Appendixes
To be updated...
Appendixes&Deliverable Crude Streams,Grades and Price Differentials
Updated on 2022-09-29
Appendixes
1. 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.
2. Last Trading Day
The Last Trading Day of a crude oil futures contract shall be the last trading day of the month prior to the delivery month. The Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”) reserves the rights to adjust the Last Trading Day in accordance with the national holidays so as to protect the legitimate rights of all parties involved in the futures trading and the social public interests, and to mitigate market risks. For example, if a national holiday of more than three consecutive days falls between the second last trading day, the last trading day, and one of the days in the delivery period of the contract, the Exchange may decide either to advance or to postpone the Last Trading Day and shall announce in advance.
The Last Trading Day of a crude oil futures contract shall be the last trading day of the month prior to the delivery month. The Shanghai International Energy Exchange (hereinafter referred to as “the Exchange”) reserves the rights to adjust the Last Trading Day in accordance with the national holidays so as to protect the legitimate rights of all parties involved in the futures trading and the social public interests, and to mitigate market risks. For example, if a national holiday of more than three consecutive days falls between the second last trading day, the last trading day, and one of the days in the delivery period of the contract, the Exchange may decide either to advance or to postpone the Last Trading Day and shall announce in advance.
3. Grades and Quality Specifications
Medium sour crude oil, of which the quality specifications are as follows: the gravity is 32.0 degrees API and sulfur content is 1.5% by weight. The deliverable grades and the premiums and discounts will be stipulated separately by the Exchange. The Exchange may adjust the deliverable grades and the premiums and discounts based on the market conditions.
The “crude oil” in this contract refers to the liquid hydrocarbons exploited directly from underground natural reservoir, or a mixture of its natural forms.
Medium sour crude oil, of which the quality specifications are as follows: the gravity is 32.0 degrees API and sulfur content is 1.5% by weight. The deliverable grades and the premiums and discounts will be stipulated separately by the Exchange. The Exchange may adjust the deliverable grades and the premiums and discounts based on the market conditions.
The “crude oil” in this contract refers to the liquid hydrocarbons exploited directly from underground natural reservoir, or a mixture of its natural forms.
4.Designated Delivery Storage Facilities
Designated Delivery Storage Facilities will be designated and separately announced by the Exchange.
Designated Delivery Storage Facilities will be designated and separately announced by the Exchange.
Deliverable Crude Streams,Grades and Price Differentials
|
Nation
|
Deliverable
Crudes
|
API Gravity
|
Sulfur
(%)
|
Price Differential
(Yuan / Barrel)
|
Origins
|
|
United Arab Emirates
|
Dubai
|
≥30
|
≤2.8
|
0
|
Fateh Terminal
|
|
United Arab Emirates
|
Upper Zakum
|
≥33
|
≤2.0
|
0
|
Zirku Island
|
|
United Arab Emirates
|
Murban
|
≥35
|
≤1.5
|
5
|
Fujairah Terminal or Jebel Dhanna Terminal
|
|
Sultanate of Oman
|
Oman
|
≥30
|
≤1.6
|
0
|
Mina Al Fahal
|
|
State of Qatar
|
Qatar Marine
|
≥31
|
≤2.2
|
0
|
Halul Island
|
|
Republic of Iraq
|
Basrah Light
|
≥28
|
≤3.5
|
-5
|
Basrah Oil Terminal or SPM
|
|
Republic of Iraq
|
Basrah Medium
|
≥26
|
≤4.0
|
-10
|
Basrah Oil Terminal or SPM
|
|
The Federative Republic of Brazil
|
Tupi
|
≥28
|
≤0.8
|
10
|
Angra Dos Reis, Port Acu, STS Santos, STS Sao Paolo, Sao Sebastian, and FPSO of Brazil, La Paloma of Uruguay, and other loading ports recognized by INE
|
|
People's Republic of China
|
Shengli
|
≥24
|
≤1.0
|
-5
|
Dongming Oil Terminal of
Sinopec Shengli Oilfield Company
|
1. API gravity = (141.5 / S.G.60/ 60 °F) – 131.5; S.G.: as per ASTM D1298
2. Sulfur content: as per ASTM D4294.
3. Basra Light crude oil warrant with quality of 28≤API＜29 can continue to be used for futures delivery.
4. From November 1, 2022, the Basrah Medium crude oil and Tupi crude oil can be applied for standard warrants issuance and futures delivery.
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