super energy power

Traders entered the trading pool full of uncertainty. .

They all read the news in the morning and yesterday's electronic trading. Most of them also listened to the reports of the company's analysts, but few of them could give a positive judgment on today's price.

As for right judgment, there has never been such a thing.

An executive trader working on behalf of a client ** was the first to give today's price: "**, $15.55, 0 lots."

A quotation of 10 cents lower than yesterday's closing price shows that his client is still bearish on the market.

No one traded with him immediately, but someone immediately proposed a new price: "**, $15.52, 300 lots."

This time it was 13 cents lower.

After a moment of hesitation, the trader at the Industrial Bank across the street raised his hand and ate 15.52 lots of crude oil at $300.

Immediately afterwards, three traders simultaneously sold nearly a thousand lots of crude oil at the price of $15.52.

The Xingye trader hesitated again. After buying a 0 lot lot, he found no one to take the order, so he simply stopped and waited.

The traders were all used to this kind of thing, and one of them automatically and consciously lowered the price, made a gesture of $15.48, and asked to sell 500 lots.

A few seconds later, a proprietary trader from Citibank came forward to take the order.

This action, like injecting chicken blood into the traders, instantly stabilized the price, and someone used the price increase of 15.50 to complete several transactions.

Morgan Stanley and JP Morgan at this time (the future JPMorgan Chase), together with Goldman Sachs and Citibank, are the kings in the New York crude oil market, almost mastering the rhythm of the New York crude oil futures market.In the more international London market, the strength of the four is still good, but they act more conservatively.

Because of this, the emergence of Citibank, and its appearance as a long-buyer, naturally gave birth to market associations.

On the one hand, there was the news of the increase in crude oil production, and on the other hand, the entry of Citibank into the market. In a short period of time, the two seemed to be able to offset the effect, but not long after, the price of crude oil began to fall again.

Finance is rooted in confidence, but confidence cannot exist in isolation.Especially in the primary market, if you believe, you will pay out. The more funds you gather, the higher the level of belief is. This is the basis for discovering prices and the basis for the operation of the futures system.

But there is no more money in the market that believes in the rise of crude oil prices. Citibank, which just appeared, is like a shadow. It bought less than 00 crude oil and then died down, but the money that believes that the increase in crude oil production will lead to the drop in oil prices is still there.

Thus, a new price was discovered.

Especially when the price of 15.38 appeared, the psychological price of many traders changed.

Yang Ming came in a hurry, glanced at the market habitually, and couldn't help saying: "I thought everyone would be inclined to the rise in oil prices, but I didn't expect that they didn't stick to it for even a quarter of an hour."

"It's like PetroChina. Although countless people think that it will rise, it will still fall when it should fall. The confidence that you don't pay for it is false confidence." Sioux City gave a sentence naturally.

Yang Ming was puzzled, "What does this have to do with PetroChina?"

"Oh...forget it, it's a long story." For Sioux City, PetroChina was the first thing that came to mind when talking about confidence and price issues, but for the Chinese in the mid-90s, this was still a strange story.

Yang Ming didn't ask any further questions, and said with a smile, "Anyway, Mr. Su, your plan has come true."

"Oh, it hasn't been fully realized yet." Sioux City looked at the oil price fluctuating around $15.35, and said, "This is slightly higher than the price of the previous two days. By the way, I see you running over, what's the matter?"

"The country sent people over again."

"Sent from China?"

"Uh...it seems to be from France, this morning." Yang Ming also went through the investigation of the Information Bureau, shook his head and said: "It is said that they were sent to France for further studies in China, and they were temporarily sent to London."

Seeing that he had attracted Su Cheng's attention, he reminded him in a low voice, "My name is Yang Jingshan. He has a high rank, a high education background, and seems to have a good background. His files are in the State Council, and he has been in Paris for more than a year at public expense."

"Oh, the second generation? Whose family?"

"It's not very clear. As you know, the information bureau obtains relatively little information in this regard. It is speculated in the report that it should not be a very special family. After all, he has been working in the bank, and the promotion speed is not particularly fast. .” Yang Ming simply explained.

Studying abroad was very popular in the 90s, because it was fully funded by the public, and they could definitely be promoted after returning home, which is the most suitable promotion path for the second generation.It is easy to understand with a simple comparison. It is also two or three years to go to a foreign unit, and it is hard work to support the frontier and there is no surname.And studying abroad, even if it is hard work, is relatively comfortable hard work. After returning, not only will you be promoted soon, but also because of the advantages of academic qualifications, it is also very continuable.In fact, even if there is no promotion, studying in Paris for free is the best thing.

The master who came here is naturally much higher grade than Tian Dongliang, not to mention that Tian Dongliang himself was forced to stay by Su Cheng.

From this point of view, Tian Dongliang's report should have played a role.

Sending a banker who studied in France to London was thoughtful, at least to understand the situation abroad, and if he could have a good command of English, it would be more appropriate than sending him from China.

Su Cheng nodded and asked, "Is someone here?"

"Yes, he wants to come to the office to take a look."

"Let him hang around outside the small office and studio inside." Su Cheng said cheerfully.

Yang Ming hurried out to inform, and a tall and handsome man came in after a while.

The second generation of officials who can come to Paris to study and work in a bank, they are also rich people in the 90s. In other words, this is the standard Chinese rich and handsome.

Su Cheng couldn't help but sigh with emotion, and then went up to greet him.

Yang Jingshan knew how to communicate, and his tone was frustrating and soft. However, after he finished his polite words, Su Cheng said: "Take a break, let me finish the matter here, and let's discuss it in detail."

In a word, Yang Ming came out and said with a smile, "Let's sit inside, do you like tea or beverages? There's still red wine in the office..."

"Just boil the water." Yang Jingshan smiled generously, and obediently stood behind.

Just for a while, the situation in the trading pool changed again. Some executive traders started to do a lot of trading, while many self-operated traders became like old men, moving terribly slowly.

Qi Xiao also came over from the office and whispered, "The inventory in the delivery warehouse seems to have increased."

The international trading of crude oil is very simple. As long as the crude oil carried by the ship meets the storage requirements, it will be transported to the delivery warehouse, and the delivery warehouse will receive it, and at the same time pay the delivery oil producer from the exchange.

The inventory in the delivery warehouse will also be displayed on the big screen of the exchange in real time, making it one of the factors for traders to judge the price.

Generally speaking, the inventory of the delivery warehouse should be relatively balanced. An increase in reserves indicates that the supply of crude oil exceeds demand, and a decrease in reserves indicates that the demand for crude oil exceeds supply.A large part of the so-called world crude oil reserves are stored in commercial institutions. As for national crude oil reserves, it is actually a very uneconomical behavior, because they cannot be used normally, and hundreds of millions of barrels of reserves mean tens of billions of dollars. The precipitation of the US dollar is very large, but its impact on the crude oil market is limited.

Su Cheng nodded without any surprise and said, "It's about the same after the calculation."

Qi Xiao did not participate in the specific details of these insider transactions, and asked in surprise: "How did you do it?"

"Let the tanker slow down, and then speed up." Tankers are mobile oil storage equipment, and tankers with a capacity of 10 tons to 30 tons can be rented easily.

Qi Xiao smacked his mouth and said, "I thought all the oil we stored had been sent to the delivery warehouse."

"Not only ours, but also other companies'."

"Where does the crude oil come from?" Crude oil is the largest commodity in the world. Whether it is transportation or production, it is systematic. The whole system operates like a factory production line. It will come out for no reason.

What's more, the increase in inventory on the electronic screen is measured in millions of barrels. No matter how you look at it, it cannot be accumulated by Dahua Industrial and several companies in a short period of time.

Su Cheng concealed a smug smile: "The Haicang base has been shut down for maintenance since three days ago."

"what?"

"I heard that the oil refining and chemical plants of Repsol and several other companies have also entered part-time training."

"Ah... this... I didn't expect it at all." Qi Xiao said with a sigh of relief: "It's too obvious."

"It's okay, just do what you want." Su Cheng's heart was bigger than ever at this moment.

Large-scale chemical plants and oil extraction equipment need to be repaired every year. There are as few as one day, as many as 50 non-working days. If you choose the wrong time, it will be a disaster, which can eat up the profits of the whole year. It takes time, but it has the effect of doubling the profit.

For now, the Haicang base under Dahua Industrial alone consumes about 1 barrels of crude oil every day, more than half of which is used to produce diesel, and the rest is used to produce methanol and ethylene.

Even the current Haicang base has not entered its peak production. It is estimated that it will take another two to three years for the 110 million barrels per day diesel refinery to be fully completed, while the production of 80 tons of ethylene and a cumulative million tons of methanol , will also create a large demand for crude oil.

Repsol and other companies with longer experience have more refineries and chemical plants under them. Except for some factories that are inconvenient to operate, the other factories that are shut down can release at least 300 million barrels of daily crude oil supply. .

Many of these crude oils originally came from the North Sea, and now they don’t need to be transported far away, and can be sent directly to the delivery warehouse in the UK.

Of course, once the seven companies of Pan Asia Fund do this, they will not be able to escape the insider trading lawsuit.But no one cares.

If companies such as Repsol still need to think about it at $17, when crude oil drops to $15, the shareholders of the Pan-Asian Fund, which has accumulated profits of more than $0 billion, have already burned their heads.

What's so great about litigation?As long as the profit is sufficient, everyone would rather fight a protracted lawsuit.

In Europe and the United States in the 90s, the financial policies were unimaginably loose, especially for companies like Dahua Industrial and American Sig, if they hired a good lawyer team, they could give the government's prosecution team to the government with just money. Even if insider trading is confirmed after a few years, it is likely to be a fine of tens of millions of dollars. As for criminal offenses, it is really rare.

Inventories in London delivery warehouses rose by more than 0 barrels in a matter of hours.

This is rare.

Although traders often make bigger deals than that, they are mostly virtual deals, where short sellers are liquidated and long buyers are also liquidated.Spot crude oil is different. Their production, demand, and consumption are real. If the market really shows an oversupply, it will always be reflected in the end consumers.

At that time, it will naturally be a reflection of the price.

At a price of $15, I couldn't hold on to it all at once.

Regardless of how bullish many traders are on crude oil prices, the price of crude oil quickly fell to around $14.50.

The short side will make tens of billions of dollars in profits just today, and the long side will also incur so many book losses.

The trading pool seemed to have been soaked in a sea of ​​blood.

From a distance, you can see the frustrated traders.

"Let's go to dinner and call Yang Jingshan." Su Cheng stretched himself, quite satisfied with today's deal.

Yang Ming went to invite someone, and a trader with a Morgan brand passed him by.

"Is he the chairman of Sioux City of Pan Asia Fund?" Morgan's trader was as energetic as a little leopard, looking left and right cleverly, just blocking Sioux City at the corner of the stairs on the second floor.

"I am the chairman of Dahua Industrial, not Pan Asia." Sioux City is quite sensitive now.

"Yes, yes." Morgan's trader patted his forehead and said with a smile: "Su Dong's latest work is eye-opening. I wonder if Morgan Stanley can get a chance to cooperate with you?"

Su Cheng narrowed his eyes.

At this point, it is almost time to leave. The profit of the Pan Asia Fund will definitely exceed 0 billion US dollars. Sioux City may get two 50 billion US dollars including the price difference contract. If we talk about cooperation, it is not without foundation of.

... (To be continued.)