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Knowledge of "how do oil futures work" is critical when quarterly earnings of oil majors approach. Futures price trends often foreshadow revenue shifts; Chevron futures-linked hedges imply stable Q2 margins. Oil and gas industry participants interviewed in the Dallas Fed's survey said conditions are getting worse. A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman Purchase Licensing Rights , opens new tab Event-driven traders leverage "how do oil futures work" during OPEC announcements. Futures surged 2% intraday after rumors of extended production cuts in Q3.