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Oil price benchmarks in international trade: how time gradient affects crude oil differentials - the example of Brent

Abstract:

Physical oil is usually priced, not at an outright price, but at a differential to some other market, either another more active physical market or a liquid futures or forward market.

In the crude oil market, the fixed or outright price is generally discovered in the futures and forward markets, and physical oils are typically priced either directly or indirectly at premiums or discounts to these prices. Futures and forward instruments are popular because market participants typical...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Authors


Peter Stewart More by this author
Publisher:
Oxford Institute for Energy Studies
Journal:
Oxford Energy Forum Journal website
Volume:
87
Pages:
11-14
Publication date:
2012-02-05
ISSN:
0959-7727
URN:
uuid:fe87dad2-3e54-4fad-b32a-fb503c0b1a44
Local pid:
ora:11206
Language:
English
Keywords:

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