SHFE fuel oil futures drop on weakening crude oil
Shanghai. September 15. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices were lower on Sept. 15 following the weakening of crude oil prices overnight. The most traded November contract closed the session RMB 28($4.16), or 0.64 percent higher, at RMB 4,358 ($647.55) per ton.
The October crude oil delivery contract on the New York Mercantile Exchange (NYMEX) sank 1.38 percent to close at $75.74 per barrel on Sept. 14.
Crude oil prices lingered between $73 and $78 early this week. The US dollar strengthened late last week after Japan's central bank intervened in the currency market and caused some sell-offs in the oil market.
Shanghai fuel oil futures prices gained 0.85 percent on average from Sept. 9 to Sept. 15, following volatile international crude oil prices.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on Sept. 9 and Sept. 15, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange September 9 and September 15, 2010
| Contract | Close on September 9 (RMB) | Close on September 15 (RMB) | Change (RMB) | Change (%) |
| Fu1010 | 4,313 | 4,275 | -38 | -0.88 |
| Fu1011 | 4,370 | 4,358 | -12 | -0.27 |
| Fu1012 | 4,415 | 4,402 | -13 | -0.29 |
| Fu1101 | 4,461 | 4,452 | -9 | -0.20 |
| Fu1103 | 4,555 | 4,551 | -4 | -0.09 |
| Fu1104 | 4,595 | 4,599 | 4 | 0.09 |
| Fu1105 | 4,659 | 4,641 | -18 | -0.39 |
| Fu1106 | 4,687 | 4,691 | 4 | 0.09 |
| Fu1107 | 4,691 | 4,746 | 55 | 1.17 |
| Fu1108 | 4,760 | 4,773 | 13 | 0.27 |
| Fu1109 | 4,840 | 4,828 | -12 | -0.25 |
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.73 against the renminbi on September 15, 2010
-VW