Shanghai International Energy Exchange Tightens Daily Position Limits on Crude Oil, Low-Sulfur Fuel Oil Futures

Position caps on opening trades are a flow-control tool rather than a ban, and the choice of near-dated SC and LU contracts suggests the exchange is targeting concentrated speculative activity in specific expiries rather than broad participation. The burden falls on non-futures-company members, overseas special non-brokerage participants and clients — precisely the offshore and proprietary flows INE has worked to attract. Whether the limits cool activity in those contracts or simply shift it into other expiries and the underlying is the open question.