The trading pool has become more crowded.

As the price of crude oil approached $15, many financial institutions that did not do crude oil futures, or rarely did crude oil futures, also joined the period, those who did hedging business, purely speculative merchants, as well as insurance companies and fund companies that held large sums of money, all focused on the fluctuation of oil prices.

The more than 100 traders who originally worked in the trading pool were no longer able to bear the orders of so many institutions and companies, and those institutions with extra seats had to send all the traders who were qualified to enter the trading pool, such as Sumitomo Corporation, which was far more than just Hirano Hidetomo, and when the big customers of the trading bank had requirements to participate in crude oil trading, other traders had to put down their office work and go shirtless.

When the number of people exceeds 200, this is simply a basketball court for idiots, the chest is touched and don't scream, others are not shouting in the crotch of their feet, and the movements in their hands can not be stopped, the only thing you need to be careful about is the elbow flying all over the field, if you are stunned, it will delay the opportunity.

This is also the reason why the futures exchange has never had a female ** trader, no matter how depressed the trading pool, there are always times when it comes to operation, such as the coffee trading pool, when there are few people, there are only a dozen traders playing in it, and when there are many people, there are hundreds of people, depending on whether there are many opportunities for arbitrage.

For many of the traders who are now involved in trading, $15 of crude oil is like picking it up for nothing, and even the more cautious ones will order traders to buy it with all their might once the price falls below $15.

In their minds, it is impossible for the price of crude oil to go back to the 70s, since that is the case. As long as you buy within $15, there will always be a few cents that are tens of cents to make money, and counting the leverage factor, 10% to 20% profit is simply at your fingertips.

The goal of Global Petroleum's recreation to join the Pan Asia Fund is only to get a profit of about 10%. The situation on the London International Crude Oil Futures Exchange is a gift from God to countless people.

Of course, there are also some clients who will ask their traders to chase the ups and downs. Follow in the footsteps of Pan Asia Fund. Make small shorts in the market.

However, compared with the risk of longing, the risk of shorting has been infinitely magnified in the eyes of people in the financial community, and Qi Xiao collected the list of new financial institutions. There is a long queue for long names, but less than a third of the short lists.

Qi Xiao even reminded in particular: "HSBC, Sun Trust, Bank of Ireland, etc. on the right are all investing on behalf of customers, and it is estimated that they are required by customers." If their self-operated funds are involved, there is a good chance that they will be in the long column on the left. ”

"In this way, people in the financial world are not very optimistic about shorting. Sioux City commented as he watched.

"Many of the financial institutions that are long now are very well-capitalized and have the ability to wait until the delivery of crude oil, and we are now at risk of being forced to short. While Qi Xiao reminded, he secretly said in his heart: It's not just that he is not optimistic.

Sioux City just smiled. Said: "This time and that time." They now feel that $15 is the floor price. $14.88 is cheap, and in the morning, they think $17.88 is cheap. In my opinion, the more financial circles, the more unclear the reserve price...... However, these spot traders may hold crude oil to delivery. Well, you separate them into a table again. ”

"Okay. Qi Xiao agreed, and then asked worriedly: "Su Dong, when will the new supply you said appear?"

"Of course, it's not possible today, and it's not a matter of a day or two to increase production. ”

"It's not a day or two ......" Qi Xiao finally understood why Su Cheng used it as a follow-up measure, if there were no profits now, the other six crude oil producers probably would not have taken the liberty of increasing crude oil production capacity.

Qi Xiao felt like he was sitting on an accelerating Concorde airliner, his eyes were gray, and he said in a trembling voice: "Su Dong, the current market trading volume has been several times more than usual, and it is rare to be able to hold on to the negative news until the close, once the market reverses, it will not have much effect if the negative news is released." ”

"The market will not be so easy to reverse, the supply of crude oil has increased, and those financial institutions that are long will not be able to really deliver crude oil? I have the risk of being shorted, and they also have the risk of going long, crude oil is not gold, it can be piled up in the basement of home. Sioux City's tone was calm, not joking.

And he was pretty sure.

Because what he got was the world's top five super oil field Aqijiu.

At that time, after BP got Azijiu, just announcing the reserves, it caused a lot of fluctuations in the crude oil market, thanks to the British having their own North Sea oil fields, BP took a step-by-step construction plan, so as not to cause a devastating blow to the crude oil market, after all, the Azijiu oil field has a peak daily output of 1.3 million barrels, an annual output of 400 million barrels of terrifying production capacity, and the later British North Sea oil field production.

In order to save the British economy and the world economy, it took only three years for the developers of the same British to complete the task of doubling and doubling the production capacity of the North Sea oilfields in the harsh area with a wind speed of 100 knots and waves of 36 meters.

Dahua has not yet estimated the full reserves of Azijiu, and 3 billion barrels is just the result of current exploration, and similarly, compared to its peak capacity, the current daily production capacity also has great room for expansion.

Unlike the BP of the past, Dahua Industrial is now confident that in a few years, the output of the Azijiu oil field will be expanded to 1.3 million barrels or more, and with the current speed of world economic development, the result of Sioux City's doing so is destined to be more and more obvious in the 90s.

At that time, even OPEC will have to bear relatively low crude oil prices, and according to the rough estimate of Dahua Industrial's strategy department, the price of crude oil will be reduced by as little as 50 cents and as much as 1 dollar. Because no oil organization can tolerate a long-term reduction of 1.3 million barrels of production capacity, which is already equivalent to the national production capacity of an average oil-producing country.

In fact, the production capacity of the Azijiu oil field at its peak accounted for more than 30% of Azerbaijan's national production capacity. And Azerbaijan, from the pre-Soviet period, the former Soviet Union, to the Caspian Sea oil-producing period, is the world's top oil-producing country.

In the future, Chavez, an old Venezuelan man, will only rely on the daily output of three or four million barrels per day, and every time he picks up the "oil weapon". Naturally, it cannot be said that not a single barrel of oil is produced. Under normal circumstances, his weapons are only three and a half million barrels.

What the president of the United States cannot decide, not necessarily ExxonMobil cannot decide, and ExxonMobil cannot decide. It is not necessary that the Azijiu oil field cannot decide.

Unless there are other production cuts, an oversupply situation has been achieved for the extremely inelastic market of crude oil.

If it is a decade later, when China and other emerging market countries begin to show exaggerated appetites, the increase in the Azijiu oil field may easily be absorbed. But in the 94 years when the demand for crude oil was sluggish, Azijiu's production capacity was definitely a stick of wood that broke the camel's back.

If it weren't for the sluggish demand for crude oil, the OPEC ministerial meeting in the first two months would not have discussed the issue of reducing production capacity, and Iran, Saudi Arabia and other countries would not have made moves to increase production capacity for a long time.

Such as a lot of bad news. Fall in the era of crude oil prices of hundreds of dollars. It is easy to create a drop of twenty or thirty dollars, and now, for Sioux City, which has learned about the speculation boom in crude oil futures, a drop of three or four dollars is really nothing.

Qi Xiao's feeling was completely different. Looking at Su Cheng, he seemed to want to find out the madness in his expression, and said, "Let's hold a heavy position overnight......"

"In the next few days, let the market evolve on its own. Su Cheng interrupted him and gave the order directly. Whether it is him or a futures trader like Qi Xiao, if he wants to compare financial methods with the guys in the City of London who have salaries of tens of millions of pounds, it is a losing word. The cold reception that Pan Asia Fund encountered when it first arrived was the feedback of reality.

But in the crude oil market, Sioux City has accumulated a lot of capital, and coupled with the knowledge of the future, he is not worried about his overweight.

Qi Xiao returned to the office in a daze, Su Cheng also reined in his spirits, and went back to continue the conference call, and his partners probably had similar concerns.

Early the next morning.

Newspapers all over the world have put the shock of crude oil futures on the front page of the financial industry, compared with yesterday afternoon's evening news, after a night of brewing newspaper news, the depth of the news has been significantly improved, and the leading "Financial Times" has published a special report and put it on the front page.

It took Sioux City a breakfast time to nibble down on the report, which was signed "Deria". With his level of English, he is still able to work in dialogue and negotiation, but it is too hard to read professional articles.

When he walked out of the hotel with a newspaper in his hand, he was greeted by a group of reporters staring at him with bright eyes, like a group of gamblers who had stayed up all night.

Stunned, these sharp-moving fourth-class creatures shoved the microphone into his mouth.

"Chairman Su, what is Pan Asia Fund going to do next?"

"Su Dong, do you think today's crude oil futures will open higher?"

"Chairman Sioux City, please say a few words to the readers of the Daily Telegraph......"

"Su Dong, the price of crude oil in New York has begun to rebound, do you regret shorting London crude oil futures......"

Sioux City grabbed the information in a pile of questions, paused, and asked, "Has the price of crude oil risen in New York?"

Crude oil futures in New York were still trading during the London break, and they had clearly priced in the negative impact of OPEC.

The reporter who just mentioned the rebound in crude oil prices in New York squeezed away the people around him with a shiny face, held up the microphone and said: "Yes, the current price in New York is $16.22, more than the price of crude oil in London by more than $1, what do you think will happen next?"

"Is the price still oscillating around $15 in London?" Sioux City did not reply.

The reporter looked at the record book and said: "The London North Sea Brent crude oil August contract, yesterday's closing price was $15.08. What do you think about the severe inversion of crude oil prices in New York and London right now?"

The price of the North Sea Brent crude oil futures contract has always been higher than the price of the Texas Intermediate crude oil futures contract, but now the latter is $1 higher than the former, which is naturally extremely abnormal.

But compared to the price inversion of crude oil futures, Sioux City seemed even more abnormal, and he showed a weird, irrepressible smile and asked, "So, the price difference between London and New York has widened to $1?"

"Yes. The reporter replied strangely, holding the microphone vigorously, waiting for Sioux City's response.

Su Cheng closed his eyes and smacked his mouth.

UOB invested $200 million in CFDs in London and New York, and at the time, the difference between the two was less than 50 cents. With 300 to 500 times leverage, for every 10 cents of the spread between the two, Dahua would have made a profit of almost $450 million.

Now, the spread between London and New York has widened to $1, and he has earned $2.3 billion in net profits from CFDs alone.

This is the profit of Sioux City's independent investment, and there is no need to share a penny.

As things stand, it seems that the spread between London and New York will continue to widen.

In 1994, such a large sum of money was more than enough to buy two central enterprises, and it was used to invest in other emerging industries, and I don't know how much to earn.

Sioux City laughed and waved his hands, and with the help of his bodyguards, he got rid of the reporters and sat down in the Rolls-Royce, and there seemed to be laughter still coming out.

A group of reporters looked at each other with a stunned face, and some people asked softly: "Does this expression mean anything in China?"

However, Delia, who had interviewed Sioux City, felt something and quietly returned to the newspaper.

……