单击此处编辑母版标题样式Investment consulting business qualification：CSRC License [2012] No. 669This report is not a service under the futures trading consulting business, and the opinions and information provided are for reference only and do not constituteinvestment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention, receipt, or reading of the content of this report.投资咨询业务资格：证监许可【2012】669号桂晨曦 Gui Chenxi CFA PhD 从业资格号 Qualification No.：F3023159 投资咨询号 Investment consulting No.：Z0013632 Email: Guichenxi@citicsf.com重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户。市场有风险，投资需谨慎。中国原油期货China Crude Oil Futures基础介绍 IntroductionContent 目录This report is not a service under the futures trading consulting business, and the opinions and information provided are for reference only and do not constituteinvestment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention, receipt, or reading of the content of this report.2.供需贸易 Supply and Demand3.价格研究 Oil Price Research 1.定价机制 Pricing Mechanism4.套期保值 Commercial Hedging5.内外套利 Cross Boarder Arbitrage原油是全球贸易额最高的大宗商品Gui Chenxi CFA PhD Qualification No.：F3023159 Investment consulting No.：Z0013632 This report is not a service under the futures trading consulting business, and the opinions and information provided are for reference only and do not constituteinvestment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention, receipt, or reading of the content of this report.Crude oil is one of the most important commodity in the world •Global crude oil production is around 100 million barrels/day, with total value of 3.65 trillion USD at 100 dollar/barrel. (1/8 of US GDP, 1/6 of China GDP )•全球原油总产量约1亿桶/日，按Brent100美元/桶计算，年产值3.6万亿美元。Source: EIA CITIC Futures原油贸易定价公式和三大基准价格体系Gui Chenxi CFA PhD Qualification No.：F3023159 Investment consulting No.：Z0013632 This report is not a service under the futures trading consulting business, and the opinions and information provided are for reference only and do not constituteinvestment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention, receipt, or reading of the content of this report.Crude oil pricing formula and major benchmark systemsSource: EIA CITIC Futures(2018)WTI 价格体系Gui Chenxi CFA PhD Qualification No.：F3023159 Investment consulting No.：Z0013632 This report is not a service under the futures trading consulting business, and the opinions and information provided are for reference only and do not constituteinvestment advice to anyone. CITIC Futures do not consider relevant personnel as client due to their attention,...
