布伦特原油期货出现负价格可能性探究  

Research on Possibility of Negative Trading Price of ICE Brent Crude Oil Futures

作　　者：黄正宏 石昕明 Huang Zhenghong;Shi Xinming(China ZhenHua Oil Co.,Ltd.,Beijing 100031,China)

机构地区：[1]振华石油控股有限公司,北京100031

出　　处：《当代石油石化》2024年第3期21-25,共5页Petroleum & Petrochemical Today

摘　　要：2020年4月20日,美国西德克萨斯中质(WTI)原油期货首行合约交易出现负价格。彼时疫情冲击全球石油需求,OPEC与俄罗斯发动价格战,原油大幅累库,WTI原油期货多头难以寻获库欣地区交割库容进行实物交割,是其形成负价格的主要原因。布伦特(Brent)原油期货与WTI原油期货同为当今世界具有重大影响力的原油计价基准。Brent原油期货的交割方式为现金交割或是通过期货转现货,即转为北海原油市场远期Brent合约(Cash BFOE)进行实物交割。2种方式交割价格都挂钩到相应月份Cash BFOE的交易价格。Cash BFOE采用船货交割模式,不易因库容限制被“逼仓”,且大型国际石油公司的贸易合同中约定地板价条款,Cash BFOE出现负价格的可能性较小。因此,相对于WTI原油期货,Brent原油期货出现负价格的可能性较小。On April 20,2020,the first contract transaction of West Texas Intermediate(WTI)crude oil futures in the United States experienced a negative price.At that time,the COVID-19 hit the global oil demand,OPEC launched a price war with Russia,and crude oil accumulated significantly.It was difficult for WTI crude oil futures bulls to find the delivery capacity in Cushing area for physical delivery,which was the main reason for negative prices.Brent crude oil futures and WTI crude oil futures are both influential crude oil pricing benchmarks in the world today.The delivery method of Brent crude oil futures is cash delivery or physical delivery through futures to spot conversion,that is,physical delivery is converted to Cash BFOE in Beihai crude oil market.Both delivery prices are linked to the corresponding month's Cash BFOE trading price.Cash BFOE adopts a shipping delivery model,which is less likely to be forced due to storage capacity limitations.In addition,large international oil companies have agreed on floor price clauses in their trade contracts with sales prices greater than or equal to zero,making it less likely for Cash BFOE to have negative prices.Therefore,compared to WTI crude oil futures,Brent crude oil futures are less likely to experience negative prices.

关 键 词：原油期货 交割方式 负价格 

分 类 号：F764.1[经济管理—产业经济] F713.35