Research Of Price Relationship Between China's Crude Oil Spot And Crude Oil Futures

China has become the largest crude oil importer and the second largest crude oil consumer in the world till now,and the dependence on crude oil from foreign countries is increasing year by year.However,for a long time,China has no place in the international crude oil market.The crude oil market of China is at significant risk due to price fluctuation of the international crude oil market.On March 26,2018,with the common concern of China's energy and finance fields,the first international crude oil futures product in China(Shanghai Crude Oil Futures)was officially listed and traded at the Shanghai International Energy Trading Center.The formation of the marketization mechanism of crude oil price in China is contributed by the newly listed varieties of crude oil futures.The price risk management of enterprises' operation relies strongly upon the domestic crude oil futures market as well.Crude oil futures is currently the largest commodity futures variety in the world.Studying the relationship between crude oil futures and spot price of crude oil in China from the relevant experience of the international crude oil market will help to re-understand the mechanism and impact of crude oil futures and spot price,which is of great significance to the development of China's energy and financial fields.Based on the above background,selecting the daily data between July 16,2018 and November 16,2018.By taking DaQing crude oil spot price and Shanghai crude oil futures price as research samples and studying the relationship and interaction between DaQing crude oil spot price and Shanghai crude oil futures price by the ADF stationarity test,cointegration test,Granger causality test and error correction model for both Shanghai crude oil futures price and DaQing crude oil spot price data,The study found that the relationship between Shanghai crude oil futures prices and China's crude oil spot prices is mutually influential and long-term balanced.China's crude oil spot price is guided by Shanghai crude oil futures price.The research conclusions provide references for the development strategy of China's crude oil futures market and crude oil spot market.