This paper introduces how companies use crude oil futures to hedge their risk and analysis the advantages and drawbacks of using crude oil futures. In the first section, we briefly introduce the crude oil market and crude oil futures. Besides, we explain some basic definitions of hedging like short and long position and basic risk. Then we introduce how companies use crude oil futures to hedge. In the second section, we analyze several cases and summarize the features of crude oil futures. First, we focus on three cases: Jet fuel cross-hedging, Metallgesellschaft AG, and Sinopec and introduce their backgrounds and how these companies operated and the functions of crude oil futures in details. Then we analyze the changes of crude oil futures market at that time and figure out why these companies had have used the crude oil futures that eventually have failed to hedge and then summarize the features of crude oil and crude oil futures. In the third section, we conclude that the crude oil futures provide advantages, such as active market and the potential to protect profit margins. However, they also face some problems like a high leverage ratio, price fluctuation, Etcetera.