Traders enter the trading pool with a heart full of uncertainty.

They all watched the morning news, they also watched yesterday's electronic trading, and most of them listened to the reports of the company's analysts, but for today's price, few people can still give a positive judgment.

As for correct judgments, there is no such thing as such a thing.

An executing trader acting on behalf of the client was the first to give today's price: "Sell, $15.55, 200 lots." ”

The quote is 10 cents lower than yesterday's closing price, indicating that his client is still bearish on the market.

No one immediately traded with him, but someone immediately offered a new price: "Sell, $15.52, 300 lots." ”

This time it's 13 cents lower.

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

Immediately after that, three traders sold almost 1,000 lots of crude oil at the same time, and the price remained at $15.52.

The trader of IB hesitated again, and after buying a copy of 200 lots, he found that no one took the order, so he simply waited.

All the traders were accustomed to this kind of thing, and one of them automatically and consciously lowered the price, making a gesture of $15.48 and asking to sell 500 lots.

Seconds later, Citibank's proprietary traders stepped forward to take the order.

This action, as if 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 (future JPMorgan Chase). In addition, Goldman Sachs and Citibank are the kings of the New York crude oil market, almost controlling the rhythm of the New York crude oil futures market. And in the more international London market. The power of the four is still good, but they are more conservative.

Because of this, the emergence of Citibank, and the appearance of buying long, naturally gave birth to the association of the market.

On the one hand, there is the news of the increase in crude oil production, and on the other hand, the entry of Citibank, in a short period of time. The two seemed to be able to offset each other, but it didn't take long for the price of crude oil to fall again.

Finance is rooted in confidence. But faith cannot exist in isolation. Especially in the primary market, if you believe it, you pay for it, and the more money you gather. Illustrate the higher the degree of belief. This is the basis for the discovery of 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 in crude oil prices, and Citibank, which has just appeared, is like a shadow, buying less than 2,000 lots of crude oil and then disappearing, and the money that believes that the increase in crude oil production will lead to the decline in oil prices is still there.

Thus, a new price was discovered.

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

Yang Ming came in a hurry. Habitually glanced at the market, and couldn't help but say: "I thought everyone would be inclined to oil prices to rise." I didn't expect it to last even a quarter of an hour. ”

"It's like PetroChina, although countless people think it will rise, but when it should fall, it still has to fall, and the confidence that comes out without paying is false confidence. Sioux City naturally gave a sentence.

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

"Oh...... Forget it, a long story. "For Sioux City, when it comes to confidence and price, the first thing that comes to mind is PetroChina, but for the Chinese in the mid-90s, this is still a strange story.

Yang Ming didn't ask anymore, and said with a smile: "Anyway, Su Dong, your plan has come true." ”

"Oh, it's not quite there yet. Sioux City looked at the price of oil that fluctuated around $15.35 and said, "This is a little higher than the price of the previous two days, by the way, look at you running over, what's the matter?"

"The country sent someone again. ”

"Sent from home?"

"Uh...... It seems to have arrived from France, this morning. Yang Ming also went through the investigation of the Information Bureau, shook his head and said: "It is said that he was sent to France for further study in China, and he was temporarily sent to London." ”

Seeing that he attracted Su Cheng's attention, he reminded in a low voice: "His name is Yang Jingshan, he has a high level, a high degree of education, and his background seems to be very good, and the file is placed in the State Council, and he has been in Paris for more than a year at public expense." ”

"Oh, the second generation?

"It's not very clear, you know, the Information Bureau still has relatively little information on this. The report speculated that it should not be a very special family, after all, he has been working in the bank, and the speed of promotion is not particularly fast. Yang Ming explained simply.

In the 90s, it was very popular to study abroad, because it was fully public-funded, and it could be promoted ironclad after going back, which was the most suitable promotion path for the second generation. It is easy to understand with a simple comparison: In the same two or three years of going to a foreign unit, it is hard work and there is no continuity in supporting the frontiers, and after returning, you can usually only get a promotion of one or two levels. Studying abroad, even if it is hard, is relatively comfortable and hard, and after coming back, not only will you be promoted quickly, but also because of the advantages of academic qualifications, it is also very continuous. In fact, even if you don't get promoted, it's best to study in Paris for free.

The master who came here was naturally much higher than Tian Dongliang's grade, not to mention, Tian Dongliang himself was forcibly left by Su Cheng.

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

Sending a banker from France to London is a good idea, at least to understand the situation abroad, and if you can have good English skills, it is more appropriate than sending it from China.

Su Cheng nodded and asked, "Someone is here?"

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

"Outside of the small office and the operator's room, let him wander around. Su Cheng said happily.

Yang Ming hurriedly went out to inform, and brought in a tall and handsome man after a while.

The second generation of officials who can come to Paris for further study, and work in a bank, think 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 twice. Then I greeted him.

Yang Jingshan knows how to communicate very well, and his tone is frustrated and soft, but. After he finished his kind words, Su Cheng said, "You can rest for a while, let me finish the matter here, and let's talk about it in detail." ”

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

"Just boil water. Yang Jingshan smiled generously. Obediently stood behind him.

After a while, the situation in the trading pool changed again, and some execution traders began to trade in large quantities. Many proprietary traders have become old men, moving slowly.

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

International trading of crude oil is very simple. As long as the crude oil carried by the ship meets the storage requirements. They are then transported to the delivery warehouse, which is collected and paid from the exchange to the oil producers who deliver the goods.

The inventory of the delivery library 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, with an increase in reserves indicating that the supply of crude oil exceeds demand, and a decrease in reserves indicating that the demand for crude oil exceeds supply. A large part of the so-called world crude oil reserves are held in commercial institutions. As for such a thing as a national crude oil reserve, it is actually very uneconomical. Because they can't be used normally, hundreds of millions of barrels of reserves mean tens of billions of dollars of precipitation, which is a lot of total, and the impact on the crude oil market is limited.

Su Cheng was not surprised and said, "It's almost the same." ”

Qi Xiao didn't participate in the specific details of these insider transactions, and said in surprise: "How did you do it?"

"Just slow down the tanker and pick it up faster. "Oil tankers are mobile oil storage equipment, and oil tankers of 100,000 to 300,000 tons can be easily chartered.

Qi Xiao smashed his mouth and said, "I thought that the oil we stored was all sent to the delivery warehouse." ”

"It's not just ours, it's other companies. ”

"Crude oil comes from?" "Crude oil is the world's largest commodity, whether it is transportation or production, it is systematic, and the whole system runs like a factory production line, and it will not be more for no reason, nor will it be less for no reason.

What's more, the increase in inventory on the electronic screen, but in millions of barrels, no matter how you look at it, is not something that Dahua Industrial and several companies can accumulate in a short period of time.

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

"Huh?"

"I heard that the oil refining and chemical plants under Repsol and several other companies have also entered the concurrent repair. ”

"Yike...... This one...... I didn't expect it at all. Qi Xiao said Ai Ai: "This is too obvious." ”

"It's okay, just be yours. "Sioux City's heart is bigger than ever at this time.

Large-scale chemical plants and oil production equipment need to be repaired every year, as little as 20 days, as many as 50 days of non-working days, if you choose the wrong time is a disaster, can swallow up the profits of the whole year, but if you choose the right time, but there is a doubling of profits.

For now, Dahua's Haicang base alone consumes about 1.2 million barrels of crude oil per day, more than half of which is used to produce diesel, and the rest is used to produce methanol and ethylene.

It is expected that it will take another two or three years for the 1.1 million barrels per day diesel refinery to be fully completed, and the production of 800,000 tons of ethylene and cumulative million tons of methanol will also create a large demand for crude oil.

Companies such as Repsol, which has a longer history, have more refineries and chemical plants, and except for some inconvenient plants, the other shutdown plants can release at least 3 million barrels of crude oil per day.

A lot of this crude oil originally came from the North Sea, and now it doesn't have to be shipped far, just to the delivery warehouse in the UK.

Of course, once the seven companies of the Pan Asia Fund do this, there is no escape from the lawsuit of insider trading. But no one cares.

If it is said that when it is $17, Repsol and other companies still need to think about it, when crude oil drops to $15, the shareholders of the Pan Asia Fund with a cumulative profit of more than $20 billion have already heated their heads.

What's so great about a lawsuit? As long as the profits are sufficient, people would rather fight a protracted lawsuit.

In Europe and the United States in the 90s, it was unimaginable that the financial policy was relaxed, especially for companies like Dahua Industrial and American Seager, hiring a good team of lawyers, just using money to bury the government's prosecution team, even after a few years, confirmed insider trading, most of them are fines of tens of millions of dollars, as for criminal offenses, it is really rare.

Within a few hours, inventories in London delivery warehouses had increased by more than 2 million barrels.

This is rare.

Although traders often make larger trades than this, most of them are virtual trades, and those who sell short will close their positions, and those who buy long will also close their positions. Spot crude oil is different, their production, demand and consumption are real, if the market really shows that the supply exceeds demand, then to the end of the consumer, it will always be reflected.

When the time comes, it is natural to be the embodiment of the price.

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

No matter how bullish many traders were about the price of crude oil, the price of crude oil quickly fell to around $14.50.

The short side is going to make tens of billions of dollars in profits just today, and the long side is going to have to incur so many paper losses.

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

In the distance, you can see angry traders.

"Let's go to dinner and call Yang Jingshan. Sioux City stretched, quite happy with today's deal.

Yang Ming went to ask for someone, and a trader with a Morgan brand staggered by him.

"Is it the chairman of Sioux City of the Pan Asia Fund?" Morgan's trader looked like a leopard, looking left and right smartly, 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 right now.

"Yes, yes. Morgan's trader patted his head and said with a smile: "Su Dong's recent operation is an eye-opener, I don't know, can Da Mo get the opportunity to cooperate with you?"

Sioux narrowed his eyes.

At this point, it is almost the time to leave, and the profit of the Pan Asia Fund is bound to exceed 20 billion US dollars.

……