This paper deals with the analysis of (spatial) crude oil production divergence in United States, paying particular attention to domestic between PADD 2 and 3, which are areas bottleneck occurs has a direct implication on price West Texas Intermediate (WTI). To this purpose, we use techniques based fractional integration, cointegration VAR (FCVAR) wavelet analysis. Monthly data related U.S. by ...

Price discovery in crude oil and refined oil products has been extensively undertaken in organised futures markets for over a decade now. There are two dominant such markets today: the first one in the New York Mercantile Exchange; and the second in London’s International Petroleum Exchange. With the demise of OPEC as the leading price setter for crude and products, NYMEX light sweet crude and ...

Crude oil is the major source of energy worldwide being exploited as a source of economy, including Oman. As the price of crude oil increases and crude oil reserves collapse, exploitation of oil resources in mature reservoirs is essential for meeting future energy demands. As conventional recovery methods currently used have become less efficient for the needs, there is a continuous demand of d...

Beginning in early 2011, crude oil production in the U.S. Midwest and Canada surpassed the pipeline capacity to transport it to the Gulf Coast where it could access the world oil market. As a result, the U.S. “benchmark” crude oil price in Cushing, Oklahoma, declined substantially relative to internationally traded oil. In this paper, we study how this development affected prices for refined pr...

The present research aims to evaluate impacts of crude oil price return index, Bloomberg Petroleum Index and Bloomberg energy index on stock market returns of 121 companies listed in Tehran stock exchange in a 10 years' period from early 2006 to April 2016. First, explanatory variables were aligned with petroleum products index mostly due to application of dollar data. Subsequently, to check va...

This paper proposes a convenience yield-based pricing for commodity futures, which embeds incompleteness of commodity futures markets in convenience yields. By using the pricing method, we conduct empirical analyses of the prices of WTI crude oil, heating oil, and natural gas futures traded on the NYMEX in order to assess the incompleteness of energy futures markets. We show that the fluctuatio...

This paper employs a bivaraite vector autoregressive-generalized autoregressive conditional heteroscedasticity (VAR-GARCH) model recently developed by Ling and McAleer (2003) to examine the impact of oil price fluctuations on stock market returns in the Kingdom of Saudi Arabia over the period from January 1, 2007 to December 31, 2011. The proposed model is estimated using maximum likelihood met...

Gasoline accounts for about half the U.S. consumption of petroleum products, and its price is the most visible among these products. As such, changes in gasoline prices are always under public scrutiny. Many claim to observe an asymmetric relationship between gasoline and oil prices—specifically that gasoline prices respond more quickly when oil prices are rising than when oil prices are fallin...

The Hubbert model of crude oil production can describe several regional cases, but it is not yet generally accepted as being of validi for all cases, especially for the worldwide case of oil extraction. The present paper shows that the model is of general validity to describe cases in which a resource is depleted faster than it can be replaced, as in the case of biological resources. In some ca...