SHFE Fuel Oil

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SHFE fuel oil futures trade on the Shanghai Futures Exchange (SHFE). They were launched on August 25, 2004. SHFE fuel oil futures are the only energy futures currently listed in China.

Each SHFE fuel oil futures contract represents 10 tons of deliverable grade fuel oil, which is defined as 180CST or higher standard as good for delivery, and its delivery date is set as five consecutive business days after the last trading day[1].

Each SHFE fuel oil futures contract is subject to a margin rate equivalent to 8 percent of contract value (e.g., 3914.4 yuan = 4893 yuan [FU0808 last price on May 23, 2008] x 10 [tons/contract] x 8 percent) as well as a trading fee equal or below 0.02 percent of transaction value / contract.

In 2008, SHFE fuel oil futures traded 61,621,080 contracts (+156.65 percent YOY) and its turnover amounted to 2,019.2 billion yuan (+137.65 percent YOY).

SHFE Monthly Volume by Product.JPG


Fuel Oil futures
Exchange Shanghai Futures Exchange
Settlement Physically delivered
Contract Size 10 ton/lot
Pricing Unit 10 yuan (RMB)
Tick Value 10 yuan (RMB)
Contract Months January to December(Except the Spring Festival)
Last Trading Day The last trading day of the month before the spot month
Note: This contract is electronic ONLY -- no open outcry
  No Open Outcry Electronic
Trading Hours N/A 9:00 am to 11:30 am, 1:30 pm to 3:00 pm
Ticker Symbol N/A FU
Price Limits N/A Within range of 5% above or below the settlement price of the previous trading day

References

  1. Fuel Oil Contract Specification. Shanghai Futures Exchange.