The Linkage Between the Fuel Oil Markets of Singapore and China
We examine the linkage between the Singapore and China fuel oil markets using cointegration and Granger causality tests. We find that the Singapore fuel oil spot price is positively correlated with the Shanghai fuel oil futures price and the Huangpu fuel oil spot price. The correlations are as high as 97.65 percent and 98.31 percent, respectively. The cointegration exists between the Singapore fuel oil price and the Shanghai and Huangpu fuel oil prices. The causality test shows that prices in Singapore and those in Shanghai and Huangpu are interrelated. In general, there is a strong linkage between the Singapore and China fuel oil markets.
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Volume (Year): 41 (2008)
Issue (Month): 2 (March)
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"Cointegration and Tests of Present Value Models,"
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