上海燃料油期货上市三周年回顾与我国石油期货市场展望  

Review at 3rd anniversary of the listing of Shanghai fuel oil futures and prospect of China's petroleum futures market

作　　者：褚块海 张宏民 

机构地区：[1]上海期货交易所

出　　处：《国际石油经济》2007年第8期19-22,共4页International Petroleum Economics

摘　　要：自2004年8月25日上市至2007年8月1日,上海期货交易所燃料油期货合约累计成交已达6.3亿吨,总成交金额为1.9万亿元。上海燃料油期货价格与新加坡燃料油现货价格、美国WTI原油期货价格的走势保持了较强的相关性,但并不完全跟踪国际市场,而是表现出一定的独立性,更多地反映了中国市场的供需关系,与黄埔燃料油现货价格保持了更强的相关性。上海燃料油期货市场经济功能逐步发挥:形成了反映中国市场的燃料油价格,形成了市场普遍认可的燃料油的"中国标准",推动石油仓储设施建设,提供套期保值规避价格风险的平台,规模化培养石油金融专业人才。在总结燃料油期货成功经验的基础上,上海期货交易所正在研究推出原油、成品油等石油期货品种,已经完成了原油、成品油期货市场运作模式、交易标的选择、合约设计、交易规则等主要的前期工作。Between its listing on August 25th,2004,and August 1st, 2007,a cumulative total of 630 million tons in fuel oil futures contracts have been traded on the Shanghai Futures Exchange, for a total transaction volume of RMB 1.9 trillion.The price of Shanghai fuel oil futures has maintained a close connection with the spot price for Singapore Fuel Oil and the NYMEX's WTI Crude Oil Futures price,but has not entirely followed the international market.Rather,it has shown a degree of independence,more strongly reflecting supply and demand on the Chinese market,and remaining closely connected with the fuel oil spot prices in Huangpu.The market-economy function of Shanghai Fuel Oil futures is coming gradually into play: shaping fuel oil prices which reflect the Chinese market; establishing a'China standard'for fuel oil with market-wide recognition;promoting construction of petroleum storage facilities;providing a platform for hedging and avoidance of price risks;cultivating professional talent in petroleum finance on a large scale.Drawing on its successes in fuel oil futures,the Shanghai Futures Exchange is now researching the launch of new petroleum futures products,including both crude oil and oil products.The major preliminary stages-mode of operation for a crude oil and oil product futures market,selection of transaction targets,contract design,transaction rules-are already complete.

关 键 词：上海期货交易所 燃料油期货 市场运行 原油期货 成品油期货 

分 类 号：F724.5[经济管理—产业经济]