Back to the futures for Chinese crude
The successful opening of a long-awaited yuan-denominated oil futures contract bodes well for the country’s aim to create a regional benchmark
After nearly six years of speculation, rumours, and declared intentions, the Shanghai International Energy Exchange (INE) finally launched China's first-ever oil futures contract on 26 March. Liquidity was strong on launch day, with 40,656 contracts worth around ¥17.6bn ($2.8bn) filtering through the system, according to the exchange's figures. The most active September contract settled at ¥429.9 a barrel, after fluctuating between ¥426.3/b and ¥447.1/b during the trading session. Before the INE opening, domestic and international market participants—both speculative investors and oil companies looking to mitigate risks taken in oil markets—might have been forgiven for scepticism. The exchan
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
