Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?
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Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?

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Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?

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dc.contributor.author Palao Sánchez, Fernando
dc.contributor.author Pardo Tornero, Ángel
dc.contributor.author Roig Atienza, Marta
dc.date.accessioned 2022-05-19T17:18:16Z
dc.date.available 2022-05-19T17:18:16Z
dc.date.issued 2020
dc.identifier.uri https://hdl.handle.net/10550/82897
dc.description.abstract The recent listing of a new crude oil futures contract on the Shanghai International Energy Exchange (INE) has reopened the debate over whether crude oil produced in different countries or locations constitutes a unified world oil market. The aim of this paper is to study the information flows among Brent, West Texas Intermediate (WTI) and the new Medium Sour Crude Oil (SC) futures contract listed on INE futures markets to assess whether the trading of this new futures contract has altered the dominant role of the most traded oil benchmarks in the world. A multiple regression model identifies the Brent futures market as the most influential market in the oil price discovery process, while WTI appears to be the most sensitive. Furthermore, we have observed that SC does not influence any market and it is only sensitive to Brent news, even though WTI is the most heavily traded futures contract. Therefore, the launch of the SC futures contract has not yet altered the dominant role of Brent over WTI.
dc.language.iso eng
dc.relation.ispartof Journal Of Asian Economics, 2020, vol. 70, num. 101237
dc.rights.uri info:eu-repo/semantics/openAccess
dc.source Palao Sánchez, Fernando Pardo Tornero, Ángel Roig Atienza, Marta 2020 Is the leadership of the Brent-WTI threatened by China's new crude oil futures market? Journal Of Asian Economics 70 101237
dc.subject Economia internacional
dc.subject Mercat Anàlisi
dc.subject Comerç exterior
dc.title Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?
dc.type info:eu-repo/semantics/article
dc.date.updated 2022-05-19T17:18:16Z
dc.identifier.doi https://doi.org/10.1016/j.asieco.2020.101237
dc.identifier.idgrec 143661

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