The trend of crude oil contracts in the United States entering the delivery (expiration) month is linked together. Us crude oil 1~ us crude oil 12 is a monthly crude oil contract. The difference between spot crude oil and futures crude oil is as follows: 1. Trading mechanism futures crude oil and refined oil: there is a short-selling mechanism, two-way trading can make a profit, and both ups and downs have profit opportunities. T+0 trading system. You can open positions many times on the same day, but there is a delivery date, and you must deliver when it expires, otherwise you will be forced to close your position or deliver things. At the same time, when the margin is insufficient, it will also be forced to close the position. Spot crude oil and refined oil: there is a short-selling mechanism, two-way trading can make a profit, and both ups and downs have profit opportunities. T+0 trading system. You can open and close positions many times on the same day, without delivery restrictions, and you can hold them indefinitely. However, when the margin is insufficient, it will be forced to close the position. 2. Trading capital futures crude oil and refined oil: margin trading, with leverage ranging from 8- 12.5 times. Spot crude oil and refined oil: margin trading, with leverage ranging from 20 to 33.3 times. 3. Trading time: Futures crude oil and refined oil: trading time: 9: 00 am to 165438+ 0: 30 pm, 65438+ 0: 30 pm. Due to the short trading time, it is not in line with the international gold price, and the phenomenon of gap is frequent. Investors can't enter the market in the early stage. It's easy to miss the opportunity to get in and out. Spot crude oil and refined oil: following the opening hours in Europe and America, it is divided into daylight saving time and winter time. Due to the time difference, the current domestic trading hours are 07:00- 05: 00 the next day, and 05:00-07:00 is the closing time of the exchange. European and American trading hours 165438+ 10 start to follow the winter season, and the opening and closing times are delayed 1 hour. It can enter the market at any time, and the price continuity is superior to futures. The most active trading period is 20:00-02:00. 4. Price limit of futures crude oil and refined oil: The daily price limit varies from 3% to 15% according to different futures. Refined oil: There is no price limit.