摘要
Abstract
Starting with benchmark crude oil price and its function, this paper combs the existing main benchmark crude oil price in the international oil markets, and concludes such three aspects of the characteristics of benchmark crude oil price as fully and objectively refl ecting the relationship between supply and demand, openly and transparently refl ecting market trading conditions, and rapidly and accurately refl ecting the potential changes of oil price. Combined with the operation of crude oil futures in China since its listing, it is pointed out that there are four main problems aff ecting the construction of China crude oil futures as the price benchmark including diff erences between the deliverable crude oil variety quality and the contract benchmark regulated quality, the dispersion of crude oil futures delivery warehouse not meet the delivery facilitation, insuffi cient eff ective trading volume, and the obvious shadow eff ect of exchange rate. It is suggested that we should fully understand and grasp the current situation of the prominent contradiction between supply and demand in the Chinese oil market and the large dependence on crude oil imports, optimize the elements of INE crude oil futures contracts, improve the quality of transactions, build up the petroleum market system including spot, futures and forward market; strengthen the bridge function of futures price, and hold on the basement of benchmark crude oil price.关键词
原油期货/原油价格/定价机制/价格基准/布伦特/WTIKey words
oil future/oil price/pricing mechanism/benchmark price/Brent Blend/WTI
