On March 26, 2018, crude oil futures were listed on the Shanghai International Energy Exchange Center（INE）, marking the first year of internationalization of the Chinese futures market.
In the past two years, with the strong support and active participation of all parties in the market, Shanghai crude oil futures have withstood various geopolitical risks and extreme events at home and abroad, and the market is more mature and more prominent!
（I）. Smoother Operation
1. Maintain a high degree of linkage with the international mainstream market, partially reflecting China's supply and demand
The correlation between Shanghai crude oil futures and WTI, Brent, and Oman crude oil futures prices was 0.862, 0.926, and 0.941, respectively. During emergencies in Asian time, the price of Shanghai crude oil futures was found to be more sensitive and effective. During the Asian time events such as the Iranian tanker explosion in October 2019 and the attack on Saudi Arabia’s largest crude oil processing facility, Shanghai crude oil futures took the lead in launching the market, leading to price changes, and price discovery was fast and efficient. In the case of large fluctuations in freight rates from the Middle East to China during the same period, Shanghai crude oil futures effectively reflected the relevant price fluctuations in a timely manner, so that the market hedged the risk of freight fluctuations while hedging oil prices.
Shanghai crude oil futures and the theoretical spot price (Oman crude spot FOB plus freight, insurance, etc.) spread changes objectively reflect the relative changes in the supply and demand relationship between China and other regions, effectively guiding the direction of resource allocation, the voice of China in the international oil market Gradually manifest.


2. Response to "extreme test", risk management functions prominent
Since 2020, crude oil prices have fluctuated sharply due to multiple factors such as the epidemic, geopolitics, and the macro situation. Facing the severe situation, Shanghai Futures Exchange and Shanghai International Energy Trading Center strengthened the awareness of the risk bottom line, closely tracked and monitored the operation of overseas markets, comprehensively considered the response plan, implemented various risk control measures, and maintained stable market operation. At the same time, it actively improved the efficiency of hedging approval and provided effective futures tools for enterprise risk management.
During this period, upstream and downstream companies in the industry actively used Shanghai crude oil futures for hedging, and broadened trade channels by participating in delivery, effectively mitigating the risks caused by large price fluctuations to their production and operations. The scale of Shanghai crude oil futures positions was rapidly enlarged, setting a new record of 120,000 lots, and its ability to serve the real economy was significantly improved.
(II). More liquidity
1. Market size steadily rises, leading in Asian trading hours
In 2019, the total market turnover was 34.644 million lots. The average daily turnover was 142,000 lots, a year-on-year increase of 1.2%. The average daily open interest was 28,800 lots, a year-on-year increase of 45.4%. During Asian trading hours, the trading volume of the first three lines of contracts exceeded Brent's on several trading days.
According to statistics from the American Futures Association (FIA), Shanghai crude oil futures market is second only to WTI and Brent crude oil futures in global crude oil futures varieties. The increase in trading volume and positions also illustrates the continuous increase in market capacity and thickness.
2. Contracts have been fully active in near-months, making it easier for companies to carry out hedging
Through the market-making trading mechanism and continuous market cultivation, Shanghai Crude Oil Futures has successfully achieved continuous good monthly rotations and full-time active contracts in recent months. The increase in market capacity and market vitality has made it easier for companies to implement hedging strategies, and market development has formed a positive interaction with corporate participation. The market generally reflects that with the further development of the Shanghai crude oil futures market, more and more investors gradually accept domestic crude oil futures prices.
(III). The investor structure has been improved
1. Full participation of the industry's upstream, midstream, and downstream industries, and corporate transaction volume increased by over 60% year-on-year
In 2019, the average daily trading volume and average daily holdings of general legal persons increased by 62.3% and 54.4% year-on-year, accounting for 25% and 30% respectively. Various companies in the oil industry chain increasingly use crude oil futures to manage price risk.
2. Financial institutions took full advantage, and the holdings of special legal person increased by 1.5 times year-on-year
In 2019, the average daily trading volume and average daily holdings of special legal persons increased by 29.7% and 151.4% year-on-year, accounting for 10% and 33% respectively. Financial institutions are paying more and more attention to the important role of crude oil futures in asset allocation.
(IV). More active overseas participation
1. Number of overseas account openings doubled
By the end of 2019, a total of 56 overseas agencies had been filed, 11 more than in 2018, and participation channels were more open. The number of overseas account openings increased by 120% year-on-year, and customers were distributed in 19 countries and regions on five continents.
2. Overseas client transactions and positions also doubled
The average daily trading volume and average daily holdings of overseas customers accounted for 15% and 22%, respectively, an increase of 106.5% and 122.1% year-on-year, reflecting the increasing participation of foreign traders in China's crude oil futures.

(V). Better business processes
1. SC delivery mode is recognized by the market
As of the end of 2019, Shanghai Crude Oil Futures has a total of 6 designated delivery warehouses and a total of 9 storage points. The approved storage capacity totals 6.95 million cubic meters, with 3.55 million cubic meters opened. They are located in Liaoning, Shandong, Shanghai, Zhejiang, Guangdong, and Hainan. 16 deliveries were successfully completed, with a cumulative delivery volume of 20.467 million barrels and a cumulative delivery amount of 9.072 billion yuan. The delivery model of Shanghai Crude Oil Futures, which is different from WTI and Brent Crude Oil Futures, has proven to be reliable, with controllable risks, smooth processes, and orderly execution.
2. Take multiple measures to promote market development
Through various measures such as optimizing the appropriateness system of traders, simplifying the account opening process, optimizing the market-making mechanism, expanding the overseas white list, issuing crude oil indexes, setting up a delivery warehouse, and solving problems such as the futures exchange of crude oil futures and the management of foreign exchange for delivery, etc. Constantly improving the trading convenience, optimizing market operation efficiency, attracting institutions from more countries and regions to participate, helping enterprises to effectively manage risk.
➢ 2018.3.26-2020.3.26 The first stage goal was successfully listed and running smoothly
➢ 2020.3.26- Enhance functions, deepen market services, expand opening up, and increase international influence.





读懂上海原油期货 上市两周年成绩
2018年3月26日,原油期货在上海国际能源交易中心上市, 开启了中国期货市场国际化元年。
两年以来，在市场各方大力支持和积极参与下，上海原油期货经受国内外各种地缘政治风险和极端事件考验，市场更成熟、功能更凸显！
一．运行更平稳
1.与国际主流市场保持高度联动，局部反映中国供需
上海原油期货与WTI、Brent、Oman原油期货价格相关性分别为0.862、0.926、0.941。在亚洲时段的突发事件中，上海原油期货的价格发现更加灵敏有效。2019年10月伊朗油轮爆炸、沙特最大的原油加工设施遇袭等亚洲时段事件中，上海原油期货率先启动行情，引领价格变化，价格发现快速高效。对于同期中东至中国油轮运费大幅波动的情况下，上海原油期货及时有效反映了相关价格波动，为市场在对冲油价的同时，对冲了 运费波动风险。
上海原油期货与理论现货价（Oman原油现货离岸价加运费、保险费等）价差变化客观反映了中国与其他地区供需关系的相对变化，有效引导了资源配置方向，国际石油市场中的中国声音逐步体现。
2.应对“极端大考”，风险管理功能凸显
2020年以来，受疫情、地缘政治、宏观形势等多重因素影响，原油价格大幅波动。面对严峻的形势，上海期货交易 所及上海国际能源交易中心强化风险底线意识，密切跟踪监测境外市场运行情况，全盘考虑做好应对预案，落实落细各项风控措施，维护市场运行稳定，同时积极提高套保审批效率，为企业风险管理提供切实有效的期货工具。
在此期间，产业上下游企业积极利用上海原油期货进行套期保值，并通过参与交割拓宽贸易渠道，有效平抑了价格 大幅波动对企业生产经营带来的风险。上海原油期货持仓规模快速放大、创下12万手新纪录，服务实体经济的能力得到显著提高。
二．流动性更充裕
1.市场规模稳步上升，亚洲交易时段出现领先
2019年，全市场累计成交量3464.44万手。日均成交14.2 万手，同比增长1.2%o日均持仓量2.88万手，同比增长45.4%。亚洲交易时段，前三行合约的交易量在多个交易日超过了 Brent。
根据美国期货业协会（FIA）的统计，在全球原油期货品种中，上海原油期货市场规模仅次于WTI和Brent原油期货。成交量、持仓量的增长，也说明了市场容量、厚度不断提升。
2.近月合约全面活跃，企业开展套保更便利
通过做市交易机制和不断市场培育，上海原油期货已成功 实现逐月连续轮转、近月合约全面活跃的良好局面。市场 容量厚度增加，市场活力提升，企业实现套保策略更加容易，市场发展与企业参与形成良性互动。市场普遍反映， 随着上海原油期货市场发展进一步成熟，越来越多投资者 逐步接受国内原油期货价格。
三．投资者结枸更完善
1.产业上中下游全面参与，企业交易量同比增长逾6成
2019年，一般法人日均交易量、日均持仓量同比分别增长 62.3%和54.4%,占比分别达到25%和30%。石油产业链上的生产、贸易、加工等各类企业越来越多地利用原油期货管理价格风险。
2.金融机构充分利用，特殊法人持仓量同比增长1.5倍
2019年，特殊法人日均交易量、日均持仓量同比分别增长29.7%和151.4%,占比分别达到10%和33%。金融机构越来越重视和发挥原油期货在资产配置中的重要作用。
四．境外参与更踊跃
1.境外开户数量翻倍
截至2019年底，共有已备案境外中介56家，较2018年新增11家，参与通道更加通畅。境外开户数量同比增长120%,客户分布在五大洲19个国家和地区。
2.境外客户交易、持仓量也翻倍
境外客户日均交易量、日均持仓量占比分别达到15%和 22%,同比分别增长106.5%和122.1%,反映境外交易者对中国原油期货的参与度不断提高。
五．业务流程更优化
1.SC交割模式为市场认可
截至2019年底，上海原油期货共拥有6家指定交割仓库共9个存放点，核定库容共计695万立方米，启用355万立方米，分别位于辽宁、山东、上海、浙江、广东、海南等 地。顺利完成了 16次交割，累计交割量2046.7万桶，累计 交割金额90.72亿元。上海原油期货不同于WTI、Brent 原油期货的交割模式被证明切实可靠，风险可控，流程顺畅，执行有序。
2.多措并举推进市场发展
通过优化交易者适当性制度、简化开户流程、优化做市机制、扩大境外白名单、发布原油指数、增设交割库、解决原油期货期转现和交割外汇管理等问题等各项举措，不断提高交易便利性，优化市场运行效率，吸引了来自更多国家和地区的机构参与，帮助企业有效地进行管理风险。
➢ 2018.3.26-2020.3.26 第一阶段目标成功上市、平稳运行
➢ 2020.3.26- 提升功能发挥、深化市场服务，扩大对外开放，提高国际影响力。