2. Crude oil futures are the most important oil futures. At present, there are four important crude oil futures contracts in the world: the NYMEX York Mercantile Exchange's light and low-sulfur crude oil "West Texas Intermediate" futures contract, London International Petroleum Exchange's (IPE) high-sulfur crude oil futures contract, Brent crude oil futures contract and Singapore Exchange's (SGX) Dubai acid crude oil futures contract.
3. Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.