1993, China opened Shanghai Petroleum Exchange and Beijing Petroleum Exchange successively, and listed oil futures on Guangzhou Stock Exchange. Among them, there are four kinds of standard futures contracts launched by Shanghai Petroleum Exchange. After 1994, the state cleaned up and rectified the futures market, and these oil futures markets stopped trading one after another. Since 200 1, China's futures market has entered a new stage of standardized development. Shanghai Futures Exchange has established the goal of establishing China oil futures market with the most market-oriented fuel oil futures as the breakthrough. With the consent of the State Council, the China Securities Regulatory Commission approved the listing of fuel oil futures on the Shanghai Futures Exchange in early April 2004, and started trading on August 25th. In the first few years of Shanghai fuel oil futures listing, the trading was active, the price influence was continuously improved, and the economic function was gradually exerted. On 20/2009-20 10/0, the total daily turnover reached one million lots, and the total daily positions reached several hundred thousand lots. However, with the change of fuel oil policy environment and consumption structure, the activity of fuel oil futures market has declined.

Figure 9. 1 the New York Mercantile Exchange