European gas oil markets : price relationships, hedging and efficiency

Working paper

The structure of markets is often taken for granted. Companies trade in a commodity market because it exists and do not feel the need to enquire into its origins. But markets are not static entities and, in the case of the oil industry, they are in a constant state of evolution as new trading techniques and new institutions are borrowed or created to satisfy the demands of the wide range of companies that now trade oil. And changes in market structure and performance can have important implications for the trading results of those involved.

Authors: Long, D

• Publication status: Published
• Peer review status: Reviewed (other)
• Publisher: Oxford Institute for Energy Studies Publisher's website
• Series: OIES paper
• Publication date: 1991-01-01
• Paper number: M16
• ISBN: 0948061553
• Language: English
• Keywords: unit roots; forward contracts; futures contracts; spot markets; market structure; hedging efficiency; differentiation; co-integrating; gasoil markets; pricing efficiency; price behaviour; OIES