The trading hours of the Exchange are from Monday to Friday, from 10:00 to 14:30 EST, and from 23:00 to 3:30 GMT, excluding holidays.
Electronic trading hours: Monday to Thursday, US Eastern Time 15: 15 to 9:00 the next day, while Beijing time is displayed from Tuesday to Friday from 4: 15 to 22: 00; Sunday is from 19:00 to 9:00 on Monday, while Beijing time is from 8:00 to 22:00 on Monday.
American crude oil refers to crude oil futures listed and traded in the New York Mercantile Exchange, USA. "American crude oil" is a contract name in the American crude oil futures series, a light crude oil futures contract of the New York Mercantile Exchange, a futures contract marked with WTI, and one of the largest crude oil futures contracts in the world.
All crude oil produced or sold in the United States is priced based on WTI with light weight and low sulfur.
West Texas light sweet crude oil is imported from Canada and Mexico, and then transported to the midwest and coastal areas of the United States for refining. Low viscosity and low sulfur content, accounting for only 0.24%. This crude oil is most suitable for refining gasoline, diesel oil, hot fuel and aircraft fuel, and it is a kind of crude oil with high utilization rate.
Futures trading is a process of buying and selling activities. The unique functions of futures trading, such as hedging, preventing excessive market fluctuations, saving commodity circulation costs and promoting fair competition, are of great significance to the development of China's increasingly active commodity circulation system.
The general process for customers to participate in futures trading is as follows:
(1) The procedure for a futures trader to open an account with a brokerage firm includes signing a power of attorney authorizing the brokerage firm to buy and sell the contract on its behalf and paying the handling fee. After the brokerage company is authorized, it can buy and sell futures according to the terms of the contract and the customer's indicators.
(2) After receiving the customer's instruction, the broker shall immediately notify the representative of the brokerage company in the exchange by telephone, telex or other means.
(3) The trading representative of the brokerage company stamps the received order and sends it to the market representative in the trading hall.
(4) On-site and off-site representatives input customer instructions into the computer for trading.
(5) After each transaction is completed, the on-site and off-site representatives shall notify the off-site brokers of the transaction records and inform the customers.
(6) When the customer requests to close the futures contract, he should immediately notify the broker, who will call the trading representative stationed in the exchange to hedge the futures contract through the on-site and off-site representatives, and at the same time, the futures contract will be liquidated through the trading computer, and the broker will hedge it.
The net profit and loss report is sent to the customer.
(7) If the customer fails to close the position in a short time, it will generally be settled once a day or once a week according to the settlement price of the exchange on that day. If there is a loss in the book, the customer needs to temporarily make up the loss difference; If there is a book surplus, the broker will pay the profit difference to the customer. The actual profit and loss can only be settled after the customer closes the position.