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Fuel Oil Futures (FU) — Shipping's Energy Contract
FU is China's marine-bunker contract — the fuel that moves the world's shipping fleet. Pricing anchors to Singapore's bunker market, correlations to crude are strong, and the night session runs until 02:30 Beijing to cover the full US energy trading day. For energy traders, FU is the most internationally-connected contract on the Chinese board.
Contract Specifications
| Exchange | Shanghai Futures Exchange (SHFE) |
| Symbol | FU |
| Underlying | RMG 380 marine fuel oil (bonded, bunker grade) |
| Contract size | 10 metric tons per lot |
| Price quote | CNY (¥) per metric ton |
| Minimum tick | ¥1 per ton = ¥10 per lot (≈$1.40) |
| Daily price limit | Dynamic band set by the exchange (typically ±4% to ±8%) |
| Day session (Beijing) | 9:00–10:15, 10:30–11:30, 13:30–15:00 |
| Night session (Beijing) | 21:00–02:30 (next day) |
| Contract months | Jan–Dec (main contracts: Jan / May / Sep) |
| Last trading day | The last trading day is the Friday preceding the final week of the delivery month (shifted for holidays) |
| Exchange margin (reference) | Roughly 10–15% of contract value for the main contract |
Specifications are reference values compiled from exchange publications. Margin ratios and price limits are adjusted dynamically — the exchange's latest announcements always prevail.
What the Price Actually Buys You
At a typical price of ¥3,200/ton, one lot is worth ¥32,000 (≈$4,500) — margin near 12% means roughly ¥3,800 (≈$530) controls one lot. Every ¥1 move = ¥10 per lot.
FU's long night session (21:00–02:30) is unique among Chinese contracts and its core advantage: WTI/Brent hours are fully covered, so crude-driven moves can be traded live instead of gapped into.
What Moves Fuel Oil
- Crude oil prices. FU is a refined product — Brent/WTI drive it with high correlation. OPEC decisions, US inventory data, and geopolitical supply shocks all land in FU.
- Singapore bunker market. Physical Singapore 380cst prices and arb economics (East-West spreads) anchor FU's fair value.
- Shipping demand. Global trade volumes, container freight rates, and fleet utilization set bunker consumption. BDI is a watched companion indicator.
- IMO and blending economics. Sulfur regulations and the high-sulfur/low-sulfur spread shape grade economics — refining decisions echo into physical premiums.
- Seasonal power burning. In some markets residual fuel burns for power generation — Middle East summer and Japanese winter burning add seasonal demand kicks.
Why Traders Trade It
Full US-session access. The 02:30-close night session makes FU the natural Chinese contract for energy traders who want to trade US hours live.
Clean crude correlation. FU trends with energy — a low-margin way to express crude views within Chinese-hours liquidity.
What to Watch Out For
- Overnight crude risk. Because FU tracks crude, OPEC meetings and geopolitical events can still gap it — the night session helps but does not eliminate weekend risk.
- Liquidity concentration. Liquidity concentrates in Jan/May/Sep contracts — always trade the main contract.
Trading Fuel Oil on XS Select
All XS Select evaluations include Fuel Oil and every other major Chinese commodity contract, on real Wenhua Finance market data with institutional liquidity. Commission is set at 2x the exchange standard (charged on open and close) — replicating professional trading conditions.
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