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The beginning of the global oil market is over-supply - 2007 minutes of oil trade summit


Still concentrated in East, South and North China, accounting for 3 / 4. Although the 2010, and South Africa will increase refining capacity of more than 2000 tons, but there is still a large supply gap is expected; the northeast, northwest region is still a major exporter of refined oil; the main flows southwest, north and east regions. With the increase of production capacity in East China, diesel will be a surplus of radiation to the central and southern coastal areas. North China will still have a certain gap. 2000 to 2005 average annual growth rate of diesel consumption of 9.6% is expected from 2005 to 2010, 2010 to 2015 the average annual growth rate of diesel consumption was 7%, 4.8%. China in 2010 and 2015 diesel consumption will reach 153.6 million tons and 193.9 million tons. Sinopec Guangzhou, deputy general manager Zhang Chenhui oil companies to do a paper entitled \ He is currently the domestic oil market into four characteristics: ① the low level of base oil quality,[link widoczny dla zalogowanych], high-quality supply; ② inferior products and more, the low level of overall quality, consumption volume; ③) market competition, survival of the fittest to speed up; ④ car the rapid development of industry, to promote upgrades to speed up China's oil products. But also reveals to us the Chinese oil market will undergo four changes: ① raw materials prices, low cost is difficult to support; ② high technical requirements,[link widoczny dla zalogowanych], poor product difficult to survive; ③ brand,[link widoczny dla zalogowanych], access to further concentration of manufacturers to further reduce; ④ small and medium firms Only take the special of the road. Dr. Wu Qing CNOOC CNOOC Huizhou detailed description of the project. Huizhou refinery project is CNOOC's first large-scale investment and construction of refineries, the centralized processing of marine high-acid heavy crude oil-based, processing scale is 1200 tons / year, including atmospheric and vacuum distillation, hydrocracking, delayed coking, reforming and Px in 16 consecutive sets of main production equipment, supporting crude oil and refined oil terminals, storage tanks and public works facilities. The main products are benzene, xylene, LPG, propylene, ethylene cracking, gasoline, jet fuel, diesel fuel,[link widoczny dla zalogowanych], sulfur, petroleum coke and other 15 categories of more than 1150 tons of petrochemical products. Third, the strategy and experience ADMIS futures Mr Simon Ting presented a unique analysis of oil prices, the profit by analyzing the introduction of oil to the refinery. He proposed looking at K can not see WTI crude oil chart. Because time is now open for WTI Kuari continuous and almost continuous 24 hours, while at K line of the main indicators and the price of the day closely. Huatai Xing Zhou Yibing, general manager of the General Assembly are not fully explained in under the system of market-oriented private enterprises through business cooperation with industry on how to preserve and conversion through control of operations such as pricing risk of price fluctuation. Not fully market-oriented means that enterprises are facing an asymmetric market structure, part of the distribution chain fluctuations in the price of freedom, smooth logistics markets, while the other part is located in the development of inadequate or under control of the market. Not fully market-oriented system, used to preserve and increase the cost and inventory. Refineries and end users can start making profits in the case of the market actively buying hedge, and the future by buying a certain amount of time processing or consumption of matching futures (paper goods) position, to achieve the purpose of controlling costs. Traders and refiners can not sell or not sell the inventory processing preservation, through the futures (paper goods) market, sell and implement inventory control inventory matches the decline in value of the contract the risk of impairment. Flexibility to choose the pricing can also be price risk management. Refineries to the traders and end users when purchasing market conditions and trends can be combined with more favorable pricing options to purchase relatively inexpensive stock. Current pricing is divided into fixed-price, MOPS five-day pricing, all pricing on pricing or elective. When prices rise at the time, the sooner the better buy price, so for five days with MOPS pricing fixed price or better; and when prices are down trend, the later the better buy, so with the full month, the end of five days or elective Pricing is good. The use of market pricing structures can also reduce the risk of conversion. Market is in contango structure, oil refining enterprises and end users to purchase monthly stock traders pricing (base price) converted to the far months,[link widoczny dla zalogowanych], can reduce the premium received from the traders at a discount. When the oil refining enterprises or end users in the future a longer period (eg 1 year) to monthly purchases denominated in the overall conversion, the aggregate of the premium discount will be very considerable. In the long period of time, oil refining enterprises or end users will have the opportunity to take advantage of market volatility benchmark pricing converted before the conversion quite locked in and the level or lower. In April WORLDOIL & GAS2007 total of 6 147
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