The theory of storage in the crude oil futures market, the role of financial conditions
This study examines the impacts of inventory and financial instability on the basis of the crude oil market. The results show that, first, the basis rises with inventory, and this effect is higher during low inventory regimes. This validates the theory of storage in the crude oil market. Second, the...
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| Veröffentlicht in: | The journal of futures markets 2020-07, Vol.40 (7), p.1160-1175 |
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| container_title | The journal of futures markets |
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| creator | Ahmadi, Maryam Bashiri Behmiri, Niaz Manera, Matteo |
| description | This study examines the impacts of inventory and financial instability on the basis of the crude oil market. The results show that, first, the basis rises with inventory, and this effect is higher during low inventory regimes. This validates the theory of storage in the crude oil market. Second, the basis rises with financial instability, and this effect is higher during turbulent regimes. These results warn the oil market participants that, to make decisions based on the basis variation, traditionally known as a signal of scarcity or abundance, the underlying cause of the variation has to be considered. |
| doi_str_mv | 10.1002/fut.22113 |
| format | Article |
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These results warn the oil market participants that, to make decisions based on the basis variation, traditionally known as a signal of scarcity or abundance, the underlying cause of the variation has to be considered.</description><identifier>ISSN: 0270-7314</identifier><identifier>EISSN: 1096-9934</identifier><identifier>DOI: 10.1002/fut.22113</identifier><language>eng</language><publisher>Hoboken: Wiley Periodicals Inc</publisher><subject>Basis ; Crude oil ; crude oil futures ; financial stress ; Futures market ; Inventory ; Petroleum ; Scarcity ; theory of storage ; threshold SVAR</subject><ispartof>The journal of futures markets, 2020-07, Vol.40 (7), p.1160-1175</ispartof><rights>2020 Wiley Periodicals, Inc.</rights><rights>2020 Wiley Periodicals LLC</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3303-f1441f05fba3e62805f39ba812e3903eee00790c12e6dcf1911b44da9e316a553</citedby><cites>FETCH-LOGICAL-c3303-f1441f05fba3e62805f39ba812e3903eee00790c12e6dcf1911b44da9e316a553</cites><orcidid>0000-0002-8333-4297</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1002%2Ffut.22113$$EPDF$$P50$$Gwiley$$H</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1002%2Ffut.22113$$EHTML$$P50$$Gwiley$$H</linktohtml><link.rule.ids>314,780,784,1417,27924,27925,45574,45575</link.rule.ids></links><search><creatorcontrib>Ahmadi, Maryam</creatorcontrib><creatorcontrib>Bashiri Behmiri, Niaz</creatorcontrib><creatorcontrib>Manera, Matteo</creatorcontrib><title>The theory of storage in the crude oil futures market, the role of financial conditions</title><title>The journal of futures markets</title><description>This study examines the impacts of inventory and financial instability on the basis of the crude oil market. The results show that, first, the basis rises with inventory, and this effect is higher during low inventory regimes. This validates the theory of storage in the crude oil market. Second, the basis rises with financial instability, and this effect is higher during turbulent regimes. These results warn the oil market participants that, to make decisions based on the basis variation, traditionally known as a signal of scarcity or abundance, the underlying cause of the variation has to be considered.</description><subject>Basis</subject><subject>Crude oil</subject><subject>crude oil futures</subject><subject>financial stress</subject><subject>Futures market</subject><subject>Inventory</subject><subject>Petroleum</subject><subject>Scarcity</subject><subject>theory of storage</subject><subject>threshold SVAR</subject><issn>0270-7314</issn><issn>1096-9934</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2020</creationdate><recordtype>article</recordtype><recordid>eNp1kE1LAzEQhoMoWKsH_0HAk-C2k4_dbo5SrAoFLy0eQ7o7sanrpia7SP-9aderp_l63hnmJeSWwYQB8KntuwnnjIkzMmKgikwpIc_JCPgMsplg8pJcxbgDAKUkjMj7aou026IPB-otjZ0P5gOpa49NWoW-RupdQ9PePmCkXyZ8Yvdwmgbf4FFkXWvaypmGVr6tXed8G6_JhTVNxJu_OCbrxdNq_pIt355f54_LrBICRGaZlMxCbjdGYMHLlAm1MSXjKBQIRASYKahSXdSVZYqxjZS1UShYYfJcjMndsHcf_HePsdM734c2ndRcQlnmJZQqUfcDVQUfY0Cr98GlVw6agT76ptN_-uRbYqcD--MaPPwP6sV6NSh-ASNvbk0</recordid><startdate>202007</startdate><enddate>202007</enddate><creator>Ahmadi, Maryam</creator><creator>Bashiri Behmiri, Niaz</creator><creator>Manera, Matteo</creator><general>Wiley Periodicals Inc</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope><orcidid>https://orcid.org/0000-0002-8333-4297</orcidid></search><sort><creationdate>202007</creationdate><title>The theory of storage in the crude oil futures market, the role of financial conditions</title><author>Ahmadi, Maryam ; Bashiri Behmiri, Niaz ; Manera, Matteo</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3303-f1441f05fba3e62805f39ba812e3903eee00790c12e6dcf1911b44da9e316a553</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2020</creationdate><topic>Basis</topic><topic>Crude oil</topic><topic>crude oil futures</topic><topic>financial stress</topic><topic>Futures market</topic><topic>Inventory</topic><topic>Petroleum</topic><topic>Scarcity</topic><topic>theory of storage</topic><topic>threshold SVAR</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Ahmadi, Maryam</creatorcontrib><creatorcontrib>Bashiri Behmiri, Niaz</creatorcontrib><creatorcontrib>Manera, Matteo</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>The journal of futures markets</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Ahmadi, Maryam</au><au>Bashiri Behmiri, Niaz</au><au>Manera, Matteo</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The theory of storage in the crude oil futures market, the role of financial conditions</atitle><jtitle>The journal of futures markets</jtitle><date>2020-07</date><risdate>2020</risdate><volume>40</volume><issue>7</issue><spage>1160</spage><epage>1175</epage><pages>1160-1175</pages><issn>0270-7314</issn><eissn>1096-9934</eissn><abstract>This study examines the impacts of inventory and financial instability on the basis of the crude oil market. 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| issn | 0270-7314 1096-9934 |
| language | eng |
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| source | Wiley Journals; EBSCOhost Business Source Complete |
| subjects | Basis Crude oil crude oil futures financial stress Futures market Inventory Petroleum Scarcity theory of storage threshold SVAR |
| title | The theory of storage in the crude oil futures market, the role of financial conditions |
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