Crude oil price differentials, product heterogeneity and institutional arrangements

Monica Giulietti, Ana María Iregui, Jesús Otero

Resultado de la investigación: Contribución a RevistaArtículo

6 Citas (Scopus)

Resumen

© 2014 Elsevier B.V.We adopt time-series and cross-section methods to analyse long-term relationships between pairs of crude oil prices and assess how physical and institutional factors affect their speed of reaction to exogenous shocks. Using a methodological approach which does not require identifying specific crudes as benchmarks, we show that the overwhelming majority of prices have stable long term relationships. We also find that crudes with physical similarity converge quickly after a shock, while prices for oil produced in OPEC countries are relatively slow to revert to equilibrium after a shock.
Idioma originalEnglish (US)
Páginas (desde-hasta)S28-S32
PublicaciónEnergy Economics
DOI
EstadoPublished - dic 1 2014

Huella dactilar

Time series
Crude oil
Oils
Institutional arrangements
Crude oil price
Long-term relationships
Cross section
Exogenous shocks
Institutional factors
Benchmark
Oil

Citar esto

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Crude oil price differentials, product heterogeneity and institutional arrangements. / Giulietti, Monica; Iregui, Ana María; Otero, Jesús.

En: Energy Economics, 01.12.2014, p. S28-S32.

Resultado de la investigación: Contribución a RevistaArtículo

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AU - Iregui, Ana María

AU - Otero, Jesús

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N2 - © 2014 Elsevier B.V.We adopt time-series and cross-section methods to analyse long-term relationships between pairs of crude oil prices and assess how physical and institutional factors affect their speed of reaction to exogenous shocks. Using a methodological approach which does not require identifying specific crudes as benchmarks, we show that the overwhelming majority of prices have stable long term relationships. We also find that crudes with physical similarity converge quickly after a shock, while prices for oil produced in OPEC countries are relatively slow to revert to equilibrium after a shock.

AB - © 2014 Elsevier B.V.We adopt time-series and cross-section methods to analyse long-term relationships between pairs of crude oil prices and assess how physical and institutional factors affect their speed of reaction to exogenous shocks. Using a methodological approach which does not require identifying specific crudes as benchmarks, we show that the overwhelming majority of prices have stable long term relationships. We also find that crudes with physical similarity converge quickly after a shock, while prices for oil produced in OPEC countries are relatively slow to revert to equilibrium after a shock.

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