期刊名称：International Journal of Energy Economics and Policy
电子版ISSN：2146-4553
出版年度：2019
卷号：9
期号：4
页码：298-304
DOI：10.32479/ijeep.7724
出版社：EconJournals
摘要：Price determination through demand and supply forces is the most efficient pricing mechanism. But, these forces should be real rather than artificial.
Speculative trade creates artificial market forces, which bounds to disturb real economy. It is argued that the demand and supply forces are primarily
driven by speculation rather than fundamentals in the presence of commodity derivatives. The aim of this study is to empirically test this argument
through causality analyses. Crude oil and USA has been selected as a typical case. Daily spot prices of west texas intermediate crude oil and future
prices from New York Mercantile Exchange from January 2nd, 1986 to March 6th, 2017 has been analyzed. Granger causality test and vector error
correction model are applied to find out the causal relationship between spot and futures prices. Results show that causality runs from runs from crude
oil futures to spot prices, crude oil is just one of the numerous commodities, which are being speculatively traded through derivatives.
