SHFE crude oil futures printed a decisive risk-off session on February 24, 2026, with losses extending across the forward curve as heavy turnover concentrated in the April contract. Prices are quoted in RMB per barrel.
Front Month Weakness Intensifies
The nearby contract sc2603 closed at 457.0, down 17.9 on the session. The contract traded between a high of 467.6 and a low of 454.3, reflecting intraday volatility before settling lower. Volume remained light at 567 lots as liquidity continued shifting forward.
sc2604 Dominates Liquidity
The most active contract was sc2604, finishing at 460.7, down 20.3 on the day. The session high reached 475.7 while the low printed 454.4.
Turnover surged to approximately ¥49.24 billion with volume of 105,973 lots. Open interest stood at 37,537 contracts, marking it as the primary positioning hub for traders.
Forward Curve Maintains Contango
The curve continues to show a mild upward slope:
- sc2603: 457.0
- sc2604: 460.7
- sc2605: 462.8
- sc2606: 464.3
- sc2607: 465.2
This structure reflects a contango environment, with deferred months trading at a premium to the front month. The spread between March and April stands near 3.7 RMB, suggesting near-term softness relative to forward expectations.
Volume and Positioning Signal
While the front month weakened sharply, institutional flow clearly concentrated in sc2604. The large turnover and open interest base suggest traders are positioning around this contract as the new benchmark month.
Further out the curve, sc2605 recorded 21,617 lots in volume and approximately ¥10.09 billion in turnover, maintaining steady liquidity but below April’s dominance.
Official pricing data can be cross-verified on the Shanghai Futures Exchange.
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