Speculation In The Crude Oil Market PDF Download
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Author | : Mary Grace Flannery |
Publisher | : |
Total Pages | : 74 |
Release | : 2010 |
Genre | : |
ISBN | : |
Download The Case for Speculation in the U.S. Crude Oil Market Book in PDF, ePub and Kindle
Volatile oil prices in the United States in recent years have led to a focus on speculation in the crude oil markets. Some legislators and the public place the blame for high oil prices on speculators and aim to impose greater regulation on this category of traders. However, do speculators influence price in the crude oil market, or can fundamental factors sufficiently explain the price of crude oil? This thesis examines the pros and cons of speculative activity in the U.S. crude oil market, conducts a quantitative analysis to determine the relationship between speculative activity and crude oil prices, discusses proposed legislation, and endorses selected legislation for greater disclosure of OTC derivatives.
Author | : Samya Beidas-Strom |
Publisher | : International Monetary Fund |
Total Pages | : 34 |
Release | : 2014-12-12 |
Genre | : Business & Economics |
ISBN | : 1498303846 |
Download Oil Price Volatility and the Role of Speculation Book in PDF, ePub and Kindle
How much does speculation contribute to oil price volatility? We revisit this contentious question by estimating a sign-restricted structural vector autoregression (SVAR). First, using a simple storage model, we show that revisions to expectations regarding oil market fundamentals and the effect of mispricing in oil derivative markets can be observationally equivalent in a SVAR model of the world oil market à la Kilian and Murphy (2013), since both imply a positive co-movement of oil prices and inventories. Second, we impose additional restrictions on the set of admissible models embodying the assumption that the impact from noise trading shocks in oil derivative markets is temporary. Our additional restrictions effectively put a bound on the contribution of speculation to short-term oil price volatility (lying between 3 and 22 percent). This estimated short-run impact is smaller than that of flow demand shocks but possibly larger than that of flow supply shocks.
Author | : |
Publisher | : |
Total Pages | : 56 |
Release | : 2006 |
Genre | : Natural gas |
ISBN | : |
Download The Role of Market Speculation in Rising Oil and Gas Prices Book in PDF, ePub and Kindle
Author | : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations |
Publisher | : |
Total Pages | : 264 |
Release | : 2008 |
Genre | : Electronic government information |
ISBN | : |
Download Speculation in the Crude Oil Market Book in PDF, ePub and Kindle
Author | : Thomas Hoehl |
Publisher | : GRIN Verlag |
Total Pages | : 85 |
Release | : 2011-11-04 |
Genre | : Business & Economics |
ISBN | : 3656047677 |
Download Fundamentals, Speculation, and the Pricing of Crude Oil Futures Book in PDF, ePub and Kindle
Master's Thesis from the year 2011 in the subject Economics - Finance, grade: 8,0, Maastricht University (School of Business and Economics), language: English, abstract: This study finds that while a large part of the variation in crude oil futures prices is driven by fundamental factors, financial investment and speculation has the potential to aggravate reactions to changing fundamental variables and furthermore move prices on its own. The evidence is gathered by performing linear regressions and Granger Causality tests on futures returns, position data of different categories of futures traders on the New York Mercantile Exchange and proxies for relevant fundamental factors such as equity and exchange rate returns gathered from August 2006 to December 2010. While higher prices for crude oil naturally come along with increasing physical demand and finite world supply, future regulation might temper market volatility and guarantee that prices reflect a sustainable physical market equilibrium. The study also gives an overview of commodity market regulation and position limits on futures markets.
Author | : Pavel Slechta |
Publisher | : |
Total Pages | : 0 |
Release | : 2012-09-25 |
Genre | : |
ISBN | : 9783659252198 |
Download Speculation on the Crude Oil Market Book in PDF, ePub and Kindle
Author | : Alessandro Cologni |
Publisher | : |
Total Pages | : |
Release | : |
Genre | : Electronic book |
ISBN | : |
Download Big Fish Book in PDF, ePub and Kindle
Author | : Michael Hall Yan |
Publisher | : |
Total Pages | : 104 |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Crude Oil Pricing Book in PDF, ePub and Kindle
This paper is intended to better understand the effects of speculation on crude oil prices. While speculation has many benefits such as increasing market liquidity and bearing market risks that other wish to offset, speculation can also create unwanted market volatility and economic bubbles. During the past decade, crude oil prices have been extremely volatile causing increased controversy between investors and regulators regarding the role that oil speculation has played in the price of crude oil. This report examines the relationship between crude oil spot and futures prices to determine the role arbitragers, speculators, and hedgers have had in crude oil pricing.
Author | : Lonnie K. Stevans |
Publisher | : |
Total Pages | : 11 |
Release | : 2011 |
Genre | : |
ISBN | : |
Download Speculation, Futures Prices, and the U.S. Real Price of Crude Oil Book in PDF, ePub and Kindle
In this study, we examine the relationship between the U.S. real price of oil and factors that affect its movement over time: futures prices, the value of the dollar, exploration, demand, and supply. All of these variables are treated as jointly endogenous and a reduced form vector error correction model, testing for cointegration amongst the variables, is estimated. We find that for model specifications with short-term futures contracts, supply does indeed dominate price movements in the crude oil market. However, for specifications including longer-term contracts that are inherently more speculative, the real price of oil appears to be determined predominantly by the futures price. Moreover, there is empirical evidence of hoarding in the crude oil market: both oil stocks/inventories and futures prices are found to be positively cointegrated/correlated with each other. From a policy perspective, the results of this analysis indicate that if regulators really wanted to limit speculation in the oil market, they should keep the shorter-term futures contracts and eliminate the more speculative six months futures contracts.
Author | : Yun Pan |
Publisher | : |
Total Pages | : |
Release | : 2009 |
Genre | : |
ISBN | : |
Download Speculation and Volatility in the Crude Oil Futures Market Book in PDF, ePub and Kindle