On January 3rd, the Zhoushan Oil Warehousing Comprehensive Price Index (hereinafter referred to as the " Warehousing Index") was officially released to the public. This index is the first index product in the oil warehousing market in Zhejiang Province, which is conducive to optimizing the business environment of the Zhoushan oil warehousing market, promoting standardization, normalization, and transparency of the Zhoushan oil warehousing industry, creating a brand of oil warehousing in the China (Zhejiang) Pilot Free Trade Zone, and promoting high-quality development of the entire oil industry chain.
It is reported that the warehousing index is led and supported by Zhoushan Harbour and Port Authority, and completed under the specific responsibility of Zhejiang Mercantile Exchange. It is released on the first working day of each month, and enterprises can quickly understand the overall trend of changes of Zhoushan oil warehouses’costs through the warehousing index.
The relevant person in charge of Zhejiang Mercantile Exchange introduced that，“The warehousing index is based on the comprehensive price and available commercial storage capacity of Zhoushan warehouse, and is compiled by using the method of weighted average storage capacity. ” In the process of compiling the warehousing index, both the storage capacity structure between varieties was considered to reasonably reflect the industrial structure, and the weights were adjusted regularly, “It means that the degree of price reflected by the index will change with the different storage capacity structures of varieties in different periods, avoiding the loss of timeliness due to information lag, which is more practical and economically meaningful.”
According to the latest released data, the Zhoushan Oil Warehousing Index was 1000 points in August of 2022, 1012 points in September, 1012 points in October, 996 points in November, 1000 points in December, and 1004 points in January of 2023. It can be seen that since August, the Zhoushan oil product market has seen a slight increase and stabilization, but then a slight decline, indicating that the warehousing oil product market has been relatively stable recently. “Usually, the price differences and monthly fluctuations among various oil products in Zhoushan are relatively small, and the overall situation of the warehousing market is often difficult to determine. Nowadays, based on the warehousing index, it is clear whether the market is trending towards' expansion 'or' empty warehouse ', "said the relevant person in charge of Zhejiang Mercantile Exchange.
According to the introduction, the warehouse index includes two types of indices, fixed base index and chain index, providing reference for index prices in different periods for enterprises to analyze and compare from multiple perspectives; Supporting the comprehensive price and available storage capacity information of oil warehousing previously released by Zhejiang Mercantile Exchange, enterprises can query specific information related to oil warehousing at any time, quickly understand the overall situation of the warehousing market, and make personalized judgments on all changes since the index was released, reducing business costs and improving decision-making efficiency.
As a part of the Zhoushan Boned Fuel Index system, the warehousing index, combined with the comprehensive price of warehousing and available commercial storage capacity, drives warehousing information to become a whole, improves the construction of the index system, further meets the needs of industrial chain enterprises, and provides more high-quality and accurate information services for the market. In addition, the warehousing index can not only meet the needs of enterprises and serve the market, but also meet increasingly complex regulatory needs, providing diversified monitoring and evaluation methods for government agencies, and serving social development and macroeconomics.
Source: Zhejiang News
