The Pan-Asian Fund's funds are invested in a cumulative amount, and its leverage is gradually increasing. The most funds leveraged by US$17.5 billion, which is almost US$300 billion.

Of course, it is not that US$17.5 billion can only leverage US$300 billion, but a reasonable contraction made for security reasons.

Despite this, this is 17 times the leverage, and ordinary crude oil traders will not easily use such a large amount of leverage.

The Pan Asia Fund has almost received more than 10% returns, that is, more than 30 billion US dollars through this $30 billion US dollars.

As for how much it costs, it depends on whether the withdrawal of these funds has been smooth.

If a tail stays, even if only one percent is left, then $3 billion in funds will be wasted. No matter how smooth the withdrawal is, it is possible that the tail will cause losses.

While looking at the electronic screen of the exchange and the computer screen of his own, Su Cheng urged the speed of closing positions to speed up.

Qi Xiao was even more nervous. Before he arrived at Dahua Industrial, he had never manipulated a $300 billion project. At this time, a correct operation and a wrong operation would at least cause a difference of several million US dollars. There is no need to say about such a huge responsibility.

"14.26." A trader shouted out quickly in English.

Su Cheng and Qi Xiao also saw it, and the latter said with certainty: "Buy."

The trader repeated the "buy" and started operating on the electronic trading plate.

This is also the difference between electronic and artificial plates. If the vultures in the trading pool dare to buy crude oil now, as the largest short seller, it may cause a major turnaround in the crude oil market.

There is no such trouble when placing an order through electronic trading. Although transactions are also required to be conducted through seated dealers, the number of transactions undertaken by the sitters will not cause the market to associate.

The oil price quickly recovered to a price of 14.32. The trader who operated it clicked the keyboard a few times and said, "I bought 420 lots."

One lot is 1,000 barrels of crude oil, and 420 lots are 420,000 barrels of crude oil, worth around 6 million US dollars. It cannot be said that it is too much, but it is a good start.

If calculated based on the average, Pan Asia Fund can make about $1.5 per barrel, but if calculated based on the initial $18.22, the profit per barrel is as much as $4.420,000 barrels of crude oil, which is the average of $600,000, or the highest of $1.6 million.

Qi Xiao looked back at Su Cheng and saw that he was quite satisfied with touching his chin.

For Pan Asia Fund, this is the first real profit they have made. Before that, at best, it can only be said to be book income, and only by returning the borrowed crude oil can real profits be generated.

If Sucheng is a retail investor, the contract with 420 lots is considered a lot. Now you can take the money and turn left and celebrate happily.

However, with the huge contracts currently held by Pan Asia Fund, it is still far from closing the position, which means that there is still a lot of time before you put the money in your pocket.

A few seconds later, the oil price fell below 14.30, and Pan Asia Fund once again bought more than 600 lots of crude oil from the electronic market.

Now, except for the big short seller of Pan Asia Fund, other crude oil manufacturers dare not continue to buy long. In fact, there are many small long sellers who secretly close their positions or even turn short, because the situation in front of them is very clear. Continuous negative news can at least guarantee the advantage of short side within a few hours. Too much profit cannot be guaranteed. However, a profit of about 10 cents is also very considerable under leverage of about 10 times. It is less profitable than a "scalping" transaction.

Under the operation of Pan-Asia Fund and the market itself, oil prices fell to around 14.20 and then rose to around 14.30. Pan-Asia Fund also took the opportunity to adjust short orders of more than US$1 billion.

After more than half an hour, various financial institutions finally confirmed the new news about OPEC, and some major parties also began to make decisions one after another.

An Ran was the first to cut his losses. This future top 500 company is famous for making fake accounts, but in 1994, it is most famous for its special financial system. In a simple way, An Ran was the first energy company to use mathematical means to manage the company.

Fortunately, Enron, who is too advanced, has not received enough supervision. To be more precise, the current U.S. government, or any government in the world, does not have enough strength to regulate Enron - with the government's shortage of personnel and an average salary of less than 100,000 US dollars, how can it be comparable to hundreds or thousands of senior elites with millions of annual salaries? If the government really has elites with higher talent, companies like Enron, will not be unable to afford annual salaries of tens of millions of dollars. In the end, what the government has is either ordinary mediocre or idealists. If the latter wants to play a role, it is best to understand politics. Such requirements are obviously too difficult, so that Enron not only uses mathematical means to manage companies, but also uses mathematical means to make false accounts.

Although the final result was not good, Enron is the company that pays the most attention to risk control. In the first round of long-short wars, they quit first, and in this decisive battle, they also made a judgment and gave up again without hesitation.

When the crude oil futures contract of up to 200,000 lots was sold, Su Cheng was a little impressed by An Ran.

Any company can be faithfully and firmly obey established strategies without being influenced by emotions, which is an amazing thing in itself. As for whether it will be profitable in the end, it can only be said that they will always make a profit.

Of course, from another point of view, only dead American companies are good American companies.

With the fall of Enron Company, many parties in the trading pool were out of control.

Small and medium-sized multi-venues such as Deutsche Bank, UBS, and Boston Finance have announced their collapse. They do not have sufficient funds in the crude oil futures market, and the margin they can invest is basically less than US$200 million, and most of them operate with leverage of more than 10 times. In this way, when the oil price drops more than 10, that is, US$1.4, these financial institutions will definitely lose their positions. At that time, even if the crude oil pulls back to US$100, it has nothing to do with them.

As for the financial companies behind them, it is impossible to invest too much power in one market. There are fierce long-short wars in various futures markets around the world every year. Financial institutions set funding quotas in themselves to prevent risks.

If there is every long-short war, I can't help but put all my strength in it, not to mention whether they are willing to give up other futures markets, the risks contained in it alone will be enough to destroy these century-old stores.

They are different from spot oil vendors like Dahua Industrial. The seven shareholders of Pan Asia are ready to make a fortune and leave. Aliyev, who is not a shareholder, may never enter the futures market again in his life, but financial institutions must be immersed in it forever. For them, cutting off their losses and escaping is more correct than fighting to the death. Even if they have a winning rate of 70, they may not agree, let alone the current situation.

Some of these small and medium-sized multi-merchants entered the market around US$15, some entered the market at US$16, and some entered the market at US$17. Even if they averaged, they were almost on the verge of liquidation. Some companies might have added margin once or twice, so once they lost confidence, it would be difficult to stick to the position of the multi-party.

Pan Asia Fund absorbs crude oil futures contracts through three dealers, thereby closing its long orders.

The so-called short selling means borrowing crude oil from the exchange for sale. Now buying crude oil to close the position is equivalent to returning the lent crude oil. The difference between the two is the profit or loss of the short seller.

When BP's $15 billion warehouse was sold, Qi Xiao was surprised to find that his position had been reduced by two-thirds.

The profit is even more considerable, with a whopping $18 billion.

Although the latter two-thirds will definitely not be as profit as much, the meaning it represents still makes Qi Xiao tremble excitedly.

"It's so exciting, so exciting!" Qi Xiao couldn't help but say it twice.

Su Cheng also saw the small note he handed over, chuckled and threw it into the shredder, saying, "Don't forget that Dahua Industrial only has 25 shares."

"That's the same..." Qi Xiao didn't say it, but wrote sloppy handwriting on the paper: $4.5 billion.

One quarter of 18 billion is US$4.5 billion. It’s very simple mental calculation, but Qi Xiao still calculated it twice before confirming it and writing it.

This is a simple arithmetic, but an incredible reality.

Su Cheng thought about it, folded the paper and put it in his pocket, and said, "If we win this wave, I will send this note to the exhibition room of Dahua Industrial to be a witness of history."

Qi Xiao was stunned for a moment, and laughed out loud: "When we win a great victory, I will write another note and write down all the profits. Maybe it will be a triple digit."

Su Cheng shook his head and said, "It must be a three-digit number."

"Ah?" Qi Xiao was puzzled. Although there were two-thirds of the positions left, the positions of Pan Asia Fund were too heavy. Many of them were released for the purpose of bargaining chips. Now there are small and medium-sized financial institutions that have turned short to support the short-side market. However, Pan Asia Fund, which has quietly closed its positions, will eventually turn the balance. At that time, crude oil will return to $15, $16 or even $17. On average, there are always some positions that cannot make money or even lose money in a small amount. Therefore, the remaining two-thirds of the positions may not make a profit of $4.5 billion.

Su Cheng smiled and said, "You forgot our spread contract, and now start closing the position."

Qi Xiao's eyes immediately lit up like a cat.

A spread contract is not like a short selling on a single futures exchange. It has extremely high leverage and great risks, but it is very easy to close the position.

Qi Xiao immediately picked up the phone and dialed it out, and asked his assistant to adjust the price difference between the two places.

The closing process on the London Futures Exchange was so tense that he didn't have the energy to pay attention to the New York market.

After all, the average price difference contract that Dahua Industrial bought independently was only $1.1, and the New York market would not follow up in any case, in terms of this decline in London.

As expected, crude oil futures contracts in the New York market remained above $16.50. The US economy recovered well, and then the peak of air-conditioning electricity use. In the US, where fuel is used to generate electricity, they have always followed their own price rules and will not be as easily affected by the international market as London. This is also the energy orientation pursued by previous American governments since the oil crisis in the 1970s.

Qi Xiao didn't care what Americans cared about, but he was intoxicated by the price difference of $2.2.

For Dahua Industrial, with leverage of 300 to 500 times, the profit of US$200 million will be $300 million to $600 million for every 10 cents widening. Now the price difference has expanded to more than 120 cents, and the profit is definitely more than US$4 billion.

In this way, Dahua Industrial's total profit will inevitably exceed 10 billion US dollars.

Tens of billions of dollars!

And it's a cash exchange of tens of billions of dollars!

In 1994, China was truly an asset that was rich enough to rival a country.

"Hello!"

When the phone was connected, Qi Xiao suppressed the influx of thoughts and first issued an order to close the difference contract.

"I understand, I close all the positions." There was also an excited voice on the other end of the phone.
Chapter completed!