A Lead-Lag Relationship and Forecast Research between China’s Crude Oil Futures and Spot Markets

Table 5

Comparison of deviation degree and deviation distance in different periods.

		15 min	30 min	60 min
With night trading (before February, 2020)	Deviation degree	0.9814	0.9902	0.9921
	Deviation distance	0.0186	0.0098	0.0079
No night trading (February, 2020–May, 2020)	Deviation degree	0.9503	0.949	0.9574
	Deviation distance	0.0497	0.051	0.0426
With night trading (after May, 2020)	Deviation degree	0.9610	0.9631	0.9647
	Deviation distance	0.0390	0.0370	0.0352