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    SEC warns against investing with GVEST Global’s illegal schemes

    SEC warns against investing with GVEST Global’s illegal schemes

    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

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    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    • Nigeria
    • Africa
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    • All
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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    Resolutions passed at Jaiz Bank’s 13th Annual General Meeting

    UPDC REIT declare N0.16 dividend for 2022 Financial Year

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    MTN Nigeria announces changes in leadership roles

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    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

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    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

    Oando completes Tranche one of its Share Distribution Programme

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    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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Home Markets Commodities

How Chinese Students and White-Collar Workers may have lost $1.3 Billion (N507bn) as Oil Price Crashed

Some Retail Investors may have lost $7,000 in a day

Sunday, 26 April 2020, 1:45 pm
in Commodities, Markets
0
How Chinese Students and White-Collar Workers may have lost $1.3 Billion (N507bn) as Oil Price Crashed
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Banks and Financial Institutions package and market a lot of financial products to individuals, most of whom do not understand the under lying factors that may affect their investments. Some of them come in fanciful names and has ruined many people financially; example is the Collaterized Debt Obligations (CDOs) that was synonymous with the 2008 financial crisis.

“Yuanyou Bao” literally meaning “Crude Oil Treasure” is a structured product marketed by the Bank of China (BoC), and made up of a bundle of crude futures contracts, both domestic and foreign. The product includes futures contracts for the West Texas Intermediate (WTI) and Brent Contracts.

Its appeal to retail investors is the one barrel minimum investment volume required for the product, compared to 1,000 barrels per lot in standard oil contracts.

On Monday, the oil market was rattled as traders dumped their May futures contracts, a move that saw WTI May contract futures trade deep in negative territory. Subsequently, many crude oil-linked products like the “bao” racked up loses running into millions and in some estimates billions of US Dollars.

  • Read also: How much is the Business Worth?
  • After Monday Heavy Losses – Oil Brokers Limit Customers Transactions

The Bank of China was forced to settle its crude oil “bao” product at minus $37.63 a barrel following the market collapse on the last trading day for the May contract, leading to investors to cry foul.

Monday happened to be the day that BoC had set for investors of the product’s WTI-linked contracts to settle up, either by simply closing their positions or rolling over their contracts — opening positions for June contracts while closing their May contracts to maintain their investments. In either case, investors with long positions suffered losses.

The investors hit were those who did not settle or roll out of the expiring May contract ahead of the last trading day.

There are over 60,000 individual investors who lost deposits as much as $593mn (4.2 billion yuan), a third of whom had invested more than $7,000 each (50,000 yuan). These individuals range from University Students to White-Collar workers.

  • Read further: Reasons Behind U.S Negative Oil Price as It Recovers Above $1
  • Oil Price Continues to Tumble – Sells at NEGATIVE price

News out of Shanghai China, indicates that retail investors may have lost more than $1.27 billion (9 billion yuan) from the “bao” sold by the Bank of China, according to a Reuters article referencing financial news outlet Caixin.

According to a report by Caixin, seen by Investogist, some of these Investors believe that the Bank of China should be responsible for the loses due to design defects in its product and its flawed risk management.

BoC had in the past said that they while it charges operational fees for the product, it is not the manager of the investment.

According to a recent news article by Caixin, “Several traders and market participants told Caixin that some investors in the paper crude trading products were caught up in the price plunge because they tried to buy on the dip when crude prices dropped to $20 a barrel without considering that prices could sink further into negative territory”.

Investors trade the Yuan You Bao products through margin deposit accounts at BoC, in which the investors deposit certain cash to conduct trading.

Reuters reported that a spokesman for the Bank declined to comment on the reported $1.27 billion loses when contacted by the news agency. It remains unclear how much BoC lost.

Written by:

Basil Maduakor

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