China bets on a yuan-oil bonanza
The country's long-delayed crude oil futures contract promises much, but doubts persist
The Shanghai International Energy Exchange (INE)—a child of the Shanghai Futures Exchange—continues to excite and frustrate domestic and international market participants over the launch of its crude-oil futures contract. Banks, whose market-making role would be crucial to the success of the contract, along with physical and financial crude-oil traders, are keen to trade on the INE. But continuing delays have frustrated some, while others debate just how much of an impact the contract could have on the international oil scene. “We’re ready to go,” says the head of oil trading at a multinational bank, based in Singapore. “But we have been for months. Everything’s in place. We have clients at
Also in this section
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
