The yuan-denominated crude oil futures trading in China hit this week their highest level since the contract was launched in 2018 as escalating threats to Middle East's oil supply and increased purchases by Chinese refiners push prices higher.
Launched in March 2018, the INE crude oil futures contract (SC) is a physical-settlement contract priced and traded in Chinese yuan on the Shanghai International Energy Exchange.
The crude futures soared to as much as 929.4 yuan, or $138.50 per barrel, on the exchange, according to data compiled by Bloomberg.
The price spike followed the intensified concerns about supply from the Middle East after the East-West oil pipeline in Saudi Arabia was attacked by drones late last week, forcing the Kingdom to temporarily shut it down.
The international crude oil benchmarks also rallied at the start of this week. As of Tuesday, no timeline has been given as to when the pipeline would come back and continue helping Saudi Arabia bypass the Strait of Hormuz with shipments out of the Red Sea port of Yanbu.
#contract #east #saudi
Launched in March 2018, the INE crude oil futures contract (SC) is a physical-settlement contract priced and traded in Chinese yuan on the Shanghai International Energy Exchange.
The crude futures soared to as much as 929.4 yuan, or $138.50 per barrel, on the exchange, according to data compiled by Bloomberg.
The price spike followed the intensified concerns about supply from the Middle East after the East-West oil pipeline in Saudi Arabia was attacked by drones late last week, forcing the Kingdom to temporarily shut it down.
The international crude oil benchmarks also rallied at the start of this week. As of Tuesday, no timeline has been given as to when the pipeline would come back and continue helping Saudi Arabia bypass the Strait of Hormuz with shipments out of the Red Sea port of Yanbu.
#contract #east #saudi
2 months ago
