石油期货名存实亡

受国内燃料油现货市场萎缩、期货合约更改等原因的影响,燃料油期货江河日下。燃料油期货的经验和教训或将成为原油期货健康成长的基石。2004年8月25日,上海期货交易所成功上市了燃料油期货。起初,燃料油期货总体表现得非常良好,吸引了市场强烈关注。之后,交易日趋活跃,成交量不断攀升。2009年日均成交量高达近38万手。     

燃料油期货：急火煮成夹生饭

燃料油期货的高调亮相掩饰不了这个新期货品种的不成熟。但 市场需要燃料油期货,随着认识深化,燃料油期货会逐渐被接受。     

高油价影响下的我国燃料油市场

上海燃料油期货市场上市的两年．也正是国际原油价格高涨的两年。在持续数年的高油价影响下．我国的燃料油市场格局发生了变化。上海燃料油期货作为我国开展石油期货品种的突破口。上市两年来表现良好，成为企业规避市场风险有效工具。燃料油期货的运行和监管经验，为我国推出原油和成品油期货提供了重要的启示和宝贵的借鉴。     

燃料油期货破题

原油、汽油、燃料油是国际三大期货品种,由于燃料油在我国市场化程度很高,相对于其他两个品种,更适合作为恢复石油期货品种的前奏。     

上海期货交易所燃料油期货实战案例回顾（二）

案例四：贸易商对期货工具的灵活应用 1、2005年7月中旬某企业采购一批进口燃料油．成本价2730元／吨．当时国内现货价2930元／吨．上海期货交易所燃料油期货0509合约也在在2930元／吨上下波动。该企业计算后认为2930元／吨卖出有获利．为防止运输途中油价的下跌．该企业在上期所燃料油期货0509合约上以2930元／吨卖出和该批货物相同的数量。以锁定利润。七月下旬。油价开始下调．8月1—2日．Fu0509合约跌至2720--2730元／吨．该企业认为燃料油价格已跌到采购成本．市场人士抛货无利可图。加之同期。国际原油价格却步步走高。综合分析后。该企业认为该批货物保值目的已经达到。于是．把Fu0509合约在2730元／吨平仓．获利200元／吨。货物到港后。在现货市场以2960元／吨的价格卖出．该企业利用期货工具保值的同时．根据市场的变化。灵活处理。获得了超额利润。     

石油期货名存实亡

2004年8月25日，上海期货交易所成功上市了燃料油期货。起初，燃料油期货总体表现得非常良好，吸引了市场强烈关注。之后，交易日趋活跃，成交量不断攀升。2009年日均成交量高达近38万手。     

上海燃料油期货价格发现功能的实证研究

一、前言 燃料油期货是我国期货市场清理整顿十年来经国务院同意，中国证监会批准上市的第一个期货新品种。燃料油期货的成功上市．不论对我国石油行业还是期货行业，都是一件具有里程碑意义的大事，被评为2004年中国十大石油新闻（排名第四）。     

上燃期货渐显“中国标准”

上海燃料油期货市场所体现的“中国价格”和“中国标准”已逐渐在国际燃料油市场上产生影响。我国燃料油期货正在逐步发展成一个国际性的期贷品种,成为国际燃料油市场的定价基准之一。     

长沙全面有序供电 限电可能持续三个月

受美国原油价格上涨的影响，7月4日，上海燃料油主力809月合约早盘高开，随后期价窄幅震荡，成交量和持仓量同步减少。上海燃料油期货主力809合约开盘5500，最高5521，最低5446，收盘于5496，上涨24点。     

金融危机对我国燃料油市场的影响——基于燃料油期货市场功能的实证研究

2008年的华尔街金融风暴席卷了整个世界,国际原油价格一路暴跌,作为原油的副产品的燃料油自然深受其影响,而燃料油期货市场是否在受此冲击下仍能够为投资者规避在现货市场的风险呢?文中通过各种检验模型对我国的燃料油期货市场的有效性进行检验,通过观察该市场在金融危机前后的表现,研究金融危机对于我国燃料油期货市场的影响,从而得出结论。     

An Empirical Analysis of the Price Discovery Function of Shanghai Fuel Oil Futures Market

This paper analyzes the role of price discovery of Shanghai fuel oil futures market by using methods, such as unit root test, co-integration test, error correction model, Granger causality test, impulse-response function and variance decomposition. The results showed that there exists a strong relationship between the spot price of Huangpu fuel oil spot market and the futures price of Shanghai fuel oil futures market. In addition, the Shanghai fuel oil futures market exhibits a highly effective price discovery function.     

燃油稀释对润滑油的性能影响研究

分析了耐久性试验中燃油稀释对润滑油性能影响。实验室用石油产品运动黏度测定法、低温下发动机油屈服应力和表观黏度测定法、SRV和储存稳定性等方法考察了添加不同比例的93号汽油对润滑油的性能影响。结果表明：耐久性试验中,燃油稀释造成了油品黏度及闭口闪点的下降,磨损金属含量变化比较平缓;润滑油中加入不同比例燃油的试验中发现：燃油含量越高,润滑油的高低温黏度及低温泵送黏度越小,碱值越低,极压抗磨性能呈现下降趋势,但酸值和戊烷不溶物基本保持不变;燃油稀释对油品储存稳定性基本没有影响。     

Pyrolytic Distillation of No. 4 Fuel Oil

Fuel oils (numbers 1–6) are fractions of crude oil. The boiling point and carbon chain length of the fuel increases with fuel oil number. Viscosity increases with the number, and is needed to flow the heated heavy oil. No. 4 fuel oils are used as burner fuel for domestic and industrial heating and have to raise steam for power generation and marine propulsion. Recycling and rerefining are application processes for the treatment of petroleum-based heavy products by converting into reusable light products such as gasoline and No. 2 diesel fuel. Possible pyrolysis and cracking processes are appropriate. The purpose of this study is performed to obtain light products, especially gasoline and No. 2 diesel fuel from No. 4 fuel oil by the method of pyrolytic distillation. Sodium carbonate (Na₂CO₃) was used in pyrolysis as catalyst and the purified oil samples were blended separately with catalysts having a mass basis of 5% and 10%. If the objective is to maximize the yield of distillate producing from No. 4 fuel oil, a low temperature and a high heating rate process would be required. The yield of gasoline-like fuel was 10.6% in the noncatalytic conversion, while 13.3% was obtained in the catalytic conversion. The yield of No. 2 diesel-like fuel was 23.3% in the noncatalytic conversion, while of 32.6% was obtained in the catalytic conversion. The yield of No. 2 diesel-like obtained from the catalytic conversion was higher 39.9% than that of the noncatalytic conversion.     

微乳化燃油的研究进展

综述了节能环保型微乳化燃油的基本理化性能、配制技术及国内外研究现状。W/O型微乳化燃油具有稳定性好、燃烧完全、污染少、节约能源等优点。它取代传统的燃油可大幅减少有害气体的排放,具有良好的经济效益。     

Oxidative Desulfurization of Fuel Oil: Modeling Based on Artificial Neural Network

Oxidative desulfurization of fuel oil was investigated using a process consisting of oxidation and distillation steps. In the oxidation step, various organic carboxylic acid/H₂ O₂ systems, especially acetic acid/H₂ O₂, were used as oxidant. They oxidize both easy and refractory sulfur compounds and convert them into oxidized sulfur compounds. The oxidized sulfur compounds are finally removed from fuel oil by distillation in the presence of water. The sulfur content of fuel oil was decreased to levels as low as 20 ppm (up to 90%) in a short contact time, ambient temperature, and atmospheric pressure. The results showed that applying this process did not have any deleterious influence on the distillation characteristic, composition, and content of fuel oil that was examined. An artificial neural network, using back propagation (BP), was also utilized for modeling oxidative desulfuration process of fuel oil. The comparison between the output of ANN modeling and the experimental data showed satisfactory agreement.     

Study on Producing Marine Fuel Oil by Blending

In this paper, Fushun shale oil (FSO) was used as basis oil, which was blended with Anshan heavy oil (AHO) and Liaoyang heavy oil (LHO), respectively. Their physico-chemical properties were gained comprehensive analyses. Additionally, the contents of Na, K, Ca, Ni, V, and Zn of blended oils were determined by the Inductively Coupled Plasma Atomic Emission Spectrometry (ICP), and blended oils were divided into four groups and analyzed by column chromatography. The experimental results showed that there was optimal proportion between shale oil and heavy oil by blending. Its physico-chemical properties reached the standard of corporation, which further showed that the blending method was a feasible way to produce marine fuel oil.     

China Kicks off Fuel Oil Futures in Shanghai

China, the world's No. 2 oil consumer only after the United States, rolled out fuel oil futures for the first time in a decade on August 25, offering hedging tools to firms wincing at sky-high prices and paving the way for crude oil derivatives.     

一坪"双箭"燃气汽车发动机润滑油在出租车上的使用

在上海,汽车尾气排放已忧为大气污染的主要原因之一,采用LPG清洁燃料是改善汽车排放污染的有效途径,但对发动机油提出了新的要求。经SANTANT轿车行车试验表明：研制的燃气汽车发动机油能满足燃气汽车发动机的润滑要求。     

燃料油选择性吸附脱硫研究进展

依据燃料油中硫化物与吸附剂表面活性点相互作用的类型,综述了π络合吸附、S—M配位吸附、酸性位吸附和多活性位吸附等选择性吸附脱硫方式的研究进展。认为通过结合多种选择性吸附原理,制备具有多种活性位的吸附剂,达到深度脱硫过程中高选择性和高吸附容量的目的,是燃料油深度脱硫吸附剂研究和开发的主要方向。     

Study on Producing Marine Fuel Oil by Blending

Abstract:

In this paper, Fushun shale oil (FSO) was used as basis oil, which was blended with Anshan heavy oil (AHO) and Liaoyang heavy oil (LHO), respectively. Their physico-chemical properties were gained comprehensive analyses. Additionally, the contents of Na, K, Ca, Ni, V, and Zn of blended oils were determined by the Inductively Coupled Plasma Atomic Emission Spectrometry (ICP), and blended oils were divided into four groups and analyzed by column chromatography. The experimental results showed that there was optimal proportion between shale oil and heavy oil by blending. Its physico-chemical properties reached the standard of corporation, which further showed that the blending method was a feasible way to produce marine fuel oil.