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Shanghai Oil Futures Off To Robust Start On 2nd Day


Shanghai crude oil futures got off to another strong start in their second day of trading on Tuesday, with more than 16 million barrels of crude changing hands, extending the launch day’s high volumes, data showed.

More than 32,000 lots of the most-active September contract, equivalent to 16 million barrels of crude, changed hands in the overnight and morning sessions.

Over the first 24 hours of trading, Shanghai’s spot crude volumes made up 5 percent of the global market, compared with 23 percent for Brent crude futures and 72 percent for the U.S. West Texas Intermediate contract.

Brent volumes have been lower than usual as much of Europe is already on holiday for Easter. By 11:14 a.m. (0314 GMT), 3,599 lots of the most-active June contract had traded, equivalent to 3.6 million barrels of crude.

At 0316 GMT, Shanghai’s September contract was down 1.43 percent at 427.6 yuan ($68.33) per barrel. The market launched on Monday with greater-than-expected volumes and trading activity from western traders and Chinese state majors.

($1 = 6.2575 Chinese yuan) (Reporting by Josephine Mason; Editing by Tom Hogue)


101 Comments on "Shanghai Oil Futures Off To Robust Start On 2nd Day"

  1. makati1 on Fri, 30th Mar 2018 6:54 am 

    MM, the US missile defense system is antique. The hardware may be newly made but the system itself is 30 years old. It has never been tested against a real missile that it do not know the details of in advance.

    The machine itself is over 10 years since production began, Antique in today’s technical world. Russia’s S-400 is the same age, but their S-500 is already in production and probably in place. The Us is not surrounded with THAAD system protection. The range is only about 200 miles. meaning that it would take at least 25 systems, not counting Mexican or Canadian borders. You are just ‘collateral damage’. Not important.

    The Us systems cannot possibly stop 100% of any missile attack. It has only been marginally successful in the preprogrammed tests. The new hyper-sonic Russian missiles will easily evade it. Only a fool would depend on it protecting them.

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