China is the world’s largest importer of crude oil, making its domestic energy market an increasingly important driver of global price discovery. To support growing demand for risk management and international participation, the 上海国际能源交易中心（INE） launched Crude Oil Futures in 2018, followed by 原油期权 in 2021.
Today, INE Crude Oil is one of China’s flagship internationalised derivatives products, allowing eligible overseas institutional investors to participate directly in China’s onshore energy market through approved Internationalised route or the 合格境外投资者（QFI） framework.
For commodity traders, energy companies, hedge funds and institutional investors, INE Crude Oil provides access to China’s domestic crude oil benchmark while complementing established international markets such as Brent and WTI.
If you’re new to China’s derivatives market, we recommend first reading our 《中国市场准入指南》, which explains how international investors can trade China’s futures and options markets.
What is INE Crude Oil?
INE Crude Oil is the benchmark crude oil futures contract listed on the 上海国际能源交易中心（INE）.
Unlike many domestic Chinese futures products, INE Crude Oil was specifically designed to accommodate international participation. The contract is physically deliverable and is based on medium sour crude oil, making it particularly relevant for Asian refiners and market participants involved in the regional energy supply chain.
Together with Crude Oil Options, the contracts provide market participants with tools for:
- Hedging crude oil price risk
- Managing refinery and procurement costs
- Trading directional market views
- Implementing options-based risk management strategies
- Diversifying commodity portfolios
Why Trade INE Crude Oil?
As China’s influence on global energy markets continues to grow, INE Crude Oil has become an increasingly important benchmark for institutions seeking exposure to Asian crude oil pricing.
Key benefits include:
Access China's Domestic Energy Market
Hedge exposure arising from physical crude oil procurement, refining operations or transportation costs.
Manage Energy Price Risk
Hedge exposure arising from physical crude oil procurement, refining operations or transportation costs.
Diversify Commodity Strategies
Complement existing exposure to Brent, WTI and other international crude oil benchmarks.
Institutional Market Access
Trade through recognised international access frameworks designed specifically for overseas institutions.
Who Uses INE Crude Oil?
INE Crude Oil is widely used by professional market participants across the energy value chain, including:
- Energy trading companies
- Oil producers
- Oil refiners
- Commodity merchants
- Airlines
- Shipping companies
- 对冲基金
- 自营交易公司
- 机构投资者
Many institutions also trade a broader range of products across China’s futures exchanges, including SHFE, DCE, ZCE, GFEX, and CFFEX. Visit our 中国市场接入 page to explore the full range of available markets, understand each exchange, and discover the trading opportunities they offer.
INE Crude Oil Futures & Options Contract Specifications
| 合约规格 | INE Crude Oil Futures | INE Crude Oil Options |
|---|---|---|
| 上市交易所 | 上海国际能源交易中心（INE） | |
| 合约代码 | SC | SC Options |
| 标的物 | Medium Sour Crude Oil | INE Crude Oil Futures (SC) |
| 交易单位 | 1,000桶 | 1 Futures Contract (1,000 barrels) |
| 报价单位 | RMB per barrel | RMB per barrel |
| 最小变动价位 | RMB 0.1 per barrel | RMB 0.05 per barrel |
| 合约月份 | 连续月份合约 | 对应期货合约月份 |
| 行权方式 | 不适用 | 美式 |
| 交割方式 | 实物交割 | 行权后转为标的期货合约 |
| 交易时间 | Day and Night Trading Sessions | Same as underlying futures |
| Access | Internationalised and Qualified Foreign Investors (QFI) | |
How Can Overseas Investors Trade INE Crude Oil?
国际化合约
INE Crude Oil is one of China’s internationalised futures products, allowing eligible overseas participants to trade through approved 境外中介机构.
This route is generally suitable for institutions seeking direct access to selected internationalised Chinese futures contracts.
延伸阅读：
合格境外投资者（QFI）
以 合格境外投资者（QFI） framework provides eligible institutional investors with broader access to China’s domestic futures markets, including products listed across:
- 上海国际能源交易中心（INE）
- 上海期货交易所（SHFE）
- 大连商品交易所（DCE）
- 郑州商品交易所（ZCE）
- 广州期货交易所（GFEX）
- 中国金融期货交易所（CFFEX）
If you are unsure which route is most suitable, our comparison between Internationalised Contracts vs QFI explains the differences in eligibility, market access and operational requirements.
Why Choose Orient Futures Singapore?
Orient Futures Singapore provides institutional clients with professional access to China’s derivatives markets through comprehensive market access solutions.
我司的核心能力包括：
- Access to INE Crude Oil Futures & Options
- Internationalised Products
- Expertise in supporting Qualified Foreign Investor (QFI) applications
- Institutional onboarding
- 多交易所互联互通
- Cross-border execution
- Institutional clearing services
Whether your institution is hedging physical exposure or expanding into China’s commodity markets, our specialists can recommend the most appropriate access structure.
Contact our team today to find out more.
常见问答
Q: What is INE Crude Oil?
INE Crude Oil is the benchmark crude oil futures and options product listed on the Shanghai International Energy Exchange. It enables market participants to hedge, trade and manage exposure to China’s domestic crude oil market.
Q: Can foreign investors trade INE Crude Oil?
Yes. Eligible overseas institutional investors can trade INE Crude Oil through approved Overseas Intermediaries or via the Qualified Foreign Investor (QFI) framework.
Q: What is the difference between INE Crude Oil and Brent or WTI?
While Brent and WTI are internationally recognised crude oil benchmarks, INE Crude Oil reflects pricing dynamics within China’s domestic energy market and broader Asian demand. Many institutional traders monitor all three benchmarks as part of their global energy trading strategy.
Q: Is INE Crude Oil physically delivered?
Yes. INE Crude Oil Futures are physically settled, while options are exercised into the underlying futures contract.
Q: Which institutions typically trade INE Crude Oil?
Typical participants include:
- Energy companies
- 大宗商品贸易机构
- Refiners
- Airlines
- Shipping companies
- 对冲基金
- 自营交易公司
- 机构投资者
