Members of the oil spot transactions declassified "discount to 10 U.S. dollars / ton" provisions

Members of the oil spot transactions declassified "discount to 10 U.S. dollars / ton," the terms "unless there are speculators these goods are bought, stored up."

To continue the hearing "speculative Pushing Hands"

July 10 and 11, the U.S. Senate held hearings on two consecutive days, the oil price is due to launch a new round of speculation caused debate and investigation.

On the 10th meeting of the U.S. Commodity Futures Trading Commission (CFTC) Chairman Walter »Luken (Walter Lukken), after investigation, found no conspiracy to promote the trading price of crude oil to the signs," did not find any person hoarding oil Evidence. "

However, the chair of the Democratic Party's Rosa »De Laoluo (Rosa DeLauro) very dissatisfied with this, she accused the CFTC did not make its own efforts to curb speculation on the market and protect the interests of consumers.

U.S. Congress perseverance that oil and other commodity prices rising by speculative factors, before a number of bills have been passed to CFTC investigation and put an end to speculation and curb oil prices, the CFTC more authority at the appropriate time available "emergency Mechanism ", including to improve the trade margin, and other tough measures.

The world-famous energy advisory body Purvin & Gertz, senior vice president John »Wateleien (John Vautrain) an interview with this reporter that this is the U.S. Congress because of their political needs of the voters to make a reaction, The current energy situation no benefits.

He explained that in oil and other commodity futures markets, speculators are the buyer is the seller, the oil price rise, the buyer money from the seller loss of money. Does not add real value of the commodity futures market, the return of the money is only right and the left pocket of the pockets of the problem. Therefore, the higher the price increase is attributed to speculative trading unreasonable.

Another energy analyst »» Platts (Platts), senior editor David »Ensiboge (David Ernsberger) also said it is" political needs. " He believes that oil prices starting from 2003 up to now have five years, the speculative factors to such a huge commodity market rally five years is impossible.

From the Mainland of China Merchants Securities energy analyst Qiu Xiao-feng also opined: international commodity futures markets is different from the domestic A-share market, can do more can go short, as long as done in the right direction can be profitable if the price rose briefly Attributed to speculative factors, there is no basis; mainly to long-term contract transactions, the same commodities are iron ore as an example, the statistics show that in 2003 the gains so far achieved 475 percent, even more than the crude oil futures; look at this , The speculation is obviously not explain the rise in commodity prices for the best.

Qiu Xiao-feng, speculation on commodity prices do not affect the long-term trend, but a short time to enlarge the role of price fluctuations. Rising oil prices caused by the three main factors: the supply did not follow the rising oil prices and increased demand for not following the rise in oil prices decreased over the past few years and the depreciation of the dollar and increase the liquidity of the currency.

Wateleien the views and Qiu Xiao-feng roughly the same. He analyzed the international supply of crude oil production capacity from the late 1990s onwards there will be no significant increase, while demand has remained steady growth, is caused by rising oil prices the main reason. He believes that the current oil price is a good price (Good Price), because it prompted people to reduce energy consumption and waste. He recently to the United States to change consumer behaviour for example, that Americans switch to lower fuel consumption of small cars and reduce the number of kilometres by car, energy conservation is a good change.

Wateleien the U.S. Congress to crack down on speculation against the practice, he believes that once the implementation of the measures to decrease oil prices in the short run, will only make the Americans will now begin to pick up fuel-efficient waste of consumption concept, and then to And the relationship between supply and demand imbalance in oil prices to rise.

For the past few days, oil prices fell, the three analysts views fairly consistent.

Ensiboge and Wateleien, that this is a market of "extreme reaction" because up until the time is too long, too big margin after a pullback and trading information for some negative reaction too large . Ensiboge that more than nine U.S. dollars within three days of the decline in the amount on it more, but in proportion (6 percent) is not high.

Qiu Xiao-Feng believes that the decline in the past few days shows that the speculative factors on short-term fluctuations of the amplification.

For long-term judgement, the views of three analysts have basically the same: as long as the basic factors of supply and demand levels without a fundamental change in long-term bullish on oil prices.

Dealers declassified "Shengtie Shui"

A familiar spot transaction of oil traders through the spot market trading mechanism which explained to reporters the situation. He said that the oil spot market and futures market trading association also exists between both distinction. In futures trading on the market for paper-based transactions are the ultimate in-kind settlement ratio is very low. And barter trade with current and long-term, single-spot transactions and contract period, and other types of transactions, the way will Mercantile Exchange reference to the futures or spot price, the transaction price as the decision to base.

According to the traders, the international oil (including crude oil and other petroleum products) many types of trade, commerce and trade contracts in most of the price or prices are way with the International Mercantile Exchange, close to the price. In contract negotiations, the two sides will be based on delivery time, market conditions, and cooperative relations, prospects for cooperation, number of transactions, such as a number of factors, the price of premium or discount to the amount or ratio to reach an agreement.

Members of the transaction to our reporter in a display of model contracts, the price terms: "to Singapore Platts × × product (MOPS) × × years, before and after the 5th × offshore (FOB) price of the benchmark, Discount to 10 U.S. dollars / ton. "The dealer explained that the delivery of the goods for the day (that is, in terms of" × × years on × Day ") may be the price volatility risk considerations, would normally take some time before and after delivery The average price of the price or the method of valuation as a benchmark.

As for the "discount 10 U.S. dollars / ton," the terms for the two sides taking into account the local market at the time of the supply-demand relationship and cooperation between the two sides to a certain concessions. However, if a supply of tension or other circumstances not conducive to the buyer, the clause may become a "premium" that is, price increase on a certain amount. Premium / discount that the methods used in addition to a fixed amount, for example, will use a fixed percentage (that is, a certain percentage) of the way. Its value can change greatly, depending on their background, cooperative relations and bargaining power. The traders, large institutions, such as refineries or the Government and other organizations often than ordinary commercial organizations to get more concessions.

In addition to the market price of pegging the way, there are locked price of a certain period of time. If an enterprise of a period of price comparison with the cost or the need to lock, which can be used to a limited period of time to buy fixed-price approach or lock price range.

2003, Guangdong and Australia signed the Treaty of LNG supply, the purchase of LNG with the 15-25 dollar price of international crude oil prices linked to the interval. In other words, the Australian side of the Guangdong liquefied natural gas sold to the highest prices in international oil prices not exceeding 25 U.S. dollars at the corresponding LNG price, duration of contract for 25 years.

In addition, since all petroleum products and the quality of different indicators, the change in Shengtie Shui will be different.

According to Chinese Customs Department statistics show that from January to May this year, China imported crude oil average price of 689.9 U.S. dollars / ton, equivalent to 7.33 barrels per ton, during which China's imports of crude oil average price of 94.13 U.S. dollars a barrel. Over the same period, light sweet crude in the international price of spot transactions in between 88 to 132 U.S. dollars, most of the time is higher than the 94.13 U.S. dollars level.

Members of the deal this view is, as the international crude oil prices on generic models, such as Brent and the New York Mercantile Exchange, light sweet crude West Texas, are light and low sulphur crude oil for the composition of the subject matter And in fact more in the proportion of oil and sulphur content than in the two species to be high, mostly in the implementation of price discount to the way transactions. China's imports of crude oil, may be part of a relatively higher quality and higher sulfur species, the transaction price will be correspondingly lower. At the same time, China's crude oil imports are mostly from the background of relatively strong strength of enterprises and institutions and thus should be given more than ordinary business of discount concessions.

For a reporter's question, the more solid strength of the United States get higher discount and signed a long-term concessionary contract price range of issues identified, the trader's reply was: "In theory this should be."

U.S. Energy Information Administration's report by the public, July 4, 2008, the United States the average transaction price of crude oil to 133.60 U.S. dollars a barrel, than the global average of 137.11 U.S. dollars a low 3.51 U.S. dollars.

The crude oil market financial products transaction price is due to the current problems caused by speculation, the dealers of the view that the current futures market speculation on the exact proportion of very high, but the ability to price substantially deviated from the spot price of the deal, he expressed doubts. He believes that if buyers and sellers in the cash transaction do not agree with the price of goods can not be sold, the seller will be able to run on commodities trading in the market prices of re-sale of balance, "unless there are speculators can these goods are bought , Storing up ", although the actual operation, the main business of spot transactions do not tend to the seller of goods to intervene in the market.

However, he also disclosed that according to his understanding of the situation, the recent crude oil spot transactions, the prices before the discount rate is higher than some.