Research Of Price Relationship Between DaQing Crude Oil Spot And Brent Crude Oil Futures

Since the1980s, crude oil futures market development constantly and become the main pricing basis of the crude oil spot market gradually. China has become a big country of the world’s crude oil consumption, but the pricing mechanism of crude oil market has not yet formed, the price risk management of the enterprise is totally dependent on foreign oil futures market.This article selects the weekly dates from September2008to the end of August2014, with DaQing crude oil spot prices on behalf of the crude oil spot price in domestic, and Brent crude oil futures prices on behalf of the crude oil futures price in international futures market, through quantitative and empirical analysis method to study the mechanism of action of crude oil futures and spot markets, and the influence degree of each other. Statistics found that, the standard deviation of DaQing crude oil spot price is slightly larger than the Brent crude oil futures prices. This shows that the domestic oil price regulation increased the uncertainty of the price of crude oil in recent years in fact. Further research shows that there is a co-integration relationship between the spot price of crude oil at home and the futures price aboard, but, China’s voice in the international crude oil market did not gain its embodiment. The impact of international crude oil futures on the domestic oil spot market significantly more than the domestic oil spot market’s impact on the international crude oil futures market. This shows that China in the international crude oil market pricing system is weak and in a passive position, which is very disproportionate with its huge consumption volume.It is meaningless of the China’s crude oil price controls, we should speed up in the marketization way and develop our own crude oil futures market as soon as possible. Only through market mechanism and play the role of futures market actively, we can gradually change the passive to active.