20 13 oil futures market has become an important part of the world energy market, which has a far-reaching impact on the operation of the world energy market. From the perspective of practice and operation history, the emergence and operation of futures market has special requirements for the environment. A mature and standardized market economy system is the prerequisite for the existence and development of the oil futures market.

First, the market is highly competitive and open, with sufficient supply and demand information and developed spot market;

Second, the economic system is relatively open, and there is no strict price and import and export control;

Third, the financial market in the area where the futures exchange is located is open, and the futures-denominated currency is freely convertible under the capital account;

Fourth, the laws and regulations of the country or region where the futures market is located are sound and the supervision of the futures market is effective.

There are many examples that show that the establishment and development of the futures market are affected by the imperfect market system. For example, at the beginning of 1993, China's former Shanghai Petroleum Exchange successfully launched oil futures trading, and later the former South China Commodity Futures Exchange also successively launched oil futures contracts. The total trading volume once reached 50 million tons, accounting for about 70% of the national oil futures market at that time. The standard futures contracts at that time were mainly Daqing crude oil, 90 # gasoline, 0 # diesel oil and 250 # fuel oil.

At that time, China's oil circulation system did not realize the real marketization, and the oil futures market was also a flash in the pan, and finally withdrew from the historical stage. Although some oil-producing countries in the Middle East are rich in oil resources, they have not established an oil futures market, which is also related to the lack of a mature market economic system.