The Study On Efficiency Of Chinese Fuel Oil Futures Market

Oil finance development has been the core of our country market reform nowadays. As an effective platform for hedging and for pricing, oil futures market has been verified in developed country within a few decades, and its development has important practical significance to develop our petroleum industry sustainably and to protect our petroleum security.25, August in 2004, fuel oil futures, listed in Shanghai Futures Exchange, which is the only type of our oil futures market. Based on the performance of the fuel oil futures, this article will do deep research on the development and operation of our oil futures market, choose advanced domestic and international methods such as co-integration analysis, vector error correction model and neural network, do positive research on our fuel oil futures'function of price discovery and risk avoidance in both short and long term. The article is targeting at specifying and analyzing the effective degree of our fuel oil futures market, exploring the problem and finding its solution measures, putting forward concrete improving proposal to boost healthier development of futures market, ensuring the function of hedging and risk avoiding to achieve the largest extent, furthermore, ensuring our oil security.