[HTML][HTML] Brent vs. West Texas Intermediate in the US petro derivatives price formation
In this paper, we apply the spatial panel model to explore the relationship between the
dynamic of two types of crude oil prices (WTI and Brent crude oil) and their refined products
over time. Considering the turbulent months of 2011, when Cushing Oklahoma had reached
capacity and the crude oil export ban removal in 2015 as breakpoints, we apply this method
both in the full sample and the three resultant regimes. First, results suggest our results show
that both WTI and Brent display very similar behaviour with the refined products. Second …
dynamic of two types of crude oil prices (WTI and Brent crude oil) and their refined products
over time. Considering the turbulent months of 2011, when Cushing Oklahoma had reached
capacity and the crude oil export ban removal in 2015 as breakpoints, we apply this method
both in the full sample and the three resultant regimes. First, results suggest our results show
that both WTI and Brent display very similar behaviour with the refined products. Second …
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