A delivery point is the specific geographic location where physical delivery of a commodity must occur to fulfill a futures contract obligation. These standardized locations are designated by commodity exchanges to ensure fair pricing and efficient settlement. Delivery points typically represent major storage, pipeline, or transportation hubs with adequate infrastructure.

The choice of delivery points affects futures pricing and basis relationships between different regional markets. Multiple delivery points may be specified with price adjustments (differentials) to account for transportation costs and regional supply-demand differences. Most futures contracts are financially settled before delivery, but physical delivery capability ensures price convergence.

Real-world example: NYMEX crude oil futures specify delivery at Cushing, Oklahoma, a major pipeline hub, while ICE Brent crude specifies delivery at various North Sea terminals, creating different pricing dynamics for each contract.