Example 1:

On September 12, renery A purchased 100,000 metric tons of 

medium sour crude oil from trader B, and it was agreed that the oil 

would be delivered on October 15-24 at the average settlement 

price of SC1912 in October at a discount of 7 yuan/barrel. Renery A 

was scheduled to pay after market close on October 31.

As the OPEC cut production and supply went tight, renery A 

believed that there was limited downside risk for SC1912. To hedge 

the risk of higher prices in October, reflnery A decided to long 720 

lots of SC1912 on September 12 at 437.9 yuan/barrel.

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