Spot crude oil is a market maker trading system, and the market maker trading system is a very old and mature trading system, which has a history of hundreds of years since its birth. From the reality of the international refined oil market, it is mainly composed of a large number of refined oil market makers' network systems that directly face investors. Regardless of the depth, breadth or total capital scale of the transaction, the refined oil market maker model is the undisputed mainstream trading model in the world refined oil market.

1, price difference between market maker and exchange

Futures trading generally requires centralized matchmaking trading in futures exchanges. Exchanges must be members to trade, and ordinary customers must trade through member agents. The principle of price priority and time priority shall be implemented in refined oil futures trading. In the futures market, the transaction price is uncertain, because all orders must be matched through a centralized exchange, thus limiting the number of traders with the same price. Spot crude oil adopts market maker trading mode, investors can buy and sell freely and make a deal at any time, and the market price is open and transparent, fair and just.

2. The price formation mechanism is different.

The price of spot crude oil is the trading price quoted by the exchange. The customer decides whether to trade with the market maker according to the market maker's quotation. The price formation mechanism of refined oil futures is the price formed by centralized bidding of all traders in the exchange. The exchange acts as an intermediary guarantee link for matchmaking transactions.

3. Different trading hours

The trading time of refined oil futures is only 4 hours a day, while spot crude oil is traded 24 hours a day, and it can be traded from 8 am on Monday to 4 am on Saturday.

4. Different delivery time and terms.

The trading risk of spot refined oil (spot crude oil) is much less than that of refined oil futures, which refer to standard contracts with delivery time limit. The main reason for the high risk of refined oil futures trading is the existence of delivery time limit. Because the futures trading of refined oil products must be delivered on the maturity date, if the futures contract price in hand approaches the futures delivery date, speculators (speculators aiming at profit from the price difference) will invest, even if they are at a loss (even a huge loss). There is no time limit for the delivery of spot crude oil, and investors can hold warehouse receipts for a long time without being forced to close their positions.