| dc.description.abstract | This master thesis examines geographical market integration in energy markets, price
comovement between oil, natural gas and coal, as well as price comovement between energy
and non-energy commodities (agricultural products, industrial metals and precious metals).
A relatively comprehensive review of the literature is made, and a cointegration analysis
between crude oil and various non-energy commodities is also carried out. The findings
indicate that oil is quite strongly integrated into one global market, although recent
developments imply that this may change. Coal markets are not as strongly integrated as oil,
but the presence of a single global coal market is still likely. Natural gas markets are
probably divided in two, perhaps three, global markets. Some relatively strong regional
integration between energy carriers exists, but there is no integrated common market.
Several long-term price relationships between energy and non-energy commodities also
seem to be present, but it is very difficult to determine which causal factors are responsible. | no_NO |
