As of last week, China's crude oil futures has just went public 10 months. In less than a year, Shanghai crude oil futures market has ranked among the three major crude oil futures markets in the world. It has been widely appraised in the industry that Shanghai crude oil futures is the most successful new listed crude oil futures in the world in recent ten years.

Since listing, the volume and position of crude oil futures have increased steadily. Over the whole year of 2018, according to single side statistics, crude oil futures totaled 27 million lots with a turnover value of 12.74 trillion yuan. Average daily volume exceeded 140,000 lots, up to 359,800 lots. In the near future, daily trading volume has basically stabilized at more than 200,000 lots. The average daily position is 15,000 lots, up to 80,000 lots. Average daily turnover exceeded 67 billion yuan, up to 149.056 billion yuan.

As the first international product, China's crude oil futures have attracted great attention from overseas markets. On the first day of listing, many large domestic and foreign petrochemical industry chain customers, such as PetroChina International, Sinochem Oil, Northern Petroleum of Hong Kong, Trafigura, Glencore, Freepoint Commodities etc. participated in the transaction. According to the previous period, the volume of overseas customer transactions has accounted for about 10%, and the position accounts for 15% to 25%.

It is worth mentioning that in March and October 2018, UNIPEC signed long-term contracts and spot contracts with Shell and Chambroad Petrochemical on Shanghai crude oil futures prices, indicating that the acceptance of Shanghai crude oil futures prices as pricing benchmarks is increasing.

"The most direct manifestation is that even American futures traders are beginning to pay more attention to the night market of RMB crude oil futures." Industry insiders said.

As the pioneer of opening commodity futures to the outside world, the Securities Research Paper said that crude oil futures will accumulate valuable experience in opening path, tax management, foreign exchange management, delivery mode, cross-border supervision and cooperation, which will pave the way for other commodities to go abroad and further promote the comprehensive opening of China's commodity futures market.

"The listing of natural rubber options and No.20 rubber futures will promote the listing of non-ferrous metal index futures and options. Promote the opening of existing futures varieties to the outside world, and further enhance the pricing capacity of key futures varieties. When introducing the next step of variety innovation and opening-up, the people concerned in the previous issue disclosed that the rubber No. 20 of the last issue will replicate the relevant policies of crude oil futures, take "international platform, RMB valuation" as the listing mode, adopt the net price trading and bonded delivery scheme, and fully introduce foreign traders to participate.

国际化品种初显身手

到上周为止，我国原油期货上市正好满10个月。在不到一年时间里，上海原油期货市场已跻身全球三大原油期货市场的行列。业内广泛评价，上海原油期货是近十几年全球最成功的新上市原油期货品种。

自上市以来，原油期货成交量和持仓量稳步增长。2018年全年，按单边统计，原油期货累计成交量2700万手，成交金额12.74万亿元。日均成交量超过14万手，最高达到35.98万手。从近期情况看，日交易量基本稳定在20万手以上。单日持仓量平均1.5万手，最高达到8万手。日均成交额超过670亿元人民币，最高达到1490.56亿元。

作为第一个国际化的品种，我国原油期货受到境外市场高度关注。在上市首日，就有中国联合石油、中化石油、香港北方石油、托克、嘉能可、复瑞渤商贸等多家境内外大型石化产业链企业客户参与交易。据上期所介绍，目前境外客户交易量已占到约10%，持仓占到15%至25%。

值得一提的是，在2018年3月与10月，联合石化分别与壳牌和京博石化以上海原油期货价格签署了长期合同和现货合同，表明上海原油期货价格作为定价基准的接受程度在不断上升。

“最直接的表现就是如今连美国的期货交易员也开始频繁关注人民币原油期货的夜盘行情。”有业内人士表示。

证券研报称，作为商品期货对外开放的探路先锋，原油期货在开放路径、税收管理、外汇管理、交割方式、跨境监管合作等方面将会积累下宝贵的经验，这些经验将为其他大宗商品走出国门铺路，进而推动我国商品期货市场的全面开放。

“上市天胶期权和20号胶期货，推进有色金属指数期货和期权的上市工作。推动现有期货品种对外开放，进一步提升重点品种定价能力。”上期所相关人士在介绍下一步品种创新和对外开放时透露，上期所20号胶将复制原油期货相关政策，以“国际平台、人民币计价”为上市模式，采用净价交易、保税交割的方案，全面引入境外交易者参与。