上海原油期货实货交割回顾与问题探讨  

Reviews and questions of Shanghai crude oil futures physical settlement

作　　者：王鹏[1] 魏浩 陈捷 WANG Peng;WEI Hao;CHEN Jie(Crude Oil Division of Sinopec Petroleum Reserve Co.,Ltd.;Sinopec Group,Production&Operation Management Department)

机构地区：[1]中国石化集团石油商业储备有限公司原油业务部 [2]中国石油化工集团有限公司生产经营管理部

出　　处：《国际石油经济》2021年第12期53-60,共8页International Petroleum Economics

摘　　要：2018年上海原油期货上市,采用实物交割方式。截至2021年6月底,上海国际能源交易中心共批复原油指定交割仓库9家,16个存放点,上海原油期货已完成33批合约交割,交割量为11355.5万桶。上海原油期货的实货交割油种多元化,但仍有油种未交割;交割数量增加,交易回归理性;经受新冠肺炎疫情考验,交割业务运行平稳;交割库业务以大型石油公司为主,其他企业为辅。上海原油期货交割在入库、通关、交割环节存在的问题包括:未及时入库造成仓单签发可能滞后交割时点,库区日常经营影响实物交割,入出库均需二次报关,最终保税账册核销困难,仓单分配易造成罐容浪费或死货,实货交割成本高等。建议加强防范市场风险,优化完善交割仓库布局,建立仓单交易平台,完善交割机制。China concluded the first physical settlement of the Shanghai crude futures contract on September 7,2018. By the end of June 2021,Shanghai International Energy Exchange Center had approved 9 designated crude oil delivery warehouses and 16 storage points,and 33 contracts of Shanghai crude oil futures had been delivered,with a delivery volume of 113,555,000 barrels. With the diversification of physical settlement of Shanghai crude futures,there are still some deliverable crude varieties that have not been delivered to warehouse. The quantity of delivery increases and the trading returns to rationality during COVID-19 pandemic. The delivery of Shanghai crude oil futures has been running smoothly. The delivery warehouse business is dominated by large oil companies and supplemented by other enterprises. Problems existing in warehousing,customs clearance and delivery of Shanghai crude oil futures include the delay in issuance of warehouse receipt due to the delay storage of warehouse,delivery of physical stock affected by daily operation of the reservoir area,twice declaration both inbound and outbound at the customs,difficulty in verifying the bonded account,waste of tank capacity or dead stock caused by distribution of warehouse receipt,and the high cost of physical settlement. It is recommended to strengthen the prevention of market risks,optimize and improve the layout of delivery warehouse,establish warehouse receipt trading platform,and better delivery mechanism.

关 键 词：上海原油期货 交割仓库 实货交割 

分 类 号：F724.5[经济管理—产业经济] F764.1