China’s yuan-denominated oil futures hit record high — OilPrice
In China, yuan-denominated oil futures this week reached their highest level since the contract was launched in 2018. On the Shanghai International Energy Exchange, the INE crude oil (SC) contract price rose to 929.4 yuan, or $138.50 per barrel.
Record on the Shanghai exchange
The SC contract was launched in March 2018. It is a physically delivered contract quoted and traded in Chinese yuan. As OilPrice reports, the rise in quotations is linked to growing threats to oil supplies from the Middle East and increased purchases by Chinese refiners.
The price surge came amid supply concerns after a drone attack on the East-West oil pipeline in Saudi Arabia late last week. As a result, the kingdom temporarily halted the pipeline’s operation. As of Tuesday, no timeline for its return to operation had been announced.
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Rise in global quotations
International oil benchmarks also rose at the beginning of the week. Brent reached $108 per barrel, while U.S. WTI exceeded $103 per barrel. The market fears a further escalation of the conflict, which could affect the restoration of oil flows through the Strait of Hormuz and the Middle East as a whole.
Chinese futures correlate more closely with the prices of crude grades of similar quality, including Oman and Murban. Both grades traded above $120 per barrel this week. The November 2026 Murban delivery contract rose by 0.69% on Tuesday to $128.64 per barrel.
An additional factor behind the rise in yuan-denominated futures was more active crude oil purchases by Chinese refiners, which have been gradually increasing their acquisitions in recent weeks.
