Next Article in Journal
“After End-2008 Structural Changes in Containership Market” and Their Impact on Industry’s Policy
Previous Article in Journal
The Relationship between Technology Life Cycle and Korean Stock Market Performance
Previous Article in Special Issue
On the Impact of Policy Uncertainty on Oil Prices: An Asymmetry Analysis
Article Menu

Export Article

Open AccessReview
Int. J. Financial Stud. 2018, 6(4), 89;

The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review

Economics Department, Moravian Business College, 779 00 Olomouc, Czech Republic
Finance, College of Business, Dublin Institute of Technology, D02 HF72 Dublin, Ireland
School of Business, Maynooth University, 9CH3+W7 Kildare, Ireland
Author to whom correspondence should be addressed.
Received: 22 September 2018 / Revised: 21 October 2018 / Accepted: 26 October 2018 / Published: 31 October 2018
(This article belongs to the Special Issue Energy Finance)
PDF [425 KB, uploaded 31 October 2018]


Crude oil is the dominant energy resource worldwide. The focus of this paper is on its historical behaviour and subsequent implications for the global economy with an emphasis on the lead–lag relationship between spot and future prices. The paper examines the behaviour of oil spot and future prices and their determinants during periods of market uncertainty, particularly in the context of economic and financial crises. The analysis highlights a key controversy within the extant literature, as to whether spot or futures prices are the main crude oil price indicator. The literature review indicates that the lead–lag relationship is a dynamic one, especially during periods of sustained uncertainty, which leads to significant disagreements and incongruities among researchers regarding the price that plays a dominant role. View Full-Text
Keywords: energy; crude oil; lead lag relationship; crises; literature review energy; crude oil; lead lag relationship; crises; literature review

Figure 1

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).

Share & Cite This Article

MDPI and ACS Style

Zavadska, M.; Morales, L.; Coughlan, J. The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review. Int. J. Financial Stud. 2018, 6, 89.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Related Articles

Article Metrics

Article Access Statistics



[Return to top]
Int. J. Financial Stud. EISSN 2227-7072 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top