Promoting The Establishment Of China's Oil Futures Market

Promoting the marketization reform of oil products' price,improving the oil futures market and the China's pricing power in the international oil market are very important.Therefore,there is a good practical guiding significance to study the related problems of the construction of the oil futures market.This paper uses the combination of quantitative and qualitative analysis methods.Firstly,the VAR model,VEC model and GS model are established to analyze the unleaded gasoline futures utility.This paper finds that the gasoline futures have price discovery function,and the degree is 83.6%.And the crude oil futures have guided the gasoline futures.Therefore,the establishment of oil futures market,in theory,can form the domestic oil benchmark price to promote the marketization reform of oil products' price and the common developmentof oil futures market and crude oil futures market can achieve the goal of improving the pricing power.Secondly,the construction of China's oil futures market still face some challenges,such as the underdeveloped spot market,imperfect financial system,and the unreasonable investors structure in futures market.To promot the establishment of China's oil futures market,our country should accelerate the reform of oil circulation system and pricing system,perfect our country's financial system,further perfect risk management system,etc.Lastly,this paper designs oil futures' development plan through in-depth investigation.Our country should give priority to gasoline futures and select the state five 92# gasoline standard for delivery and choose the night trading.Delivery points are selected in the Yangtze river delta and the pearl river delta region.And storage facilities should be selected from oil depots of the state-owned enterprises and the large tripartite library storage company like sinochem.