1. crude oil futures, referred to as OilFut, are the most important oil futures. OilFut is the abbreviation of "OILFutures". There are four important crude oil futures contracts in the world: NYMEX's light and low-sulfur crude oil, namely "West Texas Intermediate" futures contract; High sulfur crude oil futures contract of Dubai Mercantile Exchange; London International Petroleum Exchange (ICE) Brent crude oil futures contract; Singapore Exchange (SGX) Dubai sour crude oil futures contract. 2065438+On March 26th, 2008, crude oil futures were officially listed and traded in Shanghai International Energy Trading Center of Shanghai Futures Exchange.
Second, international crude oil physical transactions mainly adopt the pricing method of benchmark price+/-discount, and futures trading prices such as WTI, Brent and Dubai are often used as benchmark prices. Take CME's WTI futures contract as an example, its specification is 1000 barrels per lot, the quotation unit is USD/barrel, and the minimum price fluctuation unit is 1 cent. The crude oil produced in the Western Hemisphere is mainly priced by WTI, including ANS (Alaska North Slope Crude Oil) in the United States, MAYA (Maya Crude Oil) in Mexico, ORIENTE (Orte Crude Oil) in Ecuador, SANTA BARBARA (Santa Barbara Crude Oil) in Venezuela and ESCALANTE (Klandt Crude Oil) in Argentina. Brent is mainly linked to crude oil produced in Western Europe, the Mediterranean and West Africa, such as Urals in Russia, Salier in Libya and Bonny LT in Nigeria. Dubai is mainly related to crude oil produced in the Middle East. The crude oil trade produced in the Far East is mainly linked to the benchmark oil in MINAS, CINTA, DURI and other regions.