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canada goose SINGAPORE (Reuters) China push to establish a crude derivatives contract has been met with early scepticism, but oil executives say the country growing economic influence means a third global crude benchmark is inevitable. West Texas Intermediate (WTI). canada goose
canada goose coats on sale And while others have tried and failed, China brings its might canada goose uk black friday as the world biggest oil buyer, a strong dose of political will and the alignment of its financial and banking system for a yuan denominated contract. canada goose coats on sale
canadian goose jacket energy industry is still manned, literally, by people from the West. But the world canada goose black friday sale moves on, and there a change of guard, said a senior market executive, speaking on the sidelines of a major industry gathering Canada Goose Jackets in Singapore this week, at which Canada Goose Outlet delegates spoke on condition of anonymity. canadian goose jacket
Canada Goose Outlet has become the world biggest oil trader, and that means that an oil price will be uk canada goose set there, like Canada Goose sale it or not. Canada Goose Outlet
Shanghai INE is canada goose factory sale in the final stages of launching crude oil futures, perhaps canada goose uk outlet as early as October, although canadian goose jacket sources said delays were likely due to market turmoil.
Canada Goose online The contract Canada Goose Parka would better represent China growing importance in setting crude prices, increase the yuan role as an international canada goose coats currency Canada Goose online and offer a measure of national pride. Canada Goose online
It would also allow traders uk canada goose outlet to arbitrage canada goose between major global regions, the Americas, Europe/Middle cheap Canada Goose East/Africa (EMEA) and the Asia/Pacific.
canada goose clearance Others, like the Dubai Mercantile Exchange (DME), have tried to establish an Asian benchmark, but have so far failed to attract sufficient liquidity to dominate the region. canada goose clearance
Market participants also have concerns relating to the large size of China state owned oil majors, recent moves by regulators to influence the country share canada goose clearance markets, and the use of the yuan.
buy canada goose jacket cheap market doesn like the idea of a benchmark dominated by the canada goose coats on sale world biggest consumer, where the regulator is suspected of having canada goose uk shop the goal of lowering prices, said an executive with a non Chinese exchange in Asia, speaking at the same event. buy canada goose jacket cheap
GLOBAL CLOUT The current benchmark for pricing oil in Asia in the absence of a derivatives contract is the Dubai crude assessment, run by Platts, part of McGraw Hill Financial, where trading in a specified time frame is used to assess a daily price.
canada goose clearance sale Yet traders have been concerned at heavy buy canada goose jacket cheap trading by China state owned Chinaoil and Unipec, which pushed up Middle East grades even as other grades were being pressured lower, and left other companies struggling to take part. canada goose clearance sale
Canada Goose sale China largest independent refiner, Shandong Dongming Petrochemical Group, said it was one of the first companies to call buy canada goose jacket for Chinese crude futures despite Canada Goose Online some concerns. Canada Goose sale
canada goose coats concerned that the two big companies could be too https://www.canadagoosetomall.com strong in terms of financing, said Shandong Dongming Canada Goose Coats On Sale director Zhang Liucheng. like aircraft canada goose store carriers and we just a small sampan (Chinese wooden boat). canada goose coats
Canada Goose Parka Having a yuan denominated contract could also limit the take up of Shanghai derivatives contract. Canada Goose Parka
canada goose black friday sale think it will initially mainly be used as a forex (foreign exchange) play between the dollar and yuan, said the head of trading with a major oil merchant. canada goose black friday sale
buy canada goose jacket China will still face competitors, including incumbent Platts, oil cheap canada goose uk trading hub Singapore which is also keen to introduce a crude oil futures contract, and DME. buy canada goose jacket
canada goose deals Additionally, regional animosity will be hard for China to overcome. canada goose deals
canada goose store can participate in TOCOM (Tokyo Commodity Exchange). (There no reason to go to Shanghai, said Masashi Nakayama, general manager of the canada goose clearance sale crude oil and tanker department at Japan Cosmo Oil. canada goose store
But Canada Goose Outlet many executives see the success of a China contract as a given, even if the take up is gradual.
Canada Goose Jackets the oil majors will start to participate, then others will follow, said an executive with a Western oil major. it might take some time to establish itself due to choppy markets and regulatory hurdles as well as the fact that it would introduce a foreign exchange element to crude futures, it is overdue for a Chinese contract to established Canada Goose Jackets.
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