News summary
On May 27, the domestic crude oil sector was mixed, with the main force of liquefied petroleum gas leading the rise by 2.5%.azteckingpragmatic.53% to 4749 yuan/ton, crude oil followed suit by 0.61%, and low-sulfur fuel oil fell slightly. The spot prices of fuel oil and liquefied petroleum gas are higher than the futures prices, causing the phenomenon of upside down.
Newsletter text
[The domestic crude oil futures market was mixed, with the main contract for liquefied petroleum gas rising by more than 2%] In the domestic futures market trading on May 27, the crude oil sector performed mixed, with liquefied petroleum gas becoming the highlight. Its main contract closed. The increase reached 2.53%, at 4749 yuan/ton. At the same time, the main crude oil contract recorded an increase of 0.61%, with a quoted price of 607.20 yuan/barrel. The main contract for other energy commodities such as fuel oil rose 1.36% to 3437 yuan/ton, while the main contract for asphalt rose slightly by 0.30% to 3686 yuan/ton. In contrast, the performance of the main contract for low-sulfur fuel oil was slightly weaker, down 0.27% to 4122 yuan/ton. According to commodity warehouse receipt data, the cumulative warehouse receipt of crude oil was 7.622 million barrels, which was the same as the previous trading day. The total warehouse receipts for fuel oil were 490 tons, which also remained unchanged. Reduction in asphalt warehouse receiptsazteckingpragmaticThe warehouse receipts for liquefied petroleum gas and low-sulfur fuel oil remained at 1248 tons and 10400 tons respectively, with no increase or decrease. [Basis data reveals market abnormalities, with fuel oil and liquefied petroleum gas "upside down"] As of May 24, Beijing time, basis data shows that the spot price of fuel oil and liquefied petroleum gas contracts is higher than the futures price. The phenomenon of "upside down" may have an important impact on trading strategies. Specifically, the spot price of fuel oil is 5642 yuan/ton, while the futures price is 3391 yuan/ton, the basis is 2251 yuan/ton, and the basis ratio reaches 39.90%. The spot price of liquefied petroleum gas is 5154 yuan/ton, the futures price is 4632 yuan/ton, the basis is 522 yuan/ton, and the basis ratio is 10.13%. These data provide investors with in-depth market insights. The basis calculation formula is spot price minus futures price, which is crucial for assessing market pricing and the correlation between futures contracts and the spot market. Investors can judge whether there is price deviation in the market through changes in basis, so as to carry out corresponding arbitrage operations or formulate trading strategies.
