In accordance with the Trading Schedule during National Holidays for Year 2024, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the trading adjustments for the New Year’s Day 2024 as follows:

1. The market will be closed from 3:00 p.m. of December 29, 2023 to January 1, 2024.

The market will resume trading on January 2, 2024 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.

2. As from December 28, 2023, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

The price limits of Crude Oil and Low Sulfur Fuel Oil futures contracts will be ±9% from the settlement price of that day, the trading margin rates for hedging will be 10% of the contract value, and the trading margin rates for speculation will be 11% of the contract value.

In case of the situation stipulated in Article 16 of Risk Management Rules of the Shanghai International Energy Exchange. the trading margin rates and the price limits will be adjusted on the basis of the above mentioned parameters.

3. The market will resume trading on January 2, 2024. As from the first trading day without the Limit-locked market, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

The price limits and the trading margin rates for Crude Oil and Low Sulfur Fuel Oil futures contracts will return to their original levels.

In the case that the above adjusted trading margin rates and price limits vary from the current ones, the higher ones will prevail.

All Members and Overseas Special Participants shall manage risks in a sound manner to ensure the smooth functioning of the market.

In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

Appendix: The Adjustment of Trading Margin Rates and Price Limits of Futures Contracts for the New Year’s Day 2024

Shanghai International Energy Exchange
December 27, 2023