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

被引：87

作者：

Asche, F

Gjolberg, O

Völker, T

机构：

[1] Stavanger Univ Coll, N-4068 Stavanger, Norway

[2] Inst Res Econ & Business Adm, N-4068 Stavanger, Norway

[3] Agr Univ Norway, N-1432 As, Norway

[4] Norwegian Sch Econ & Business Adm, N-1432 As, Norway

来源：

ENERGY ECONOMICS | 2003年 / 25卷 / 03期

关键词：

oil prices; value chain; market integration; cointegration;

D O I：

10.1016/S0140-9883(02)00110-X

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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 exogenous 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. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：289 / 301

页数：13