The delivery date of crude oil refers to the date when both parties to the crude oil transaction agree to exchange foreign exchange. Spot transactions between sellers and buyers of futures contracts. In crude oil trading, individual investors have no right to hold positions before the final delivery date. If you don't close your position by yourself, your position will be forcibly closed by the exchange, and all the consequences will be borne by the investors themselves. Only the spot enterprises that have applied to the exchange for hedging qualification and obtained approval can hold their positions until the final delivery date and enter the delivery procedure, because they have hedging needs and qualifications.

What we usually call American crude oil futures refers to the WTI crude oil contract listed in the New York Mercantile Exchange, that is, American West Texas light crude oil. The specific delivery date is set as follows:

If 25th of the month is a working day, then the last trading day of WTI contract in the first month of the month is the third trading day before 25th; If 25th of the current month is a non-working day, the last trading day of WTI contract in the first month of the current month is the third trading day before 25th. Usually around the 20th of every month.

A large number of crude oil futures contracts will be closed before the delivery date of crude oil, resulting in short-term price fluctuations, which are not caused by market fundamentals, but only short-term forced liquidation of transfer contracts. Short-term fluctuations will not change the current trend, but short-term price fluctuations can be used for reverse speculative trading.

-Chen