The research on the time difference between Chinese and international oil futures price based on grey incidence theory

On the basis of the grey incidence theory, this paper calculates the grey incidence degree of the oil prices in Chinese and foreign oil futures markets. The results demonstrate that the prices of fueling oil futures in Shanghai Futures Exchange(SHFE) are about 15 days lagging behind that in New York Mercantile Exchange(NYMEX), about 26 days lagging behind that in Tokyo Commodity Exchange(TOCOM) and about 30 days lagging behind that in International Petroleum Exchange(IPE) and Singapore Paper Market(SPM).