“…Academic researchers have been active in research in the energy sector from different perspectives, one stream of the studies investigated energy efficiency and its determinants (Bashir et al, 2020;Bian et al, 2017;Lv et al, 2015;Omrani et al, 2019;Zhou et al, 2017), the second stream of studies examined the issue of energy demand and energy consumption (Li et al, 2017;Shadzad, 2020;Shahzad et al, 2021;Talbi et al, 2020;Yang & Yang, 2015); while there is a growing awareness and concern during recent decades about climate change derived from carbon emission, therefore, relevant efforts have been made by academic research in the area of renewable energy and carbon emissions (Dogan et al, 2021;Farooq et al, 2019;Fatima et al, 2021;Ghazouani et al, 2020;Sarwar et al, 2019;Shahzad et al, 2020). Although relevant studies during recent couple of years focused on the evaluation of energy demand as illustrated before, however, none of the above-mentioned studies provided a detailed analysis about the energy spot market and futures market, let alone the inter-relationships among the price and demand in these two markets.…”