The delivery place of the contract is Cushing, Oklahoma, which is connected with the spot market in the United States and can lead to the international spot market through oil pipelines. By providing several levels of domestic and international crude oil trading, futures trading contracts are systematically provided to the spot market to meet various needs.
Low sulfur light crude oil has become the first choice for refiners because of its high yield of high-value products such as gasoline, diesel oil, civil fuel oil and aviation fuel.
West Texas Intermediate (WTI) West Texas Intermediate is a low-sulfur light crude oil traded on the New York Mercantile Exchange. It is the benchmark crude oil of American petroleum industry. Brent crude oil is a kind of low-sulfur light North Sea crude oil, which is the benchmark grade of the crude oil market, and is widely traded in a form different from the New York Mercantile Exchange low-sulfur light crude oil futures trading contract. Brent crude oil has a daily output of about 500,000 barrels, most of which are refined in northwest Europe, but a large number of them are transferred to the Gulf region, the east coast and the Mediterranean region of the United States. Crude oil was shipped in Sulom Bay, British Isles.