Location Basis Differentials in Crude Oil Prices
作者： Phat V. Luong , Bruce Mizrach , Yoichi Otsubo
DOI: 10.5547/01956574.40.SI2.PLUO
关键词:
摘要: We examine the long-run pricing relationship among crude oil prices at North Sea (Brent) and Cushing (WTI) delivery points. The Brent-WTI location basis differential is stable until December 2009, but it widens to record levels in next two years. report on recent changes market that causes move apart. Brent WTI are cointegrated prior this structural break, not between 2010 2015. Since U.S. lifted export ban 2015, have reintegrated. retail gasoline respond before January then only afterwards.
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