The funds of the Pan Asia Fund are invested cumulatively, and its leverage is gradually increased. The largest amount of money leveraged by $17.5 billion is almost $300 billion.

Of course, it is not that $17.5 billion can only leverage $300 billion, but that it is a reasonable contraction for security reasons.

Nevertheless, this is also a 17x leverage, and ordinary crude oil traders will not easily use such a large leverage.

The Pan Asia Fund has almost achieved a return of more than 10% through the $300 billion, that is, more than $30 billion.

As for how much money it is, it depends on whether the withdrawal of these funds goes smoothly.

If there is a tail left, even if only one percent is left, then $3 billion will be wasted, and if the withdrawal does not go well, the tail may cause losses.

Su Cheng looked at the electronic screen of the exchange and his own computer screen at the same time, urging the speed of closing the position to speed up.

Qi Xiao was even more nervous, before he came to Dahua Industrial, he had manipulated a $300 billion project, at this time, a correct operation and a wrong operation would at least cause a difference of several million dollars, such a huge responsibility, needless to say.

“14.26。 A trader shouted quickly in English.

Su Cheng and Qi Xiao also saw it, and the latter said with certainty: "Buy." ”

The trader repeats "buy" and starts operating on the electronic disk.

This is also the difference between electronic and manual disks, if the vultures in the trading pool dare to buy crude oil now. As the biggest bear, it may cause a big reversal in the oil market.

And placing an order through the electronic disk, there is not so much trouble. Although it is also necessary to trade through a seated businessman, the large number of transactions undertaken by the seater will not make the market associated.

Oil prices quickly recovered to the price of 14.32, and the operating trader clicked on the keyboard a few times and said: "Bought 420 lots." ”

1 lot is 1,000 barrels of crude oil, and 420 lots is 420,000 barrels of crude oil, worth around $6 million. I can't say much, but it's a good start.

On an average basis, the Pan Asia Fund earns almost $1.5 per barrel. If you calculate it at the beginning of $18.22, the profit per barrel is as much as $4, and 420,000 barrels of crude oil is an average of 600,000. Or up to $1.6 million.

Qi Xiao glanced back at Su Cheng. Seeing that he was quite satisfied when he touched his chin, he felt satisfied.

For Pan Asia Fund, this was the first real profit they made. Until then, it was at best a book income, and only by paying back the borrowed crude oil could real profits be generated.

If Sioux City is a retail investor, 420 contracts are considered a lot, and now you can go out with your money and turn left. Happy celebration.

However, with the number of contracts currently held by the Pan Asia Fund. It's still far from closing the position, that is, there is still quite a bit of time before you put the money in your pocket.

A few seconds later, oil prices fell below 14.30 again, and the Pan Asia Fund once again bought more than 600 lots of crude oil from the electronic market.

Now, in addition to the Pan Asia Fund, other crude oil traders do not dare to continue to buy long, in fact, there are a lot of small longs who secretly close positions and even turn short, because the situation in front of them is very clear, continuous negative news, at least can ensure the advantage of the short side within a few hours, and the profit of making too much can not be guaranteed, but the profit of about 10 cents, under the leverage of about 10 times, is also very considerable, let alone a 5% profit, which is much better than a "scalping" transaction.

Under the operation of the Pan Asia Fund and the market itself, oil prices fell to around 14.20 for a while, and then rose to around 14.30 for a while, and the Pan Asia Fund also took the opportunity to flatten the short orders of more than 1 billion US dollars.

After coming and going for more than half an hour, various financial institutions finally confirmed the new OPEC news, and some large parties also began to make decisions one after another.

The first to cut the meat was Enron. The future Fortune 500 company is known for making false accounts, but now in 1994, it is best known for its special financial system. To put it simply, Enron was the first energy company to use mathematical means to manage its company.

Fortunately, Enron, which was too far ahead of its time, was not adequately regulated. More precisely, the current U.S. government, or any other government in the world, is not strong enough to regulate Enron -- how can it compete with hundreds or thousands of senior elites with millions-a-year salaries and a shortage of government manpower and an average salary of less than $100,000. If the government really has a more talented elite, such as Enron, it is not that it cannot get tens of millions of dollars in annual salaries, and in the end, the government has either ordinary mediocrity or idealism, and the latter must understand politics in order to play a role, such a requirement is obviously too difficult, so that Enron not only uses mathematical means to manage the company, but also uses mathematical means to make fake accounts.

Although the final result is not good, but the current Enron company is the company that pays the most attention to risk control, in the first round of the long and short war, they were the first to withdraw, and in this decisive battle, they also made a judgment and did not hesitate to give up again.

When as many as 200,000 crude oil futures contracts were thrown, Sioux City had some admiration for Enron.

The fact that any company can faithfully and firmly obey a given strategy without being swayed by emotions is a remarkable thing in itself. As for whether they will make a profit in the end, it can only be said that they will always make a profit.

Of course, from another point of view, only a dead American company is a good American company.

With the fall of Enron, the bulls in the trading pool were out of control.

Deutsche Bank, UBS, Boston Financial and other small and medium-sized companies have announced their collapse. They do not have sufficient funds in the crude oil futures market, and the margin they can invest is basically less than $200 million, and most of them operate with more than 10 times leverage. As a result, when oil prices fall by more than 10%. That is, when it is $1.4, these financial institutions are bound to blow up, and when the time comes. Even if crude oil pulls back to $100, it has nothing to do with them.

As for the financial companies behind them, it is impossible to invest too much power in a market, and the global futures markets will break out every year in a tragic long and short war, and financial institutions set the amount of funds, which is itself to prevent risks.

If it's every long and short battle. They can't help but put all their strength into it, not to mention whether they are willing to give up other futures markets, just the risks involved. It was enough to destroy these century-old shops.

Unlike spot oil companies like Dahua Industrial, the seven shareholders of Pan Asia are ready to make a fortune and leave, and Aliyev, who is not a shareholder, may never enter the futures market again for the rest of his life, but financial institutions will always be immersed in it. For them. Cutting the flesh to escape is more correct than a duel to the death, and even if there is a 70% chance of winning a duel to the death, they will not necessarily agree, let alone the current situation.

Some of these small and medium-sized traders enter the market around $15, some enter the market at $16, and some enter the market at $17, even if it is average. It is almost on the verge of liquidation, and some companies may have replenished their margin once or twice. Therefore, once confidence is lost, it is difficult to maintain the position of the multi-party parties.

Pan Asia Fund has aggressively absorbed crude oil futures contracts through three vendors, thereby closing its long orders.

The so-called short selling is to lend crude oil from the exchange to sell it out of thin air, and now buying crude oil to close the position is equivalent to paying back the lent crude oil, and the difference between the two is the profit or loss of the short seller.

When bp's $15 billion position was liquidated, Qi Xiao was pleasantly surprised to find that his position had been reduced by two-thirds.

And the profits are even more impressive, as much as $18 billion.

Although the next two-thirds will definitely not have as many profits, thinking about the meaning it represents still makes Qi Xiao tremble with excitement.

"It's so exciting, it's so exciting!" Qi Xiao couldn't help but say twice.

Su Cheng also saw the small note he handed over, chuckled and threw it into the shredder, and said, "Don't forget, Dahua Industrial only has 25% of the shares. ”

"That's also ......" Qi Xiao didn't say it, but still scribbled on the paper: $4.5 billion.

A quarter of 18 billion is 4.5 billion US dollars, which is a very simple oral calculation, but Qi Xiao still counted it twice before he confirmed it.

It's a simple arithmetic, but an incredible reality.

Su Cheng thought for a while, folded the paper and put it in his pocket, and said, "This wave, if we win a big victory, I will send this note to the exhibition room of Dahua Industrial, so that it can be a witness to history." ”

Qi Xiao was stunned for a moment, and then laughed out loud: "When we win a big victory, I will write another note and write all the profits, maybe it will be a three-digit number." ”

Su Cheng shook his head and said, "It must be a three-digit number." ”

"Huh?" Qi Xiao was puzzled. Don't look at the remaining two-thirds of the position, but the position of the Pan Asia Fund is too heavy, many of which are released for the sake of chips, and now there are small and medium-sized financial institutions that have turned short to support the short market, but the Pan Asia Fund that quietly closes the position, will eventually turn the scales, when the time comes, crude oil will re-run to $15, $16 or even $17 is possible, on average, there are always some positions that cannot make money, or even a small amount of money. Therefore, the remaining two-thirds of the position may not make a profit of $4.5 billion.

Su Cheng smiled and said, "You forgot about our CFD, let's start closing the position now." ”

Qi Xiao's eyes lit up like a cat.

CFDs are not like short selling on a single futures exchange, they are extremely leveraged and risky, but they are very easy to close.

Qi Xiao picked up the phone as soon as possible and dialed it out, and at the same time asked his assistant to adjust the price difference between the two places.

The process of closing his position on the London Futures Exchange was so intense that he didn't have the energy to pay attention to the New York market.

After all, the average spread determined by the CFD bought by Dahua Industrial is only $1.1, and the New York market will not follow up in any case with this kind of decline in London.

Sure enough, the crude oil futures contract in the New York market remained above $16.50. The U.S. economy is recovering well, followed by a peak in air-conditioning electricity consumption, and in the U.S., where more oil is used for power generation, they have always followed their own price rules and will not be as easily affected by the international market as London. This is also the energy orientation pursued by successive US administrations since the oil crisis of the 70s.

Qi Xiao didn't care what the Americans cared about, but the whole person was intoxicated by the $2.2 spread.

For Dahua Industrial, $200 million with 300 to 500 times leverage, every 10 cents of the spread widens, there will be a profit of $300 million to $600 million, and now the spread has widened to more than 120 cents, and the profit has properly exceeded $4 billion.

As a result, Dahua Industrial's total profit will inevitably exceed 10 billion US dollars.

Ten billion dollars!

And it's tens of billions of dollars in spot exchange!

In China in 1994, it was really an asset that rivaled the richness of the country.

"Hey!"

The phone was connected, Qi Xiao forcibly suppressed the thoughts that came to him, and first issued the order to close the CFD.

"Understood, close all positions. On the other end of the phone, it was also an excited voice.

…… (To be continued......)