Main players in physical market include oil producers (e.g., Qatar 

Petroleum), reflneries (e.g., CNPC), international oil companies 

(e.g., Shell), trading houses (e.g., Mercuria), investment banks (e.g., 

Morgan Stanley) and so on.

Participation in crude futures market is more extensive, including 

not only the above-mentioned participant types, but also hedge 

funds, mutual funds, insurance companies, investment banks, 

commercial banks, retail investors, and end-user/downstream 

industries, such as airlines and shipping companies.

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