Contract delivery month:1-1February is the consecutive month and the next eight months. For example, the latest transaction contract is 1803. Then 1803, 1804, 1805, 1806, 1807, 1808, 1809,/kloc. 190 1, 1902 (consecutive months1-kloc-0/2 months), 1903, 1906,1906. A total of 20 contract transactions.
Transportation quality: intermediate sour crude oil, API degree 32.0, sulfur content 1.5%. The specific oil types and premiums shall be stipulated separately by Shanghai International Energy Trading Center.
Delivery:
Physical delivery, that is, when the contract expires, according to the rules and procedures of the futures exchange, both parties to the transaction end the open futures contract by transferring the ownership of the subject matter contained in the futures contract;
Bonded delivery, that is, the physical delivery method with the goods contained in the futures contract under bonded supervision in the special customs supervision area or bonded supervision place as the delivery target;
Warehouse delivery, that is, the buyer and seller make physical delivery in the form of warehouse standard warehouse receipt according to the prescribed procedures;
Centralized delivery, also known as one-time delivery, refers to the delivery method of centralized delivery of all expired contracts after the last trading day of the delivery month. Crude oil is delivered in 5 days, and the delivery period is 5 consecutive trading days after the last trading day. Participants in crude oil futures delivery business need to apply for a standard warehouse receipt account through the energy center before they can handle related warehouse receipt business.
(1) First delivery date (application)
1. The buyer declares its intention. The buyer submits the letter of intent for the required goods to the Energy Center through the standard warehouse receipt management system, including the variety, quantity and the name of the designated delivery warehouse.
2. The seller submits the standard warehouse receipt. The seller submits the valid standard warehouse receipt with paid storage expenses to the energy center through the standard warehouse receipt management system. The storage fee before and including the fifth delivery date shall be paid by the seller, and the storage fee after the fifth delivery date shall be paid by the buyer.
(2) The second delivery date (pairing)
According to the existing resources, the Energy Center allocates the paired standard warehouse receipts according to the principle of "time first, quantity rounding, nearest matching and overall arrangement".
If the standard warehouse receipt cannot be used for the physical delivery of the futures contract next month, the Energy Center will distribute the standard warehouse receipt to the buyers according to the principle that the delivery volume of each buyer accounts for the total delivery volume of the current month.
(III) the third delivery date (payment receipt)
1, the buyer pays and takes the bill. The buyer shall deliver the payment to the energy center and obtain the standard warehouse receipt before the third delivery date 14:00.
2. The seller collects money. The Energy Center shall pay the payment to the seller before the third delivery date 16:00. Under special circumstances, the energy center can extend the payment time.
(4) The fourth and fifth delivery days (refund)
The Seller shall submit all invoices corresponding to the delivered goods to the Energy Center. The format and contents of the invoice shall conform to the regulations of the Energy Center. Other matters such as margin settlement and invoice submission shall be handled in accordance with the relevant provisions of the Settlement Rules of Shanghai International Energy Trading Center.