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Shanghai International Energy Exchange
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About Shanghai International Energy Exchange


The Shanghai International Energy Exchange Corporation, or INE, is a global exchange that operates regulated derivative marketplaces in crude oil, natural gas and other petrochemical products and provides clearing, delivery, information distribution and technology services.

 

Approved by the China Securities Regulatory Commission, INE is fully funded by the Shanghai Futures Exchange and the Shanghai Futures Information Technology Company. It was registered in the China (Shanghai) Pilot Free Trade Zone on November 6th, 2013. As a self-regulated entity, INE discharges its duties pursuant to the Company Law and the Regulation on The Administration of Futures Trading.

 

In the principles of internationalization, market-orientation, institutionalization and specialization, INE will establish an international energy derivatives market platform in an open, fair and equitable manner to objectively reflect the energy supply-demand equilibrium of the Asian-Pacific region, make the regional energy market more effective in the global market system, provide instruments in price discovery, risk management and asset management for the oil industry and global participants and optimize the allocation of energy resources.


INE Crude Oil Futures Contract


Product

Medium Sour Crude Oil

Contract Size

1000 barrels per lot

Price Quotation

(RMB)Yuan per barrel

(no tax or duty included in the quotation)

Minimum Price Fluctuation

0.1Yuan/barrel

Daily Price Limit

±4% from the settlement price of the previous trading day

Contract Series

Monthly contracts of recent twelve (12) consecutive months followed by eight(8) quarterly contracts.

Trading hours

9:00-11:30 a.m., 1:30-3:00 p.m.(the Beijing Time), and other trading hours as prescribed by the Exchange

Last Trading Day

The last trading day of the month prior to the delivery month; The Shanghai International Energy Exchange is entitled to adjust the last trading day in accordance with the national holidays

Delivery Period

Five(5) consecutive trading days after the last trading day

Grade and Quality Specifications

Medium Sour Crude Oil, with the quality specifications of API 32.0 degrees and sulfur content 1.5% by weight.

The deliverable grades and the price differentials will be stipulated separately by the Shanghai International Energy Exchange.

Delivery Venue

Delivery Storage Facilities designated by the Shanghai International Energy Exchange

Minimum Trade Margin

5% of contract value

Settlement Type

Physical Delivery

Contract Symbol

SC

Exchange

Shanghai International Energy Exchange































·Trading Order

A trading order on a futures contract shall only be quoted within the range of the price limits for the contract. A maximum of five hundred (500) lots and a minimum of one (1) lot may be executed in each order, unless otherwise prescribed by the Exchange.

·Standard Delivery

The physical delivery of a matured futures contract shall be completed within the delivery period provided by the futures contract. The delivery period refers to the five (5) consecutive trading days immediately after the last trading day of the futures contract. These five (5) consecutive trading days are called the First, Second, Third, Fourth and Fifth Delivery Day respectively. The Fifth Delivery Day is the last delivery day.

·Delivery Unit

The delivery unit of standard crude oil futures contract is 1000 barrels. The delivery quantity shall be integer multiple(s) of the delivery unit. The minimum load-in amount of the crude oil is two hundred thousand (200,000) barrels. The minimum load-out amount of the crude oil is two hundred thousand (200,000) barrels. If the load-out amount is less than two hundred thousand (200,000) barrels, the load-out operations may only be performed after the deficiency is supplemented by physicals, etc., unless otherwise agreed between the owners and the Designated Delivery Storage Facilities.



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