Price relationships in the petroleum market : an analysis of crude oil and refined product prices

dc.contributor.author	Asche, Frank
dc.contributor.author	Gjølberg, Ole
dc.contributor.author	Völker, Teresa
dc.date.accessioned	2006-07-05T08:50:01Z
dc.date.available	2006-07-05T08:50:01Z
dc.date.issued	2001-08
dc.identifier.isbn	82-491-0152-9 (trykt versjon)
dc.identifier.issn	0803-4036
dc.identifier.uri	http://hdl.handle.net/11250/164625
dc.description.abstract	In this paper the relationships between crude oil and refined product prices are investigated in a multivariate framework. This allows us to test several (partly competing) assumptions of earlier studies. In particular, we find that the crude oil price is weakly exogeneous and that the spread is constant in some but not all relationships. Moreover, the multivariate analysis shows that the link between crude oil prices and several refined product prices implies market integration for these refined products. This is an example of supply driven market integration and producers will change the output mix in response to price changes.	en
dc.format.extent	95022 bytes
dc.format.mimetype	application/pdf
dc.language.iso	eng	en
dc.publisher	SNF	en
dc.relation.ispartofseries	Report	en
dc.relation.ispartofseries	2001:31	en
dc.subject	oil prices	en
dc.subject	value chain	en
dc.subject	market integration	en
dc.subject	cointegration	en
dc.title	Price relationships in the petroleum market : an analysis of crude oil and refined product prices	en
dc.type	Research report	en