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Spot price and future price for Brent and WTI markers: Behavior and determinants (1998-2008)

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Author Info

  • Giuseppe Pulitano

    ()
    (Asesor Financiero por Banca Network Inv. (Napoli, Italia).Via Nicola Ricciardi, 5 – Napoli-Italia. Tlf: +39 081 769 0166.)

  • Emmanuel Borgucci

    ()
    (Profesor de Macroeconomía de la Facultad de Ciencias Económicas y Sociales de la Universidad del Zulia, Maracaibo- Venezuela.)

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    Abstract

    The dynamics of oil prices in the past few years and their vertiginous rise observed during 2008 have captured the attention of academia and governments. This paper proposes an analysis of the petroleum market, making emphasis in the crude benchmarks WTI and Brent, the world reserves distribution, production levels, and the comprehension of the ratio and the mechanisms of the term or future contracts. The attempt at proposing a thorough research needs two types of analysis: fundamental and financial technical. It was found that the causes of the oil price increases are multiple and, among them, the speculative component has probably been the most incisive.

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    File URL: ftp://iies.faces.ula.ve/Pdf/Revista29/Rev29Pulitano.pdf
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    Bibliographic Info

    Article provided by Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela in its journal Economía.

    Volume (Year): 35 (2010)
    Issue (Month): 29 (January-june)
    Pages: 173-208

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    Handle: RePEc:ula:econom:v:35:y:2010:i:29:p:173-208

    Contact details of provider:
    Postal: Facultad de Ciencias Económicas y Sociales. Instituto de Investigaciones Económicas y Sociales. Campus Universitario Liria, Edificio G, Tercer Nivel. Mérida 5101, Estado Mérida, Venezuela
    Phone: +58 74 401111 ext. 1081
    Fax: +58 74 401120
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    Web page: http://iies.faces.ula.ve/
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    Related research

    Keywords: Sweet light crude future; Brent Blend; OPEC.;

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    1. Robert S. Pindyck, 2001. "The Dynamics of Commodity Spot and Futures Markets: A Primer," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 1-30.
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