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 (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.73 against the renminbi on September 15, 2010