SHFE fuel oil prices inch up despite weakening crude
Shanghai. August 12. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices were modestly higher on Aug. 12 despite a drop in crude oil prices overnight, with the most-traded November contract closing the session RMB 9 ($1.32), or 0.22 percent, higher at RMB 4,129 ($604.54) per ton.
The September crude oil delivery contract on the New York Mercantile Exchange (NYMEX) sank by 1.67 percent to close at $69.45 per barrel on Aug. 11 as the U.S. Energy Information Administration (EIA) lowered its global oil demand forecast, dampening the sentiment of traders on the international oil market.
Shanghai fuel oil futures prices rose by 5.30 percent on average from Aug. 6 to Aug. 12 after upbeat July economic data released by China's National Bureau of Statistics boosted confidence in sustainable fuel demand growth in China for the remainder of the year.
The following table outlines fuel oil futures trade on the SHFE on Aug. 6 and Aug. 12, 2009.
Fuel oil futures trade on the Shanghai Futures Exchange, Aug. 6 and Aug. 12, 2009
|Contract||Close on Aug 6 (RMB)||Close on Aug 12 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8351 against the renminbi on Aug. 12, 2009.