China launches Shanghai crude futures

China

HONG KONG, March 26, 2018 – China on Monday launched crude futures in its own currency, international media reported.

NOC Sinopec’s trading arm has struck a deal to buy oil on the new Shanghai crude futures contract from a Western major believed to be Shell, Reuters reported. The trade volumes on the day of the launch surprised analysts, the report added.

“We believe the contract will have a big impact on oil pricing in Asia,” an anonymous official at Sinopec’s trading arm told the agency. “The liquidity for Shanghai crude futures will surpass that of [the Dubai Mercantile Exchange].”

Previous

ADNOC hires Samsung for Ruwais upgrade

Next

Pemex, Lewis in Mexico shale contract