafort lawyers
Why those six words were added in this filing when they didn't appear in a previous filing is the $64,000 question. Whether Gates has an explanation for keeping those contacts while on the Trump campaign remains to be seen.

The two major USA dollar-based oil benchmarks, Brent in London and West Texas Intermediate (WTI) in NY, traded at US$70.95 a barrel and US$66.42 a barrel respectively.

U.S. President Donald Trump last week signed a memorandum that could impose tariffs on up to $60 billion of imports from China.

Brent volumes have been lower than usual as much of Europe is already on holiday for Easter.

Li Qiang, Shanghai's Party chief, and Liu Shiyu, chairman of China Securities Regulatory Commission, hit the gong together to open the trading session. Prices assessed at the Shanghai exchange will reflect China's crude supply and demand.

"The fact that the government is encouraging the exchange and also is not shy about stepping in to occasionally change the rules may discourage worldwide players", Brown said.

"We were active with Glencore today and I've seen Trafigura in it and Freepoint".

Jaguar and Waymo just announced an electric, fully autonomous vehicle
Krafcik declined to say whether he thought the crash was a setback for the industry or whether new regulations are needed. Earlier this year, it announced it was also ordering thousands of Chrysler Pacifica Hybrid minivans for its fleet .

Financial oil markets have always been dominated by Europe's Brent and America's WTI.

Speculative retail and institutional investors also propped up the launch-day's liquidity, said Chen Tong, Shanghai-based senior crude analyst at First Futures.

The decision to extend the production cuts has seen crude oil prices rising, but a major factor countering efforts by OPEC and Russian Federation is United States oil production which has soared and is fast approaching 10 million bpd.

"The recent rally in oil prices might have taken some by surprise as the underlying fundamental picture does not justify Brent being close to US$70 a barrel".

Futures for September settlement opened at 440 yuan a barrel, up from a reference price of 416 yuan. Spot Shanghai crude futures were down by 4.2 per cent on Wednesday, to 408.3 yuan ($65.04) per barrel by 0357 GMT.

Brent and WTI, in contrast, were down by that time, weighed down by concerns over a looming US trade dispute with China.

Israel detains armed Palestinians who breached Gaza border
Earlier, Israeli media had reported that Iron Dome had intercepted a number of rockets fired from the Gaza Strip. Ronen Manlis said in a statement.

Chinese exchanges count each side of a trade - the buy and the sell - as two lots, meaning the total oil changing hands was 15,371 lots, equal to 15.37 million barrels.

Related News:

  • Parts of 'uninhabited' Amazon were once home to up to a million

    Parts of 'uninhabited' Amazon were once home to up to a million

    Raymond James upgraded Amazon .com, Inc. (NASDAQ: AMZN ) earned "Buy" rating by M Partners on Tuesday , December 15. Deutsche Bank restated a "buy" rating on shares of Amazon .com in a report on Monday, March 12th.

    White House denies adult film actress' alleged affair with Trump

    It was the biggest audience for " 60 Minutes " since a November 16, 2008 post-election interview with Barack and Michelle Obama. She said she originally accepted the "hush money" and signed the deal because she was concerned for the safety of her family.
    Netanyahu's release from hospital imminent - Israeli PM's office says

    Netanyahu's release from hospital imminent - Israeli PM's office says

    The timing of the move has angered Palestinians, for whom Israel's creation is lamented as the Nakba , or "catastrophe". The third phase, the site selection and construction of a new embassy, will take up to nine years.
  • Scientists May Just Have Discovered a New Human Organ

    Scientists May Just Have Discovered a New Human Organ

    The discovery of the instrument was done with the help of a confocal laser intrasung microscope, which "sees" the living tissues. Strangely, when Theise made biopsy slides out of the same tissue, the reticular pattern found by endomicroscopy disappeared.
    Russian Federation  declares day of mourning after deadly mall fire

    Russian Federation declares day of mourning after deadly mall fire

    Some of the victims, many of them young children, died inside a locked movie theater. "She cried: "I'm here, dad, here". Four people have been detained in connection with the deadly fire, including a tenant of the mall.
    US, China Privately Work to Mend Trade Disagreement

    US, China Privately Work to Mend Trade Disagreement

    Treasury Secretary Steven Mnuchin Saturday morning, urging concerted efforts to maintain the stability of China-U.S. trade ties. Beijing has responded with plans to target $3 billion worth of USA products and warnings that it's ready to inflict more pain.
  • Broncos Trade Draft Picks For Redskins' Cravens: 'We're Going Snowboarding'

    Broncos Trade Draft Picks For Redskins' Cravens: 'We're Going Snowboarding'

    Denver also traded elite cornerback Aqib Talib to the Los Angeles Rams and dealt quarterback Trevor Siemian to the Vikings. Cravens was traded to the Denver Broncos Wednesday for a 2018 fifth-round draft pick, according to ESPN's Adam Schefter .
    Police Officers Involved In Alton Sterling's Death Will Not Be Charged

    Police Officers Involved In Alton Sterling's Death Will Not Be Charged

    The confrontation between Sterling and Salamoni and officer Howie Lake II, who are both white, was captured on video . Sterling's family said it would continue to follow through with a civil lawsuit they filed a year ago .
    More wet weather on the way… This time its rain

    More wet weather on the way… This time its rain

    Highs today will be much warmer than yesterday, but still a bit on the cool side only reaching the upper 40s. Temperatures this morning will bottom out in the low-mid 50s and climb into the upper 60s by the afternoon.
  • Mamata pitches for common front against BJP

    Mamata pitches for common front against BJP

    Banerjee also met Rashtriya Janata Dal (RJD) parliamentarian Misa Bharti, daughter of RJD chief Lalu Yadav. West Bengal CM Mamata Banerjee with NCP Chief Sharad Pawar in New Delhi on Tuesday.
    Kitchen Diva: Get it egg-actly right for Easter

    Kitchen Diva: Get it egg-actly right for Easter

    Special guests will include the Easter Bunny and the William Penn University mascot, Willy P. "They're all having a great time". Sharing was evident among the egg hunters, with children with more eggs seen sharing them with kids who didn't fare as well.
    American family of four gassed in Mexico holiday rental

    American family of four gassed in Mexico holiday rental

    Over the weekend, officials said the family died from asphyxiation after inhaling toxic gases. They were staying in a rental house they found through a vacation rental company.


Most liked

Former boss of serial sexual abuser Larry Nassar charged
Strampel allegedly told her to turn around twice and look at her body, telling her that she needed to learn her place in life. Mediator will try to help settle Nassar lawsuitsAP Photo MIPS106, MIPS104, MIPS105, MIPS103, MIPS107Eds: Updates summary.

Kenyan govt tries to deport opposition politician again
On Tuesday afternoon a Kenyan court ordered that Miguna be released immediately and that he present himself in court on Wednesday. The rights official said that up to 100 police officers beat up journalists and opposition supporters during the confrontation.

Ramnavami procession: Fresh violence erupts in Asansol-Raniganj
The police had to baton-charge the agitators", he said. "I will not tolerate this", she said at a meeting at Pailan. In Kolkata several rallies were taken out by the RSS-backed Ram Navami Udjapan Samity (Celebration Committee).

Samsung Galaxy Note 9 may feature (5G) antenna and a larger battery
There is also a 256GB storage variant of Galaxy S9 , S9+ which are priced at Rs 65,900 and Rs 72,900, respectively. If you want to buy the Galaxy 7 Prime 2 smartphone then you can click on the " Notify Icon " on the website.

Ambedkar is our inspiration: Modi
The party claimed the Narendra Modi app is unique and gives access to users in "guest mode" without even any permission or data. When you sign up for our official App , I give all your data to my friends in Singapore", Malviya Tweeted.

Out-of-control Chinese space station set to crash land on earth
The European Space Agency says that there have never been any confirmed casualties due to falling space debris. China's free-falling space station weighs in at a little less than 19,000 pounds.

JD Sports to acquire The Finish Line for $558mn in United States expansion
The sportswear retailer has struck a £396 million conditional deal to buy Finish Line , which it expects to complete in June. Barclays, HSBC Bank and PNC Bank, National Association provided committed financing to JD for the transaction.

Trump Trade War - South Korea and United States reach deal on quota
In exchange it will be exempted from the United States steel tariffs, trade minister Kim Hyon-chong told reporters. South Korea will ease some of its safety and environmental regulations on imported U.S. cars, the statement shows.

Sea of Thieves Death Cost planned, then dropped
The notes for Sea of Thieves' first big update have been released, an update that's almost 20GB depending on the platform. That would as per the description, have "the Captain of the Ferry of the Damned deduct a small gold fee when you die".

North Atlantic Treaty Organisation expels seven Russian staff in solidarity with United Kingdom over Salisbury attack
Australia also joined the coordinated movement to expel Russian diplomats by asking two to leave the country within seven days.

Meghan Markle's Nephew Has Not Received an Invitation to the Royal Wedding
He was arrested on January 12 previous year in OR for allegedly holding a gun to a woman's head during a drunken argument. It's no secret that Prince Harry and Meghan Markle are fast movers when it comes to their relationship.

Microsoft's Edge browser is now available on iPads and Android tablets
The iPad version is downloadable from Apple's App Store and the Android tablet one from the Google Play Store . If you are an iPad user and want to try it visit this iTunes app store link .

Pulse Gunman's Father Was FBI Informant Under Criminal Investigation, Attorneys Say
Questioning revealed that FBI investigators knew the claims were false only days after she signed the confession statements. The prosecution had already rested its case; the defense was expected to begin its case this week.

Elon Musk's Dad Just Had A Kid With His Stepdaughter
The Canadian dollar closed at 77.78 cents USA , up 0.31 of a US cent following the most recent reading on inflation in Canada. The stock has performed -12.89 percent around most recent 30 days, and changed -8.34 percent over the most recent 3-months.

Villanova tops Texas Tech to earn a trip to the Final Four
And it'll be the same plan next week if Evans and the Red Raiders complete their improbable journey with a bid to the Final Four. As of Sunday morning, the Wildcats are getting 64 percent of the wagers on this game as the favorite against Texas Tech .