A Study On The Correlation Between Chinese And Foreign Oil Futures Prices And Chinese Crude Oil Spot Price

As China surpassed the United States as the world's largest net importer of crude oil,and the shale gas revolution changed the international energy situation deeply,The changes of the international crude oil futures market with crude oil pricing power will affect our country's energy strategy,and bring greater impact on the development of related enterprises,at the same time,China's crude oil futures are on the way,whether China's oil asphalt futures can replace China's crude oil futures temporarily worth discussing.This article is based on the above situation,using VAR model,impulse response function,cointegration theory and granger causality test,VEC as measurement methods,analyzing foreign crude oil futures prices and China's crude asphalt respectively with the domestic spot price of crude oil.Based on the data analysis of brent crude oil futures,crude asphalt futures and daqing crude spot price to make impulse response function,Johansen cointegration relationship test and Granger causality test,we found that brent crude oil futures and daqing crude oil spot have a long-term stable equilibrium relationship,and influence each other,brent crude oil futures prices has an dominant position in the interactional relations.And through establishing the VAR model between daqing crude oil spot price and asphalt futures,we found that the two basic price influenced by their previous price,and do not affect each other,so asphalt futures cannot reflect its hedging function of crude oil spot.The research conclusion provides a reference for China's energy enterprises development strategy.