The world's biggest oil buyer is offering yuan-denominated futures that foreigners can buy and sell - a first in Chinese commodities.
Shanghaicrude 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.
Over 21 million barrels of the sulphur-rich oil were traded yesterday, reports the Wall Street Journal, meaning RMB18.3 billion ($2.9 billion) changed hands.
Futures contracts allow investors to hedge exposure to physical prices, and offering them in yuan could allow energy-hungry China - which a year ago surpassed the United States as the world's largest crude importer - to exercise more control over prices of the type of oil it consumes most.
While it remains to be seen whether they're in it for the long haul, the participation of Glencore, Trafigura and other foreign investors in the contract's debut is a boon.
Singapore-based brokerage Phillip Futures said that "surging production levels persist" in the US.
China kicked off its first ever crude futures on Monday.
Kosovo oppn halts Parliament proceedings by throwing tear gas Live footage from March 21 shows MPs hastily exiting the chamber as smoke billows out, apparently from multiple tear gas bombs. Kosovo opposition politicians release tear gas in parliament to obstruct a session in Pristina, Kosovo March 21, 2018 .
Lower crude prices have played a part as to why not earlier. The contract closed at 429.9 yuan per barrel ($68.22).
"This is also beneficial for us, because we are among the largest suppliers of hydrocarbons to the China market".
LONDON, March 26 (Reuters) - Crude oil futures slipped on Monday, but losses were capped by a rebound in stock markets and escalating Saudi-Iran tensions.
Later in trading, Unipec, the trading arm of Asia's largest refiner Sinopec, inked a deal with a western oil major to buy Middle East crude priced against the newly-launched Shanghai crude futures contract, a senior company official said on Monday.
The Shanghai contract traded higher than its London and NY counterparts shortly after debuting, at 432.2 yuan ($68.43) per barrel for September settlement at around 0145 GMT, according to Bloomberg News. Worries include how to freely exchange the yuan because of a Chinese clampdown on capital outflows, while some concerns remain about Beijing's heavy handed intervention in its commodity markets in recent years, traders and analysts said.
Shell International Eastern Trading the trading arm of Royal Dutch Shell, was heard to be the seller, said multiple sources that participate in the market, although a Shell spokeswoman declined to comment.
According to Wei, this activity is especially important amid the US-Chinese row over the Trump administration's new high tariffs on Chinese imports, which is largely seen as nothing short of a trade war between Beijing and Washington. "The emergence of a new financial oil price benchmark in Asia has been long-awaited and may prove to have a significant influence over the oil markets in the years to come".
On Thursday, the No. 7 Nevada Wolf Pack take on the No. 11 Loyola-Chicago Ramblers in the Sweet 16 of the 2018 NCAA Tournament . But she has the Ramblers losing in the Sweet 16. which means now they have to prove their biggest fan wrong.
On March 15, after failing to reorganize around its successful stores, the toy superstore said it had to liquidate. Within the next week or two, the company will begin selling off their inventories at a discount.
Overnight Saturday, Israel bombed a Hamas position after four Palestinians infiltrated the border and tried to damage equipment. Brigadier General Ronen Menlis from the IDF spokesperson's Unit said: "No barrage of missiles was sacked at Israel from Gaza".
She reported the higher elevations, particularly those in Greenbrier County, will receive the most snow. In between these features, a southwest wind flow will help to push high temperatures well into the 50s.
The strong pricing bodes well for other highly anticipated IPOs from tech unicorns , or startups valued at more than $1 billion. Dropbox Inc . (NASDAQ: DBX ) launched its initial public offering on Friday on the Nasdaq exchange, under the ticker "DBX".
The Tigers also needed a productive game from Elijah Thomas but he finished with four points and eight rebounds in 27 minutes. The teams went back and forth, trading alley-oop dunks and three-pointers until the end-game played out with 21 seconds left.
Several separatist leaders, including former Catalan vice-president Oriol Junqueras, have been in custody since previous year . Some members of the crowd burned pictures of the Supreme Court judge Pablo Llarena and of Spain's King Felipe.
Over half of the Dapchi schoolgirls abducted by Book Haram last month have been freed, reports the Nigerian government. Only 107 of the Chibok girls have been rescued or returned amid ongoing government negotiation with Boko Haram .
The film earned praise for its progressive values, mostly black cast, sympathetic portrayal of African cultures, and performances. There is yet another milestone for the film " Black Panther .' It's now the top grossing superhero film of all time".
Spectators had to use a shuttle service before walking more than a kilometer to go through two security checkpoints. Thousands of security personnel were deployed to ensure maximum security at the Karachi National Stadium.
Of all the differences between his old home and his new home, Daxter Miles Jr. chose the one with the easiest metaphor. Clemson's season scoring leader , Marcquise Reed, didn't make his first basket until a minute was left in the half.
Autonomous auto company Waymo is about to gain another 20,000 electric cars to its fleet thanks to a new partnership with Jaguar. At a press conference today in New York, Waymo CEO John Krafcik announced the world's first premium electric self-driving auto .
Barring a setback in shoot-around or pregame warmups Friday, Curry will return to the starting lineup against the Hawks . Maybe he should have knocked harder. "So I feel very bad for the fact that I was a part of (the injury)".
But Florida State let the clock run out against MI , and fell 58-54 as the final 10 seconds went off the clock without an action. The crowd included Rudy Tomjanovich, the MI alumnus and former Lakers coach, who watched in Wolverines gear near courtside.
An advisory on the State Department's website last updated this month advises caution for Americans traveling to Mexico. A relative of the family posted to Facebook that the family had been located and that there weren't signs of foul play.
Vehicle accident litigation usually turns on whether a driver acted negligently, or failed to exercise a reasonable level of care. Investigators from the National Transportation Safety Board are in Tempe this week to collect information on the collision.
Australia also joined the coordinated movement to expel Russian diplomats by asking two to leave the country within seven days. Moscow, though, has repeatedly denied involvement. "Rest assured, we will respond".
Britain expelled 23 Russians as a result and Moscow retaliated by expelling the same number of Britons. He added that his friend "regretted" being a double agent "because his life had become all messed up".
A Spanish Supreme Court judge reactivated an worldwide arrest warrant for Puigdemont on Friday when he was visiting Finland . Puigdemont's supporters, however, lamented his capture and said they hoped Germany won't honor Spain's extradition request.
Ibrahimovic will share playing time up front with Ola Kamara , the Norwegian striker acquired from Columbus in January. The club announced their new signing on Twitter with a video in which Ibrahimovic was wearing his new team's jersey.
Tamimi's family says she was upset because a 15-year-old cousin had earlier been seriously wounded in clashes with Israeli troops. She can be the megaphone of the hundreds of Palestinian children who remain locked up with little attention paid to them.
The immediate consequences of these personnel changes will be most visible in the administration's approach towards North Korea . As recently as last month, he was arguing that the US had a legal basis to attack North Korea in a Wall Street Journal op-ed.
The $1.3 trillion measure incorporates all twelve annual Appropriations bills for Fiscal Year 2018 (i.e., current year). Leahy said. "We wanted to include DACA and include them in this bill...[but] the Democrats would not do it".
They are all citizens and residents of Iran and, because the U.S. has no extradition agreement, are unlikely to ever stand trial. The campaign took place from 2013 to 2017 and targeted over 100,000 university professors around the world with phishing links.
If the team is satisfied with that assessment and Curry avoids setbacks this week, he should be able to face the Hawks on Friday. Curry will have two full days of practice and a shootaround before Friday's game.