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Author: Robert McNally
Publisher: Columbia University Press
ISBN: 0231543689
Category : Business & Economics
Languages : en
Pages : 336
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Book Description
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
Author: Robert McNally
Publisher: Columbia University Press
ISBN: 0231543689
Category : Business & Economics
Languages : en
Pages : 336
Get Book Here
Book Description
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
Author: Robert McNally
Publisher:
ISBN: 9780231178150
Category : Business & Economics
Languages : en
Pages : 336
Get Book Here
Book Description
Crafting an engrossing journey from the Pennsylvania oil fields of the 1860s to today's Middle East, Crude Volatility shows how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Robert McNally explains how oil became so central to our world and why it is subject to such extreme price fluctuations.
Author: Robert McNally
Publisher:
ISBN: 9780231178143
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
Crafting an engrossing journey from the Pennsylvania oil fields of the 1860s to today's Middle East, Crude Volatility shows how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Robert McNally explains how oil became so central to our world and why it is subject to such extreme price fluctuations.
Author: Kent Moors
Publisher: John Wiley & Sons
ISBN: 1118077091
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
How oil volatility is affecting the global political scene, and where the oil market is heading The world is rapidly moving towards an oil environment defined by volatility. The Vega Factor: Oil Volatility and the Next Global Crisis takes an in-depth look at the most important topics in the industry, including strategic risk, why traditional pricing mechanisms will no longer govern the market, and how the current government approaches have only worsened an already bad situation. Details the industry's players, including companies, traders, and governments Describes the priorities that will need to be revised, and the policies needed to achieve stability Explains how today's oil market is fundamentally different from the pre-crisis market Oil prices affect everyone. The Vega Factor explains the new international oil environment of increasing consolidation and decreasing competition, and reveals how consumers and investors can navigate price volatility and new government policies.
Author: Christo Ricardo
Publisher:
ISBN:
Category :
Languages : en
Pages : 150
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Book Description
Crude oil investing and trading is not for the faint of heart or weak minded. Your trading capital can vanish right before your very eyes should you not be prepared or not have a plan to deal with the brutality and volatility of the crude oil market. How to Trade Black Gold is important for self-directed beginners because it helps them develop the tools and confidence to become successful trading in this volatile market. How to Trade Black Gold details a few easy and fast ways in which a brand new self-directed beginner can get into the crude oil sector in their portfolio by buying low and selling high. Trading and investing in crude oil presents challenges that are not normal in other instruments due to the many variables that are involved with its price movement. The markets, especially crude oil only work on supply and demand and that’s it, and you don’t need any fancy indicators to tell you that price is up or down because you can see it right on the price chart. How to Trade Black Gold can get any brand new self-directed crude oil trading beginner on the fast track to high profits as long as they are well capitalized and have their rule based core strategy for trading and investing in crude oil mastered! How to Trade Black Gold is going to tell the brand new self-directed beginner crude oil trader only the most important information they need to know right away which will empower them to make money trading crude oil. How to Trade Black Gold tells you how to learn it the right way the first time and greatly reduce that long learning curve by showing you what the crude oil market is really made of and what you need to know to begin making money trading in the harsh and volatile market of crude oil.
Author: Owain Johnson
Publisher: Routledge
ISBN: 1000539458
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
The day-to-day world of crude oil traders is not usually open to outsiders. Few non-specialists appreciate how oil traders approach the markets, what their backgrounds are and how they make money. This book brings the oil trading world to vivid life by introducing the reader to 40 real-life trades or strategies that were carried out by named market participants. The 40 chapters cover different geographies and different crude oil markets, providing an unparalleled insight into how crude oil traders work and think. Oil trading developed in its current form in the 1980s and the chapters cover these early beginnings through to the present day. The trades have been grouped in sections that relate to the nature of each trade and its broader use as an example of a successful trading style. Sections cover approaches to arbitrage trading; the impact of geopolitics; logistics and storage plays; short-term versus longer term trading; managing new crude oil grades; trading crude oil derivatives. The book provides plenty of inspiration for current or prospective crude oil traders or analysts. It will also be valuable for academic researchers, business school case studies, and for anyone wanting to learn more about the individuals that shape the world’s most important commodity market.
Author: Samya Beidas-Strom
Publisher: International Monetary Fund
ISBN: 1498333486
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
How much does speculation contribute to oil price volatility? We revisit this contentious question by estimating a sign-restricted structural vector autoregression (SVAR). First, using a simple storage model, we show that revisions to expectations regarding oil market fundamentals and the effect of mispricing in oil derivative markets can be observationally equivalent in a SVAR model of the world oil market à la Kilian and Murphy (2013), since both imply a positive co-movement of oil prices and inventories. Second, we impose additional restrictions on the set of admissible models embodying the assumption that the impact from noise trading shocks in oil derivative markets is temporary. Our additional restrictions effectively put a bound on the contribution of speculation to short-term oil price volatility (lying between 3 and 22 percent). This estimated short-run impact is smaller than that of flow demand shocks but possibly larger than that of flow supply shocks.
Author: Morgan Downey
Publisher: WOODEN TABLE PressLLC
ISBN: 9780982039205
Category : Petroleum as fuel
Languages : en
Pages : 0
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Book Description
"Since 1859, oil has enabled and defined our economic, social and political landscape. Throughout this time, abundant supply ensured low, stable prices and the inner workings of the oil industry remained relatively obscure. Following a century and a half of relative calm, oil prices have become much more volatile as the sustainability and growth of reliable supply sources have been brought into question. This book provides a guide to oil; from its history, to sources of supply and drivers of demand; from how prices are determined daily in global wholesale oil markets, to how those markets are connected to prices at the pump." -- Book jacket.
Author: Kaoru Tone
Publisher: John Wiley & Sons
ISBN: 1118946707
Category : Mathematics
Languages : en
Pages : 579
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Book Description
A key resource and framework for assessing the performance of competing entities, including forecasting models Advances in DEA Theory and Applications provides a much-needed framework for assessing the performance of competing entities with special emphasis on forecasting models. It helps readers to determine the most appropriate methodology in order to make the most accurate decisions for implementation. Written by a noted expert in the field, this text provides a review of the latest advances in DEA theory and applications to the field of forecasting. Designed for use by anyone involved in research in the field of forecasting or in another application area where forecasting drives decision making, this text can be applied to a wide range of contexts, including education, health care, banking, armed forces, auditing, market research, retail outlets, organizational effectiveness, transportation, public housing, and manufacturing. This vital resource: Explores the latest developments in DEA frameworks for the performance evaluation of entities such as public or private organizational branches or departments, economic sectors, technologies, and stocks Presents a novel area of application for DEA; namely, the performance evaluation of forecasting models Promotes the use of DEA to assess the performance of forecasting models in a wide area of applications Provides rich, detailed examples and case studies Advances in DEA Theory and Applications includes information on a balanced benchmarking tool that is designed to help organizations examine their assumptions about their productivity and performance.
Author: Salvatore Carollo
Publisher: John Wiley & Sons
ISBN: 1119962900
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
It’s a fair bet that most of what you think you know about oil prices is wrong. Despite the massive price fluctuations of the past decade, the received wisdom on the subject has remained fundamentally unchanged since the 1970s. When asked, most people – including politicians, financial analysts and pundits – will respond with a tired litany of reasons ranging from increased Chinese and Indian competition for diminishing resources and tensions in the Middle East, to manipulation by OPEC and exorbitant petrol taxes in the EU. Yet the facts belie these explanations. For instance, what really happened in late 2008 when, in just a few weeks, oil prices plummeted from $144 dollars to $37 dollars a barrel? Did Chinese and Indian demand suddenly dry up? Did Middle East conflicts magically resolve themselves? Did OPEC flood the market with crude? In each case the answer is a definitive no – quite the opposite in fact. Industry expert Salvatore Carollo explains that the truth behind today’s increasingly volatile oil market is that over the past two decades oil prices have come untethered from all classical notions of supply and demand and have transcended any country’s, consortium’s, cartel’s, or corporate entity’s powers to control them. At play is a subtler, more complex game than most analysts realise (or are unwilling to admit to), a very dangerous game involving runaway financial speculation, self-defeating government policymaking and a concerted disinvestment in refinery capacity among the oil majors. In Understanding Oil Prices Carollo identifies the key players in this dangerous game, exploring their competing interests and motivations, their moves and countermoves. Beginning with the 1976 oil embargo and moving through the 1986 Chernobyl incident, the implementation of the US Clean Air Act Amendments of 1990, and the precipitous expansion of the oil futures market since the turn of the century, he traces the vast structural changes which have occurred within the oil industry over the past four decades, identifying their economic, social and geopolitical drivers, and analysing their fallout in the global economy. He explores the oil industry’s decision to scale down refining capacity in the face of increasing demand and the effects of global shortages of petrol, diesel, jet fuel, fuel oil, chemical feedstocks, lubricants and other essential finished products, and describes how, beginning in the year 2000, the oil futures market detached itself almost completely from the crude market, leading to the assetization of oil, and the crippling impact reckless speculation in oil futures has had on the global economy. Finally he proposes new, more sophisticated models that economists and financial analysts can use to make sense of today’s oil market, while offering industry leaders and government policymakers prescriptions for stabilising the market to ensure a relatively steady flow of affordable oil. A concise, authoritative guide to understanding the complex, oft misunderstood oil markets, Understanding Oil Prices is an important resource for energy market participants, commodity traders and investors, as well as business journalists and government policymakers alike.
