| 来源类型 | Papers
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| 规范类型 | 报告
|
| The Dynamics of Crude Oil Price Differentials |
| Bassam Fattouh
|
| 发表日期 | 2008
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| 出版年 | 2008
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| 页码 | 18
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| 语种 | 英语
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| 概述 | Despite the wide variety of internationally traded crude oils with different qualities and characteristics (the 2006 International Crude Oil Market Handbook describes more than 160 traded crude oil streams), many observers consider the world oil market as ‘one great pool’ (Adelman, 1984). Others argues that oil markets are ‘globalized’ in the sense that supply and […] |
| 摘要 | Despite the wide variety of internationally traded crude oils with different qualities and characteristics (the 2006 International Crude Oil Market Handbook describes more than 160 traded crude oil streams), many observers consider the world oil market as ‘one great pool’ (Adelman, 1984). Others argues that oil markets are ‘globalized’ in the sense that supply and demand shocks that affect prices in one region are transferred into other regional markets (Weiner, 1991). One implication of the globalization thesis is that prices of similar crudes in different markets should move closely together such that their price differential is more or less constant. This is in contrast to oil markets being ‘regionalized’ in which oil prices of similar qualities move independently to each other in response to shocks. Whether the oil market is one great pool or is regionalized has important implications in terms of energy policy and market efficiency. For instance, Weiner (1991) argues that the effectiveness of government policies, such as releasing crude oil from the Special Petroleum Reserve (SPR), depends to a large extent on whether the impact of such policy action extends to other regions or remains confined to the US market. In terms of efficiency, Gülen (1999) argues that regionalization gives rise to arbitrage opportunities across local oil markets and may render the market inefficient if arbitrage fails to push prices of similar crude oils in different markets in line with each other. |
| 主题 | Energy Economics
; Energy Policy
; Finance
; Oil
; Oil & Middle East Programme
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| 关键词 | Arbitrage
Crude Oil
differentials
Oil Markets
oil price
regionalization
shocks
WPM 39
WPM39
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| URL | https://www.oxfordenergy.org/publications/the-dynamics-of-crude-oil-price-differentials-2/
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| 来源智库 | Oxford Institute for Energy Studies (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/312108
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推荐引用方式
GB/T 7714 |
Bassam Fattouh. The Dynamics of Crude Oil Price Differentials. 2008.
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文件名：
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WPM36-TheDynamicsofCrudeOilPriceDifferentials-BassamFattouh-2008.pdf
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格式：
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Adobe PDF
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