Closer to One Great Pool? Evidence from Structural Breaks in Oil Price Differentials
نویسندگان
چکیده
We show that the oil market has become closer to 'one great pool,' in sense price differentials between crude oils of different qualities have generally smaller over time. document, particular, many these experienced a major structural break or around 2008, after which there was marked reduction their means and volatilities. Differentials residual fuel oil, low-quality fuel, higher-valued products, such as gasoline diesel, similar breaks during same time period. A growing ability global refinery sector process lower-quality U.S. shale boom, unexpectedly boosted supply high-quality are two factors consistent with changes. quality general did not experience although we do find evidence at other times.
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ژورنال
عنوان ژورنال: The Energy Journal
سال: 2021
ISSN: ['0195-6574', '1944-9089']
DOI: https://doi.org/10.5547/01956574.42.2.mpla