Crude oil spot trading refers to a transaction method in which buyers and sellers, based on the demand for physical crude oil and the purpose of selling physical crude oil, take immediate or short-term delivery of physical crude oil according to the agreed payment method and delivery method. In spot transactions, with the transfer of commodity ownership, the exchange and circulation of crude oil entities are completed at the same time. Therefore, crude oil spot trading is a direct manifestation of the operation of crude oil commodities.
Spot transactions are transactions between major banks and between major banks on behalf of major customers. After the transaction is agreed, the receipt and delivery of funds will be completed within two business days at the latest. However, the delivery time can be continuously extended.