KDI 한국개발연구원 - 경제정책정보 - 국내외연구자료 주제 - 자연환경 - 자원 -



유관기관의 다양한 자료를 한 곳에서 살펴보실 수 있습니다.


Closer to One Great Pool? Evidence from Structural Breaks in Oil Price Differentials

IAEE 2019.07.25
We show that the oil market has become closer to \one great pool," in the sense that price differentials between crude oils of different qualities have generally become smaller over time. We document, in particular, that many of these quality-related differentials experienced a major structural break in or around 2008, after which there was a marked reduction in their means and, in many cases, volatilities. Several factors explain these shifts, including a growing ability of the global refinery sector to process lower-quality crude oil and the U.S. shale boom, which has unexpectedly boosted the supply of high-quality crude oil. Differentials between crude oils of similar quality in general did not experience breaks in or around 2008, although we do find evidence of breaks at other times. We also show that these structural breaks can affect tests of stationarity for many price differentials.

가입하신 이동통신사의 요금제에 따라
데이터 요금이 과다하게 부가될 수 있습니다.

파일을 다운로드하시겠습니까?
KDI 연구 카테고리