China's crude oil futures adopt physical delivery in a single bonded state. In the overall scheme of "international platform, RMB pricing, net price trading and bonded delivery" of crude oil futures in China, bonded delivery refers to bonded crude oil and physical delivery. Specifically, the standard bonded warehouse receipt issued by the delivery warehouse designated by Shanghai International Energy Trading Center is used for standard delivery of the expired contract, while the unexpired contract allows the futures to be converted into spot.

Only the simulated contract of foreign crude oil is cash delivery, because the minimum delivery unit cannot be reached.