China Crude Oil Futures got the first physical delivery of 300-thousand barrels on Aug 31st

On Aug 29, the crude oil futures SC1809 is destined to be a landmark contract. Since its listing on March 26, the lowest price was ever as low as 397.7 yuan/barrel, the highest at 550 yuan/barrel, and the volatile has reached 38.29%. On Aug 7th, SC1809 rose up-limit the first time, which completely disregard the international oil market. The next day, the price dropped as high as 7.8%. Then there was a sharp drop, and on August 20^th, it also fell the first down limit.

The crude oil 1809 contract has also attracted a lot of attention from market funds, international media, exchanges, and regulatory agencies.

According to the INE, this Friday (Aug 31) is the last trading day of the first Chinese crude oil futures, and then enter the physical delivery stage.

According to Sina Finance, as of the morning of Aug 29, the SC1809 contract position is still 1202 lots, the latest price is 483.00 yuan / barrel. Calculated 601 lots according to unilateral delivery, each contract is 1000 barrels, 601 * 1000 = 600,000 barrels. On Aug 21st, the SC1809 in which the natural person's position (cannot be physically delivered) has been completely closed, and the position is adjusted to 0. On Aug 28th, the SC1809 contract margin rate was adjusted to 20%.

The remaining positions are held by the traders which with delivery qualifications and be willing to deliver (as there is a margin increase).

According to the data of the exchange website, as of Aug 27th, Sinopec's booklet island warehouse was 201,000 barrels, and CPC Dalian warehouse was 100,000 barrels, totaling 301,000 barrels, and there were still 300,000 barrels of physical gap. On the day after, on Aug 28, the CPC Zhanjiang warehouse added 300,000 barrels.

In the first three days before the last trading day, 600,000 barrels of crude oil in the delivery warehouse were put in place to ensure that the first crude oil delivery stock was sufficient.

至此，全球瞩目的中国原油期货首次圆满交割可期，这是中国期货进程中里程碑式的跨越，也是中国期货走向国家化的跨越。期待中国原油期货能够在国际市场中有更大的定价权，能为国际能源合理发展做出更大贡献。

copyright by fangquant.com