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The Linkage Between the Fuel Oil Markets of Singapore and China

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  • Zhen Wang
  • Chao Chen
  • Zhenhai Liu

Abstract

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.

Suggested Citation

  • Zhen Wang & Chao Chen & Zhenhai Liu, 2008. "The Linkage Between the Fuel Oil Markets of Singapore and China," Chinese Economy, Taylor & Francis Journals, vol. 41(2), pages 76-83, March.
  • Handle: RePEc:mes:chinec:v:41:y:2008:i:2:p:76-83
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    1. Campbell, John Y & Shiller, Robert J, 1987. "Cointegration and Tests of Present Value Models," Journal of Political Economy, University of Chicago Press, vol. 95(5), pages 1062-1088, October.
    2. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    3. Hall, Anthony D & Anderson, Heather M & Granger, Clive W J, 1992. "A Cointegration Analysis of Treasury Bill Yields," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 116-126, February.
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