SHFE fuel oil futures up slightly on stronger crude
Shanghai. July 7. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices were moderately higher on July 7 following the rebound of crude oil prices overnight. The most traded September contract closed the session RMB 4 ($0.59), or 0.09 percent higher, at RMB 4,273 ($644.05) per ton.
The August crude oil delivery contract on the New York Mercantile Exchange (NYMEX) grew 0.36 percent, closing at $71.98 per barrel on July 6.
However, the NYMEX crude oil futures dropped heavily early last week due to renewed concerns over a double-dip recession after both the U.S. and China reported disappointing economic figures.
Shanghai fuel oil futures prices sunk 0.76 percent on average from July 1 to July 7, following the plunge of crude oil prices during that period.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on July 1 and July 7, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange July 1 and July 7, 2010
| Contract | Close on July 1 (RMB) | Close on July 7 (RMB) | Change (RMB) | Change (%) |
| Fu1008 | 4,315 | 4,235 | -80 | -1.85 |
| Fu1009 | 4,297 | 4,273 | -24 | -0.56 |
| Fu1010 | 4,326 | 4,307 | -19 | -0.44 |
| Fu1011 | 4,370 | 4,350 | -20 | -0.46 |
| Fu1012 | 4,399 | 4,372 | -27 | -0.61 |
| Fu1101 | 4,421 | 4,385 | -36 | -0.82 |
| Fu1103 | 4,466 | 4,460 | -6 | -0.13 |
| Fu1104 | 4,527 | 4,511 | -16 | -0.35 |
| Fu1105 | 4,536 | 4,516 | -20 | -0.44 |
| Fu1106 | 4,558 | 4,570 | 12 | 0.26 |
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.78 against the renminbi on July 7, 2010
-WV