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What is the discount of crude oil futures?
Futures premiums and discounts are generated by comparing spot prices with futures prices. Generally speaking, the futures price will be higher than the spot price.

Futures premium: refers to the price of futures higher than the spot price (or the price of forward contracts higher than the price of recent contracts), and futures premium refers to the spot discount;

Futures discount: refers to the spot price is higher than the futures price (or the recent contract price is higher than the forward contract price), and the futures discount represents the spot premium.