The COVID-19 epidemic has had a great impact on the global crude oil market. International crude oil prices continue to be under pressure, and China's crude oil and refined oil markets have also suffered a double decline in demand and prices. In order to cope with the decrease of market demand and the fluctuation of crude oil price, upstream and downstream enterprises in the petroleum industry chain have recently increased their participation in the futures market. China crude oil futures market has been very "active", and contract positions continue to rise. Since the Spring Festival, the cumulative decline of domestic crude oil futures index has reached 15.8%, which objectively promoted the increase of hedging positions of industry customers. Gao Mingyu, head and chief analyst of SDIC Anxin Futures Energy Group, said, "Actively using the hedging function of derivatives such as crude oil futures will help entities to better realize sales price risk management and cost management, and has become an indispensable business tool for energy enterprises.