Shanghai International Energy Exchange has released its Circular on the Adjustment of Deliverable Grades of Crude Oil Futures as follows:
In accordance with the contract of crude oil futures of Shanghai International Energy Exchange (hereinafter referred to as INE), Delivery Rules of Shanghai International Energy Exchange and the status quo of domestic and overseas markets, INE hereby decides to adjust the price differential standard of Basra Light crude oil from October 1st, 2021.
The deliverable crude streams, deliverable grades and final settlement price differentials for INE crude oil futures
1. API gravity = (141.5 / S.G.60/ 60 °F) – 131.5; S.G.: as per ASTM D1298
2. Sulfur content: as per ASTM D4294
Current standard warrants of Basra Light crude oil with API greater than or equal to 28 and lower than 29 can still be used for physical delivery, but the commodities of this grade can’t be loaded in from the date of this Notice.
INE will closely track and review market developments in each deliverable crude stream, and make timely adjustments to the deliverable crude streams, grades, and/or price differentials accordingly.
INE hereby notifies as the above.
