Is the price of crude oil futures ex-factory or CIF?
Not at all. The futures price is only the price reflected on the disk. It's just the price of a certain level of goods stipulated by futures and contract exchanges. Of course, the designated grade of the goods is definitely very high, and it is difficult for the general spot to meet this standard. If you go to the warehouse to pick up the goods after the delivery date, you have to calculate the premium and discount according to the quality of the goods. If the goods exceed the contract level, you have to increase the price. If they are not up to grade, you can also take the goods away. That's it, okay?