SHFE fuel oil futures rebound from weeklong retreat
Shanghai. May 26. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices rebounded on May 26 from a weeklong retreat. The most traded September contract closed the session at RMB 10 ($1.46), or 0.23 percent lower at RMB 4,379 ($641.14) per ton.
The July crude oil delivery contract on the New York Mercantile Exchange (NYMEX) sank 1.80 percent, closing at $68.75 per barrel on May 25.
Meanwhile, continued worries over the debt crisis in Europe witnessed international crude oil prices drop below the $70 per barrel benchmark this week.
Shanghai fuel oil futures prices sank 2.52 percent on average from May 20 to May 26, following a dramatic dive in crude oil prices this week.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on May 20 and May 26, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange May 20 and May 26, 2010
|Contract||Close on May 20 (RMB)||Close on May 26 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.83 against the renminbi on May 26, 2010