- ‘PetroYuan’ Futures Launch With A Bang, Volume Dominates Brent As Big Traders Step In
by Tyler Durden, https://www.zerohedge.com/
As we detailed previously, China’s yuan-denominated crude oil futures launched overnight in Shanghai with 62,500 contracts traded in aggregate, meaning over 62 million barrels of oil changed hands for a notional volume around 27 billion yuan (over $4 billion).
As OilPrice.com’s Tsvetana Paraskova notes, Glencore, Trafigura, and Freepoint Commodities were among the first to buy the new contract,Reuters reports.
After an initial surge in volume that outpaced overnight transactions in global benchmark Brent crude in London, trading tapered off toward the end of the session