Energy markets: analysis of petroleum and gas markets using econometrics techniques
2011
Kyritsis, E.
As world economies are becoming more intertwined every day and the world population grows, global energy requirements will expand, creating demand for a solid understanding of energy markets. With increasing globalization and interdependence of energy products, delivery mechanisms, and risk management techniques, everyone in the energy industry should be able to understand the links between the physical and financial energy markets as well as the cross links between similar energy products. The major physical markets are interested in the exploration and production, transportation and storage, refining and processing, and finally distribution of the energy commodity. On the other hand, the financial markets, which are the subject of this study, are involved with the trading, structuring and hedging of physical commodity positions. In doing this, players of the energy finance should be able to quantify correlations among the major energy commodities, which are: crude oil, refined petroleum, natural gas, liquefied natural gas, coal, electricity, and the alternatives. In this thesis, we are interested in studying the integration of the two major markets of petroleum and gas so that it may be of interest for people involved in commodity trading, risk management and quantitative analysis for both the physical and financial markets for these two products. Effective and sustainable risk management begins with the development of a robust and pervasive risk analysis that may only be accomplished if we have a clear understanding of the integration between petroleum and gas markets.
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