60 years of the 20th century, due to world economic growth, the world demand for oil is increasing rapidly. In 1973, international oil prices was led by the U.S. state control, when consisting mainly of short-term fixed price contract is entered into a number of years, almost no short-term changes in oil prices. Moreover, the strength of the Third World oil producers relatively weak, non-OPEC oil production is mainly used for domestic consumption, the international oil market has been relatively stable state. 70 years of the 20th century, the occurrence of the first and second international oil crisis, which makes the two oil crises of the late 70s early 70s international oil prices rose more than 20-fold from 1 in 1970 to 2 U.S. dollars per barrel , up to 35 to 40 in 1981 dollars, had the highest 45 per barrel. Volatility of oil prices bring huge risks to the enterprise, oil futures is the context in which generated.

(A) international price of crude oil and refined oil market mechanism

1, the international crude oil price system

With world oil market development and evolution of long-term trade of crude oil contracts are now many are using the formula calculation method, that is, with reference to one or several selected based on the price of crude oil, together with premiums and discounts, the basic formula is:

P = A + D

Where: P A settlement price for the crude oil price as a benchmark for the premiums and discounts D

A reference price of crude oil which is not specific to a specific time transaction price, but with a period of time after closing spot price, futures price, or offer a quote associated institutions calculated on the price. Some of crude oil using a quotation system for such type of crude oil pricing, buried at the post by the formula as the benchmark price; some crude oil prices, etc because there is no reason for crude oil will have to link it other offer.

Oil pricing benchmark called the light of the oil at the oil. Base oil selected different trade areas are different. Exports to Europe or from European exports, the basic selection Brent Oil (Brent); major North American West Texas Intermediate oil selection (WTI); the Middle East with reference to Brent oil export to Europe, North America, the export of oil West Texas Intermediate light, exports Oman and Dubai crude reference to the Far East; the Middle East and Asia-Pacific region are often the "base oil" and 'Yu price index "a combination of price and attach great importance to premiums and discounts.