The initial spot forward transaction is a verbal commitment of both parties to trade a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, which requires the guarantee of intermediary agencies to supervise the timely delivery and payment of goods. Therefore, the Royal Exchange, the world's first commodity forward contract exchange, opened in London on 157 1. In order to adapt to the continuous development of commodity economy, improve transportation and storage conditions and provide information for members, 82 businessmen initiated the organization of Chicago Board of Trade (CBOT) in 1848, and the CBOT launched forward contracts in 185 1 year. 1865, Chicago Grain Exchange introduced a standardized agreement called "futures contract" to replace the previous forward contract. This standardized contract allows manual contract trading, and gradually improves the margin system, thus forming a futures market specializing in standardized contract trading, and futures become investors' investment and financial management tools. 1882 exchange allows hedging to be exempted from performance obligations, which increases the liquidity of futures trading.
Fuel oil futures are the standard contract trading varieties of fuel oil in Shanghai Futures Exchange. Fuel oil trading unit: 50 tons/lot, quotation unit: RMB/ton, minimum change price: 1 yuan/ton, maximum daily price fluctuation is limited to 5% of the settlement price of the previous trading day, and contract delivery month:1~ 65438+February (except the Spring Festival month); Trading time: 9: 00 am ~165438+0: 30 am; 65438+ 0: 30 ~ 3: 00 pm; Last trading day: the last trading day before the contract delivery month 1 month, and the delivery date: the grade will be delivered for five consecutive working days after the last trading day. Delivery place, delivery place designated by the exchange, minimum transaction margin, 8% of the contract value, transaction cost, delivery method not higher than two ten thousandths of the transaction amount (including risk reserve), physical delivery, transaction code, payment, listed exchange and Shanghai futures trading.