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Context

Background of the crude oil trade

Investors can buy two types of oil contracts: futures and cash contracts.
The price of the spot contract reflects the current market price, the futures price reflects the price that buyers are willing to pay for oil on a specific delivery date.

The futures price is speculative.
"In the case of oil, the demand for immediate delivery versus future delivery is low, largely due to the logistics of transporting oil to users. Of course, investors have no intention of taking delivery at all (although it has sometimes been an investor error), so that futures contracts are more common, both at home and abroad. end users and investors".