The Empirical Research Of Relationship Of Coal,Oil And Natural Gas Prices

In the primary energy consumption structure, coal, oil and natural gas occupy key positions. China’s coal consumption is the highest in the world,depending on the foreign oil more than 60 percent,natural gas consumption accounting for less than 10 percent, while coal, oil and natural gas have a key role to China’s economic development, security building,so it is necessary to study the relationship on those energy’ prices.This paper reviews the coal, oil and natural gas pricing mechanism and the operation of the market, using VAR model for the relationship between domestic and international energy prices and comparison between China’s and Internation’s,and analysing the impact from Internation to China. The empirical results show that: the domestic coal and natural prices gas with a two-way causal relationship between the presence of coal and oil,domestic coal and natural gas with a one-way causal relationship, domestic oil and natural gas with a one-way causal relationship, the lower market of China’s current engergy prices compared with others.In the end, this paper puts forward some suggestions according to the empirical results of market energy prices, including improving coal futures market to build a scientific coal price regulation system, inhancing the oil reserve system for the oil market to the feet of space, rationalizing natural gas price system to better the gas back of the net value pricing methods.