2026上海原油期货和期权市场发展报告

上海期货交易所服务实体经济系列年度报告2026CRUDEOILFUTURESANDOPTIONSMARKETMilestones上海原油期货大事记andoptionsMarket2026年上海原油期货和期权市场发展报告Tradingvolume3RankngsofcrudeoiFuturesTradingvolume原油期货成交排名Milestones上海原油期货大事记20182018201920192020202020212021增加大连北方油品储运有限公司作为原油期货指定交割仓库，增加大连中石油国增加中国石化集团石油商业储备有限公司广东省湛江市临港工业园兴港大道湛江商储分公司、河北省唐山市曹妃甸工业区曹妃甸商储分公司作为原油期货指定交上期所和上期能源被纳入欧洲证券及市场管理局（ESMA）的第三国交易场所交增加大连中石油国际储运有限公司广西中石油国际储备库作为原油期货指定交割增加大鼎油储有限公司位于浙江省舟山市定海区临城街道岙山东路油库成为原油同意青岛海业摩科瑞仓储有限公司位于山东省青岛市黄岛区董家口港区港润大道202320232024202420252025同意国投（洋浦）油气储运有限公司位于海南省洋浦经济开发区化学工业园区园一同意中国石化集团石油商业储备有限公司位于广东省湛江市临港工业园兴港大道的自然资源部财政部发布《关于制定矿业权出让收益起始价标准的指导意见》。明确同意山东省港口集团有限公司、日照港油品码头有限公司、青岛振华石油仓储有限纽约商品交易所开始发布对应上海原油期货收盘时间的WTI上海日中参考价同意大连北方油品储运有限公司调增位于大连市保税区新港大连港新港沙坨子的原20222022201820182018.03.152018.03.262018.06.202018.11.15201920192019.03.262019.10.30202020202020.04.162020.04.172020.04.202020.04.242020.06.032020.08.012020.09.072020.10.122020.12.01INEcompletedtheregistrationforHongKongAutomatedTradingServices(ATS)ShanghaicrudeoilfuturesdebutedasChina’sfirstcommodityfuturesproductopentointernationalinvestors.Thefirstshipofdeliverablecrudeoilfutureswasunloadedintothedesignateddeliv-erystoragefacilityofDalianPetroChinaInternationalWarehousing&TransportationCo.,Ltd.INEwasapprovedbytheMonetaryAuthorityofSingapore(MAS)asaRecognizedMarketOperator(RMO).INElaunchedthecrudeoilpriceindex.SinopecHainancompanybecameastoragesiteofcrudeoilfuturesdelivery,withanapprovedcapacityof1,000,000cubicmetersandanactivecapacityof400,000cubicmeters.INEapprovedDalianNorthOilPetroleumLogisticsCo.,Ltd.asadesignateddeliverystoragefacility,andexpandedthestoragesiteofDalianPetroChinaInternationalWarehousing&TransportationCo.,Ltd..Sinochem-HongrunOilStaging(Weifang)Co.,Ltd.wasapprovedasadesignateddeliverystoragefacilityforcrudeoilfutures.Theopeninteresthitanewhighof188,400lots.SinopecPetroleumReserveCo.,Ltd.ZhanjiangBranchatLingangIndustrialZone,XinggangAvenue,Zhanjiang,GuangdongProvince,andSinopecPetroleumReserveCo.,Ltd.CaofeidianBranchatCaofeidianIndustrialZone,Tangshan,HebeiProvincebecamethestoragesitesofdesignateddeliverystoragefacility.SHFEandINEwereaddedtoESMA’spositivelistforpost-tradetransparencyasthird-countrytradingvenues.Themonthlydeliveryquantityhitanewhighof13.859millionbarrels.GuangxiPetroChinaInternationalReserveDepotofDalianPetroChinaInternationalWarehousing&TransportationCo.,Ltd.becameastoragesiteforcrudeoilfutures.INElaunchedTAS(TradeatSettlement)orderandreleasedtheMarkerPrice.Murbancrudeoilwasaddedasanotherdeliverablecrudeoil,eligibletobeloadedinfortheissuanceofstandardwarrantsandfuturesdeliveryfromJune1,2021.20212021202220222023202320242024ThedepotofDadingPetroleumLogisticsCo.,Ltd.atAoshanEastRoad,LinchengSub-District,DinghaiDoilfutures.TheycouldbeusedforstandardwarrantsissuanceandfuturesdeliverypecPetroleumReserveCo.,Ltd.attheLingangIndustrialZhanjiang,GuangdongProvince,increasingfrom400,000cubicmetersto600,000TheMinistryofNaturalResourcesandtheMinistryofFinanceissuedtheGuidingopininsnsettingstartingpricestandardsfrtheMiningRightsGrantFee,settingthestartingpricestandardforthegrantfeeofoilandgasminingrightsbasedonthepriceofshanghaicrudeoilfutures.HuaOilStorageCo.,Ltd.werevariouslyapprovedasaGroupDeliveryCenterandINEapprovedtheapplicationofDalianNorthOilPetroleumLogisticsCo.,Ltd.to202520252026DevelopmentReportoftheshanghaicrudeoilFuturesandoptionsMarket2026年上海原油期货和期权市场发展报告2026年上海原油期货和期权市场发展报告宽幅震荡的走势。上海原油期货（品种代码：SC）价格有效地反映区域现货市场变化，并与境外原油期货价格保持高度联动。上海原油期权定价合理，与原油期货联动紧密，市场规模一、上海原油期货价格有效反映区域供需基本面变化，并与境外市场高度联动（一）国际油价总体呈现重心下移、宽幅震荡走势宽幅震荡的走势。上半年，美对俄石油产业发起大规模制裁引发国际石油市场供应紧张，推动原油价格处于年初高位，随后在特朗普关税政策对宏观经济冲击下迅速回落。下半年，虽然伊朗和以色列冲突引发市场对于供应的担忧，原油价格短暂冲高，但OPEC+4月起快速推进减产回补计划，原油供需格局逐步转向宽松，油价震荡下跌。年内下跌21.37%。Brent原油期货图1上海原油期货运行概况元/桶2元/桶24682468SC成交SC持仓WTI首行（右轴）Brent首行（右轴）SC（右轴）0数据来源：上海国际能源交易中心、路透（二）上海原油期货价格走势反映区域供需基本面变化等地缘因素，亚太石油市场总体呈现先紧后松格局。我国原油需求仍延续增长格局，2025年全国原油表观消费量约为7.94亿吨，同比上涨3.62%；原油进口量5.78亿吨，同比上涨 4.39%。但成品油消费继续回落，炼厂开工负荷同比减少2.9%；主营炼厂和独立炼厂平均产能利用率分别为为79.22%、48.09%，同比分别 上海原油期货价格走势和期限结构反映了亚太及我国石油供需及库存情况，绝对价格重心不断回落，与国际油价保持一致；期限结构由Backwardation结构转为Contango结构，境外期货Back结构也同步转弱，反映亚太地区供需从相对紧张逐步转向宽松（图2）。元/桶美元/桶元/桶美元/桶数据来源：上海国际能源交易中心、路透亚太石油市场供应紧张，现货价格和运费价格高企。国内方面，年初炼厂开工率处于高位，成品油消费活跃。上海原油期货价格较欧美市场相对走强。二、三季度，美国关税政策为全球宏观经济和石油需求蒙上阴影，虽然伊朗以色列冲突刺激油价短期上涨，但价格走势仍维持震荡下跌。地缘冲突引发的市场紧张情绪和运费快速国内成品油市场需求回升不明显，旺季消费不达预期，炼厂开工负荷降至年内低位。上海原油价格走势弱于欧美市场，并逐步转为Contango结构。%%数据来源：隆众资讯四季度，OPEC+年内累计增产原油28中国原油库存大幅增长，陆上石油库存达到历史高位。成品油消费季节性回落，主营炼厂开工负荷有所下降（图3、4）。上海原油价格持续的的供需格局。此外，人民币较美元汇率走强也使人民币原油价格相对走弱。图42025年原油期货境内外价差与中国原油库存变化元/桶元/桶0数据来源：上海国际能源交易中心、Kpler、路透二、上海原油期货、期权联动发展（一）上海原油期货成交持仓规模稳步增长2025年，上海原油期货发展势头良好，平稳应对了地缘政治事件对于市场的冲击，成交交易量方面，2025年，上海原油期货日均成交16.00万手（单边，下同同比增加0.41%。其中，6月24日成交量达到64.53万手，创下迄今为止单日成交量新高。作为亚太地区流动性最好的原油期货品种，2025年上海原油期货维持其稳固的领先地位。持仓量方面，2025年，上海原油期货日均持仓量6.64万手，同比上升27.26%。最高持仓量90128手，创下自2023年3月以来在1000手以上，构建了更加完整、长期的远期曲线。0持仓量/手数据来源：上海国际能源交易中心原油期货交割库布局持续优化，更好地满足市场交割需求。上期能源于2025年10月同意大连北方油品储运有限公司原油期货启用库容由10万立方米增加至20万立方米，于12月29日同意洋山申港国际石油储运有限公司取消交割仓库资格的申请。截至2025年底，上海SC2503合约是交割量最大的合约，交割量达5886手，交割金额33.09亿元；巴士拉轻质原油是交割量最大的油种，交割量为6928手，占全市场总交割量25.6%。原油期货交割环节促其余为报关进口或转运出境，其中184.8万桶转运出境至周边国家（图6、数据来源：上海国际能源交易中心数据来源：上海国际能源交易中心123456789数据来源：上海国际能源交易中心,单位（万立方米）原油期货市场参与者结构日益完善，境外交易者积极参与。原油期货目前已形成以机构交易者为主的市场结构，其中法人客户日均成交占比超过四成，日均持仓占比约七成，机构交易者的交易、持仓和套期保值比例位居境内已上市期货品种前列。境外交易者参与程度进一步提升。2025年，境外交易者日均成交占比约两成，日均持仓占比超三成。跨国石油公司、贸易商、投资银行、基金和资产管理公司中的标杆性企业参与了上海原油期货交易。截至2025年底，境外交易者覆盖了六大洲30多个国家和地区。境外特殊参与者1家，备案的境（二）原油期权运行平稳，定价合理有效2025年，原油期权市场运行平稳，期权定价总体合理，主力系列期权隐含波动率基本处于20%~50%，走势总体与标的期货的历史波动率一致，反映出原油期权市场投资者预期的波图82025年原油期权隐含波动率和历史波动率情况数据来源：上海国际能源交易中心、路透原油期权成交规模持续增长，与期货市场联动紧密。2025年，原油期权日均成交量为7.62万手，同比增长23.61%，日均成交金额为3.89亿元，同比增长22.74%，日均持仓量为2025年原油期权日均成交量与标的期货日均成交量的比例为47.61%，日均持仓量与标的期货日均持仓量的比例为65.35%，分别较2024年增长近9个、4个百分点，反映我国原油期货交易者运用期权开展风险管理程度不断提升（图10）。原油期权与标的期货联动紧密，当原油期货价格波动率增加、成交量大幅变化时，期权成交量也相应变化，期权、期货共同管理价格风险的特征明显。00数据来源：上海国际能源交易中心0期权成交量期货成0数据来源：上海国际能源交易中心期权行权方面，行权总体为到期日实值期权行权转为标的期货，未发生深度虚值行权等三、上海原油期货市场为国内外石油市场提供更高（一）塑造更加稳定积极的市场生态上海国际能源交易中心持续优化原油期货相关制度，修订风控细则第六十六条第二款，修订后的制度更贴近现货贸易实际，有助于增加临近交割期可交割资源，维护市场平稳运行和价格公允性。同时，我们顺应全球大宗商品衍生品市场监管趋势，优化临近交割月份合约套期保值交易持仓额度审批机制，聚焦合规性，彰显公平性，适应低期货库存环境下市场平稳运行的需要，促进原油期货价格发现功能的发挥。另外，我们将原油期权合约挂盘对应标的期货合约的持仓量阈值由10000手调整至5000手，增加可交易原油期权合约数量。（二）持续提升国内外石化产业参与度国内外石化产业上下游参与程度持续提升。贸易商方面，通过优化采购策略，将油种和船期匹配上海原油期货交割机制，提升了参与实物交割和贸易套利能力。炼厂方面，亚太区域炼厂更加关注上海原油期货价格及库存情况，利用原油期货仓单资源池优化采购成本、扩展采购渠道。用油企业方面，油品销售公司、物流企业等更多类型企业通过原油期货对成品油进行套期保值、创新浮动价销售新模式，稳定企业经营利润。（三）链接中国与全球石油市场随着原油价格震荡下行和国际形势愈发复杂，运费、汇率等因素对油价影响更加明显，2025年中东原油至中国运输成本最高占到原油价格的7%以上。上海原油期货作为人民币计价的消费地和集散地价格，价格含义包含运费、汇率等因素，其反映东北亚地区原油采购综合成本的优势愈发显著。境内外市场参与者通过上海原油期货市场能够更直接了解中国供需，并综合对冲油价、运费、汇率变化的风险。历经8年发展，上海原油期货和期权市场运行平稳，跨市场联动日趋紧密，市场深度有效提升，价格反映了中国及亚太供需，已成为国际原油市场的重要组成部分。展望未来，上期能源将紧跟市场变化，降低交易成本，创新交易机制，努力提高中远月合约流动性，不断提升原油期货运行质量，向全球交易者传递最大原油进口国的供需情况，并提供更丰富的产品和更优质的服务。境内外研究成果格发现能力。研究显示，期货市场凭借更高的流动性在价格发现中占据主导地位，期权市场也发挥了显著作用，且在夜间交易时段成为价格发现的主导力量。此外，SC期货市场投机活动的活跃程度与期权市场的价格发现作用呈负相关性，投机活动越活跃，期权市场在价格发现中的效能越弱；市场对SC看涨期权后续价格波动的预期越强，期权市场反映息的能力也会相应减弱，而期权与期货之间的报价价差比例，对提升期权市场价格发现作用具频率采样价格进行分析，对其价格发现能力展开研这与期货市场日内交易量的变化趋势相契合，意味着两者在日内的交易活跃程度变化具有一致性。在影响价格发现过程的因素方面，INESC交易量在业现金流，减少了原油价格波动对企业的冲击；二是SC市场的价格发业中更为显著。对于大型企业，其资源和风险管理能力更强，能更好利用每日数据进行分析。研究表明，INESC的回报率在一定程度上独立于全球其他原油市场走势，ReturnsIndependence,volatilityasymmetry,andhedgingpotential.EnergyEconom-/science/artcle/abs/pii/S0140988323006084#preview-section-snippets结果显示，新冠疫情爆发后，SC的市场效率以及与其他资产的交叉相关性原油期货市场对股票市场的影响最大。此外，除了债券市场外，当SC和格发现能力；INESC对沙特的阿拉伯中质原油、科威特的科威特原油和伊油消费国⃞美国、中国和日本，以及主要原油出口国⃞英国、加拿大和俄罗斯的地缘政治风险、经济政策不确定性和传染病大流行等因素中，英国和日本的因素在预测INE原油期货波动资者对冲中国石油化工相关股票的风险。采用2018年至免责声明：上述引用内容仅代表相应作者个人观点，不代表上海国际能源交易中心观点，仅供市场参考，不构成投资建议。上海国际能源交易中心不对上述引用内容所涉及的版权问题负法上海原油期货年度之“最”交割额交割量交割量交割量232026DevelopmentReportoftheShanghaiCrudeOilFuturesandOptionsMarketIn2025,internationaloilpricestrendeddownwithwidefluctuationsagainstthebackdropofOPEC+productionhikes,tradedisputes,andgeopoliticaldisturbances.InChina,thepriceoftheShanghaicrudeoilfutures(productcode“SC”)servedasaneffectiveindica-toroftheregionalspotmarketwhilecloselymirroringoverseasfuturesprices.TheShang-haicrudeoiloptionsweretradedatreasonablepricesthathadastrongcorrelationwiththefuturesprice,asthemarketcontinuedtoexpand.(I)InternationalOilPricesTrendedDownwithWideFluctuationsIn2025,internationaloilpricestrendeddownwithwidefluctuationsagainstthebackdropofOPEC+productionhikes,tradedisputes,andgeopoliticaldisturbances.Inthefirsthalfoftheyear,sweepingU.S.sanctionsonRussia’soilindustrytightenedsupplyintheglobaloilmarket,pushingcrudepricestohighs.PricesthenplummetedamidthemacroeconomicshockfromTrump’stariffpolicies.Inthesecondhalfoftheyear,theIran-Israelconflictsparkedsupplyconcernsandbrieflysentpriceshigher.However,OPEC+,whichhadswiftlyadvancedplanstounwindproductioncutsstartinginApril,graduallyloosenedthesupply-demandbalance,andoilpricesfluctuateddownward.AsofDecember31,2025,thesettlementpriceofthemostactiveSCcontractclosedat436.5RMBor62.45USD/barrel,down21.37%overtheyear.Incomparison,thesettlementpricesofthemostactiveBrentandWTIcontractsclosedat60.85USD/barreland57.42USD/barrel,losing18.48%and19.94%,respectively.In2025,theSC-BrentandSC-WTIcorrelationcoeffi-cientsbothexceeded0.95(Figure1).Figure1:SCOverview10,000lots10,000lots900.00800.00700.00600.00500.00400.00300.00200.00100.000.00SCtradingvolumeSCopeninterestWTI-1stline(RH)Brent-1stline(RH)SC(RH)70605040302006202462025448822Source:ShanghaiInternationalEnergyExchange(INE)andReuters24(II)SCPricesReflectRegionalSupplyandDemandIn2025,theAsia-Pacificoilmarketexperiencedatransitionfromtightnesstooversup-ply,duetoOPEC’sgradualexitfromproductioncuts,aswellasgeopoliticalfactorsincludingU.S.sanctionsonRussianandIranianoilandthetariffwar.China’scrudeoildemandcontinuedtogrowintheyear.Itsapparentcrudeoilconsumptionreachedap-proximately794millionmetrictons,up3.62%year-on-year(YoY);crudeoilimportsincreasedby4.39%to578millionmetrictons.However,refinedoilconsumptionde-clinedfurther,andoverallrefineryutilizationratesalsodecreased.In2025,totalrefinedoilconsumptionwas378millionmetrictons,down2.9%YoY.Theaveragecapacityutili-zationofmajorandindependentrefineriesstoodat79.22%(+1.24percentagepointsYoY)and48.09%(-5.57percentagepointsYoY),respectively.ThepricetrendsandtermstructureofSCcontractsreflectedtheoilsupply,demand,andinventorylevelsintheAsia-PacificregionandChina.Theabsolutepricescontinuedtotrendlower,movingintandemwithoverseasoilprices.Thetermstructureshiftedfrombackwardationtocontango,whilebackwardationinoverseasfuturesmarketsalsoweakenedsimultaneously.ThissignaledagradualshiftintheAsia-Pacificmarketfromrelativetightnesstoamplesupply(Figure2).Figure2:SCForwardCurvein2025USD/bbl560540520500480460440420m1m2m3m4m5m6m7m8m9m10m11m127472706866646260SC2025/12/1Brent2025/12/1SC2025/6/3Brent2025/6/3SC2025/3/3Brent2025/3/3SC2025/9/1Brent2025/9/1Source:INEandReuters25Specifically:InQ1,theU.S.steppedupsanctionsontheRussianandIranianenergysectors,makingMiddleEasterncrudetheprimarysubstitutefortheaffectedsupplies.SupplyintheAsia-Pacificoilmarkettightened,withspotpricesandfreightratesremainingelevated.Domestically,refineryutilizationrateswerehighearlyintheyear,andrefinedoilcon-sumptionwasrobust.SCpricesrosemoresharplythanthoseinEuropeanandUSoilmarkets.InQ2andQ3,theU.S.tariffpoliciescastashadowovertheglobaleconomyandoildemand.AlthoughtheIran-Israelconflictbrieflyboostedoilprices,theoveralltrendremainedinvolatiledecline.Markettensionsstemmingfromgeopoliticalconflicts,alongwithsoaringfreightrates,droveupSCprices.However,withOPEC+quicklyun-windingitsproductioncutsfromApril,thesupply-demandbalanceintheAsia-Pacificmarketgraduallyloosened.Domesticdemandforrefinedoilshowednosignificantrecovery,withpeak-seasonconsumptionfallingshortofexpectations,causingrefineryutilizationratestodroptoyearlylows.SCpricesdeclinerapidlythanthoseinEuropeanandUSmarkets,withthecurvestructuregraduallyshiftingintoContango.Figure3:CapacityUtilizationRatesofChina’sRefineriesin2025%85.00%85.0080.0075.0070.0065.0060.0055.0050.002025-01-022025-03-022025-05-022025-07-022025-09-022025-11-02IndependentRefineriesMajorRefineriesSource:InQ4,OPEC+cumulativelyincreasedcrudeoilproductionby2.881millionbarrels/dayovertheyear,leadingtoagradualsurplusinglobalsupply.China’scrudeoilinventoriesrosesubstantially,withonshorestocksreachingrecordhighs.Refinedoilconsumptionsawaseasonaldecline,leadingtolowerutilizationratesatmajordomesticstate-ownedrefineries(Figures3and4).ThepersistentContangostructureofSCpricesreflectedmarketoversupplyandrisinginventories.Additionally,theappreciationoftheRMBagainsttheUSDalsoweighedontheRMB-denominatedSCprices.26Figure4:Domestic-OverseasCrudeOilFuturesSpreadandChinaCrudeInventoriesChangesin20256040200-2011501100105010002025/1/62025/3/62025/5/62025/7/62025/9/62025/11/6SC-Brent(RH)ChinaCrudeInventories1250120010080Source:INE,Kpler,andReutersII.SCFuturesandOptionsMarketsDevelopinSynergy(I)SCTradingVolumeandOpenInterestGrewSteadilyIn2025,SCdemonstratedstronggrowthmomentum,successfullywithstandingthemarketshocksfromgeopoliticalevents,withbothtradingvolumeandopeninteresthigherthanin2024(Figure5).Theaveragedailytradingvolumein2025rose0.41%to160,009lots(single-countedhereandhereinafter).OnJune24,thetradingvolumehitarecordsingle-dayhighof645,345lots.AsthemostliquidcrudeoilfuturesproductintheAsia-Pacificregion,SCmaintaineditssolidleadingpositionin2025.Theaveragedailyopeninterestin2025was66,364lots,up27.26%YoY.Thepeakopeninterestreached90,128lots,thehighestlevelsinceMarch2023.Marketdepthcontinuedtoimprove,withopeninterestofthefirstsixcontractsallexceeding1,000lots,helpingtobuildamorecomprehensiveforwardcurvewithalongerterm.Table1:INESCDeliveryStorageFacilityandCapacity123456789(II)CrudeOilOptions：StablePerformance，ReasonableandEffectivePricingfutures.Thisshowedthatthevolatilityexpectedbyinvestorsofcrudeoiloptionswasalsocloselyinteractwiththeunderlyingfutures:ariseinthevolatilityorasurgtradingvolumeoffutureswilltriggeracommensuratechangetotheoptionstrading000032III.SCMarketOffersHigher-QualityPriceDiscoveryandRiskManage-mentServicesforDomesticandOverseasOilMarkets(I)ShapingaMoreStableandDynamicMarketEcosystemINEcontinuedtorefinetherulesoncrudeoilfutures.WerevisedArticle66,Paragraph2oftheriskmanagementrules,aligningtheregulationswithspottradepractices.Thishelpedincreasedeliverablecrudeasthedeliverymonthapproached,maintainingastablemarketandfairprices.Moreover,inlinewithglobalregulatorytrendsincommodi-tyderivativesmarkets,weoptimizedtheapprovalmechanismforhedgingquotasinprompt-monthcontracts.Thisfocusedoncompliance,enhancedfairness,mettheneedsofastablemarketenvironmentamidstlowfuturesinventorylevels,andpromotedthepricediscoveryfunctionofcrudeoilfutures.Additionally,wereducedtheopeninterestthresholdofunderlyingfuturescontractsrequiredforlistingcrudeoiloptioncontractsfrom10,000to5,000lots,therebyincreasingthenumberoftradablecrudeoiloptioncontracts.(II)IncreasingParticipationfromDomesticandInternationalPetrochemicalIndustriesThelevelofparticipationfromupstreamanddownstreamenterprisesinthedomesticandinternationalpetrochemicalindustriesroseconsistently.Fortradinghouses,byopti-mizingprocurementstrategies,theyalignedoilgradesandshippingscheduleswiththeSCdeliverymechanism,therebyenhancingtheirabilitytoengageinphysicaldeliveryandtradearbitrage.Regardingrefineries,thoseintheAsia-Pacificregionwerepayingincreas-ingattentiontoSCpricesandinventorylevels.Theyleveragedthepoolofstandardwarrantsforcrudeoilfuturestooptimizeprocurementcostsandexpandprocurementchannels.Ontheoil-consumerside,abroaderarrayofentities,suchasfuelsalescompa-niesandlogisticsfirms,utilizedSCcontractstohedgeagainstrefinedoilpricerisksandinnovatefloating-pricesalesmodels,therebystabilizingtheiroperatingprofits.(III)LinkingChinawithGlobalOilMarketAscrudeoilpricesexperiencedadownwardoscillationandtheinternationallandscapegrewincreasinglycomplex,factorssuchasfreightandexchangerateshadamorepronouncedimpactonoilprices.In2025,thefreightcostfromtheMiddleEasttoChinapeakedatover7%ofthecrudeoilprice.AsanRMB-denominatedpriceatthehubofconsumptionanddistribution,INESCpriceinherentlyincorporatesfreightandexchangerates,amplifyingitsadvantageinreflectingthecomprehensiveprocurementcostofcrudeoilinNortheastAsia.ThroughtheSCmarket,domesticandinternationalmarketparticipantscangainamoredirectinsightintoChina’ssupplyanddemand,whilehedg-ingagainstfluctuationsinoilprices,freight,andexchangerates.33Eightyearsaftertheirinception,theShanghaicrudeoilfuturesandoptionsmarketshaveperformedsmoothlyanddemonstratedincreasinglystrongercrossmarketlinkages,withsignificantlyenhancedmarketdepth.Theirpricescapturethesupply-demandfundamen-talsinChinaandtheAsia-Pacificregion,makingthemasanintegralpartoftheinterna-tionalcrudeoilmarket.Lookingforward,INEwillkeeppacewiththeevolvingglobalmarket,reducetransactioncosts,introducenewtradingmechanisms,andstrivetoenhancetheliquidityofmedium-andfar-monthcontracts.Bycontinuouslyimprovingtheefficiencyandeffectivenessofourcrudeoilfutures,weaimtoprovideglobaltraderswithawiderrangeofproductsandbetterservices,aswellasinformationonthesupplyanddemandoftheworld’slargestcrudeoilimportingcountry.34DomesticandOverseasStudiesonINECrudeOilFuturesYangandLepone(2025)examinedthepricediscoveryabilityofcrudeoilfutures(SC)andoptionslistedontheShanghaiInternationalEnergyExchange(INE)byusingtheinforma-tionshare(IS),componentshare(CS)andinformationleadershipshare(ILS)on5-secondfrequencypricesequencesfromhigh-frequencydatafromthefirsteightmonthspost-list-ing.Resultsrevealthatwhilethefuturesmarketdominatespricediscoverythankstoitshigherliquidity,theoptionsmarketstillcontributessignificantly,particularlyemergingastheprimarypricediscoverychannelduringnighttradingsessions.Moreover,thestudyshowsaninverserelationshipbetweenspeculativeactivityinfuturesandtheoptionsmarket’spricediscoveryefficiency,indicatingthatheightenedfuturesspeculationdimin-ishestheoptionsmarket’sinformationalrole.Strongermarketexpectationsaboutcalloptionpricevolatilityfurtherattenuatedtheoptionsmarket’sabilitytoreflecttruepricesandconveymarketinformation.Notably,thebid-askspreadratiobetweenoptionsandfuturespositivelyinfluencedtheoptionsmarket’spricediscoveryperformance.Reference:Yang,Z.,&Lepone,A.(2025).PriceDiscoveryinChina’sCrudeOilDerivativesMarket.JournalofFuturesMarkets,/10.1002/fut.22578Zou,Han,andYang(2024)analyzedthepriceofintradaytradesandquotationsofSCfuturesandoptionsat1-,5-,and30-secondsamplingfrequenciestostudythepricediscoveryfunctionoftheINEcrudeoilfuturesandoptionsmarket.Resultsshowthatthefuturesleadtheoptionsinpricediscoveryfunction.Itisalsofoundthattheintradaydistri-butionofoptionsinformationsharehasa“W”shape,consistentwiththeintradayvolumetrendinthefuturesmarket.Thissuggeststhetwomarketsareconsistentinintra-dayactivities.Regardingthefactorsthataffectthepricediscoveryprocess,acrucialoneistheseasonalitypatterninintradayvolumeexhibitedbyINESC.Furthermore,theresearch-ersinferthatinternationalinvestorshaveahigherdegreeofinfluenceonINESCthanontheoptionsmarket.Reference:Zou,M.,Han,L.,&Yang,Z.(2024).PricediscoveryoftheChinesecrudeoiloptionsandfuturesmarkets.FinanceResearchLetters,60,104809./10.1016/j.frl.2023.104809Throughadifference-in-differences(DID)approach,Heetal.(2024)findthatINEcrudeoilfuturessignificantlyreducestheidiosyncraticriskofenergy-dependentfirms.Twomajorfactorscontributetothiseffect.First,INESCworksasahedgingtoolthathelpssmoothoutcorporatecashflowsaswellasmitigateoilpriceshocksonfirms.Second,thepricediscov-eryfunctionofferedbytheINESCmarketenablesfirmstoobtaintimelyandaccurateinformationonthecommodityand,therefore,anticipaterisks.Inaddition,heterogeneitytestrevealsthatthisreductionismorepronouncedamonglargefirmsandfirmswithhighercompetitivepressures.Inparticular,largefirmsarebetteratmanagingresourcesandrisksandhencecanmoreeffectivelyuseINESCasariskmitigator,whilefirmswithhighercompetitivepressuresaremoremotivatedtoreduceriskswithSCtostandoutfromthecompetition.35Reference:He,F.,Chen,L.,Hao,J.,&Wu,J.(2024).Financialmarketdevelopmentandcorporateriskmanagement:EvidencefromShanghaicrudeoilfutureslaunchedinChina.EnergyEconomics,129,107250./science/article/abs/pii/S014098832300748XYangetal.(2023)comparedthepricediscovery,marketliquidity,andotherindicatorsamongShanghaicrudeoilfutures(SC),WTI,andBrent,withintraday-daydataconsolidat-edinto1-secondintervals(using5-secondand30-secondintervalsforstabilitytest)andthreemeasuresofpricediscovery.TheyfoundthatSChasobtainedadominantroleinpricediscoveryrelativetoWTIandBrentduringitsdaytradinghoursandhasalmostcaughtupwithBrentintermsofmarketliquidity.DuringtheCOVID-19pandemic,SCalsoshowedgreatresilience.Reference:Yang,Z.,&Zou,M.(2023).PriceleadershipinChina’soilfuturesmarket:taketwo.AppliedEconomicsLetters,1-9./10.1080/13504851.2023.2208821Naqvi,Mirza,etal.(2023)analyzedthedailydataspanningfromApril2021toMarch2023,usingvariousGARCHmodelsandNewsimpactcurves.TheresultsrevealthatthereturnsstructureofINESCissomewhatindependentfromglobalmarketmovements,exhibitinggreaterstabilityandresiliencetonegativeshocksthanothercrudeoilfutures.Reference:Naqvi,B.,Mirza,N.,Umar,M.,&AbbasRizvi,S.(2023).Shanghaicrudeoilfutures:ReturnsIndependence,volatilityasymmetry,andhedgingpotential.EnergyEconomics,128,107110./science/article/abs/pii/S0140988323006084#preview-section-snippetsShaoetal.(2023)studiedtheshort-terminfluenceofCOVID-19pandemiconSCviamulti-fractalanalysis.TheyfoundthatmarketefficiencyofSCanditscross-correlationswithotherassetsincreasesignificantlyaftertheoutbreakofCOVID-19.Theseresultsmayhaveimportantimplicationsforassetsallocation,investmentstrategies,andriskmonitoring.Reference:Shao,Y.H.,Liu,Y.L.,&Yang,Y.H.(2023).Theshort-termeffectofCOVID-19pandemiconChina’scrudeoilfuturesmarket:Astudybasedonmultifractalanalysis.FluctuationandNoiseLetters,22(04),2340001./usercenter/paper/show?paperid=1j500pw04r5d0tb0y50c0t30bw786193&site=xueshu_seLingetal.(2023)conductedaseriesofmodel-basedanalysestoexplorethevolatilityspill-overeffectandtheasymmetriccross-correlationbetweenthreecrudeoilmarkets(INE,WTI,andBrent)andfivefinancialmarkets(theChinesefutures,bond,fund,stock,andforeignexchangemarkets).Inparticular,theimpactoftheINESCmarketonthestockmarketisgreatest,especiallywithrespecttotheBrentandWTI.Exceptforthebondmarket,whentheSCandBrentmarketsareincreasing,theriskexposuretofinancialmarketsismoresignificant.Amongfinancialmarkets,SC-BondmarketasymmetryisstrongerthanWTI-bondmarketasymmetry,butweakerthanthatoftheBrent-Bondmarketwhentherearelargefluctuations.36Reference:Ling,M.,&Cao,G.(2023).AnalysisofRiskSpilloverandAsymmetryBetweenThreeCrudeOilMarketsandChineseFinancialMarkets.FluctuationandNoiseLetters,2350017./usercenter/paper/show?paperid=166w0r00mf4w0m80fh1h0td0mp755195&site=xueshu_seYu,Yang,andWebb(2022)examinedthepricediscoveryperformanceofINESCforthespotpricesof19typesofAsiancrudeoilfromMarch2018toMarch2022usingaquantita-tiveapproach.ThestudyshowedevidenceofthepricediscoveryfunctionofINESCfordeliverableandsomenon-deliverablecrudes.INESCperformspricediscoveryfunctionforSaudiArabian