SHFE fuel oil futures modestly higher following crude rebound
Shanghai. June 24. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices inched up on June 24 with the most-traded September contract closing the session RMB 15 ($2.20), or 0.41 percent, higher at RMB 3,671 ($537.48) per ton.
The August crude oil delivery contract on the New York Mercantile Exchange (NYMEX) increased by 2.58 percent overnight, closing at $69.24 per barrel on June 23 on the sharp depreciation of the U.S. dollar. Nevertheless, the August contract has fallen by almost 7 percent from its monthly peak of $73 a barrel. Fears that a recovery in the global economy might fail contributed to the drop in crude oil prices over the past two weeks.
Shanghai fuel oil futures prices fell by 2.2 percent on average from June 18 to June 24, tracking the drop in crude oil prices over the period.
The following table outlines fuel oil futures trade on the Shanghai Futures Exchange on June 18 and June 24, 2009.
Fuel oil futures trade on the Shanghai Futures Exchange, June 18 and June 24, 2009
|Contract||Close on Jun 18 (RMB)||Close on Jun 24 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8316 against the renminbi on June 24, 2009.