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2022•Procedia Computer ScienceOpen access

The influence of international crude oil price on the crude oil spot price in China

Rong Guo, Yanhui Chen, Kai Lisa Lo, Jackson Jinhong Mi

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Abstract

With the proposal of the new development pattern of "dual circulation", the connection between China and the international market is even closer. As crude oil is one of the commodities which has been financialized deeply, the active international market involves millions of investors from the world. What kind of impact will the international crude oil price have on the crude oil price in China? Based on the spot price of Daqing oil field and Shengli oil field from January 2005 to March 2021, this paper uses quantile regression to empirically analyze the impact of international oil price on the oil spot price in China. Through the quantile regression, this paper finds different degrees of influence of international crude oil on China’s crude oil price.

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What this paper is about

With the proposal of the new development pattern of "dual circulation", the connection between China and the international market is even closer. As crude oil is one of the commodities which has been financialized deeply, the active international market involves millions of investors from the world. What kind of impact will the international crude oil price have on the crude oil price in China? Based on the spot price of Daqing oil field and Shengli oil field from January 2005 to March 2021, this paper uses quantile regression to empirically analyze the impact of international oil price on the oil spot price in China. Through the quantile regression, this paper finds different degrees of influence of international crude oil on China’s crude oil price.

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OpenAlex reports 5 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

With the proposal of the new development pattern of "dual circulation", the connection between China and the international market is even closer. As crude oil is one of the commodities which has been financialized deeply, the active international market involves millions of investors from the world. What kind of impact will the international crude oil price have on the crude oil price in China? Based on the spot price of Daqing oil field and Shengli oil field from January 2005 to March 2021, this paper uses quantile regression to empirically analyze the impact of international oil price on the oil spot price in China. Through the quantile regression, this paper finds different degrees of influence of international crude oil on China’s crude oil price.

Key concepts: Crude oil, Oil-storage trade, Crack spread, China, Spot contract, Oil price, Oil field, Spot market

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