Showing papers on "Brent Crude published in 2007"
TL;DR: In this paper, the authors examined the relationship between UK wholesale gas prices and the Brent oil price over the period 1996-2003 in order to investigate whether oil and gas prices "decoupled" during this period as orthodox gas market liberalisation theory suggests.
158 citations
TL;DR: Li et al. as mentioned in this paper improved upon the traditional portfolio theory and developed a risk index model of portfolio theory for crude oil imports in order to explore objectively the changes in China's crude oil import risks.
65 citations
TL;DR: In this paper, the authors extend the call option model of Milonas and Thomadakis (1997) to estimate oil convenience yields with futures prices and find that the convenience yield for crude oil exhibits seasonal behavior.
Abstract: This paper extends the call option model of Milonas and Thomadakis (1997) to estimate oil convenience yields with futures prices. We define the business cycle of a seasonal commodity with demand/supply shocks and find that the convenience yield for crude oil exhibits seasonal behavior. The convenience yield for West Texas Intermediate (WTI) crude oil is the highest in the summer, while that for Brent crude oil is the highest in the winter. This implies that WTI crude oil is more sensitive to high summer demand and that Brent crude oil is more sensitive to shortages in winter supply. Convenience yields are negatively related to the inventory level of the underlying crude oil and positively related to interest rates due to the business cycle. We also show that convenience yields may explain price spread between WTI crude oil and Brent crude oil. Our computed convenience yields are consistent with Fama and French (1988) in that oil prices are more volatile than futures prices at low inventory level, verifying the Samuelson (1965) hypothesis that future prices are less variables than spot prices at lower inventory levels.
24 citations
Journal Article•
TL;DR: It is suggested that exposure to Nigerian Qua Iboe Brent crude oil adversely affected the immune system of male rats, implying possible immunosuppression for humans and other species exposed to this environmental pollutant.
Abstract: This study investigated the consequences of exposure to crude oil on components of the immune system of male rats. A total of 40 male albino rats were used for the experiment. Exposure to crude oil was achieved by oral administration of increasing doses (low, medium and high) of Nigerian Qua Iboe Brent crude oil to the rats every other day for 4 weeks. Haematological parameters, relative weights and histomorphological features of the spleen of rats that received the crude oil were compared to control rats. The results showed that packed cell volume values (P<0.05), erythrocyte counts (P<0.05), absolute neutrophil counts (P<0.01) and absolute monocyte counts (P<0.01) were significantly reduced in crude oil-exposed rats. The total leukocyte counts (P<0.05) and absolute lymphocyte counts (P<0.01) were increased at the low dose of crude oil, but were subsequently reduced with increase in dose of crude oil. Splenic morphology was severely altered in rats that consumed crude oil. These findings suggest that exposure to Nigerian Qua Iboe Brent crude oil adversely affected the immune system of male rats. This implies possible immunosuppression for humans and other species exposed to this environmental pollutant.
11 citations
27 May 2007
TL;DR: A new hybrid approach is presented to analyze factors affecting crude oil price using rough set and wavelet neural network and the predictability of crude oil prices is discussed.
Abstract: In this paper, a new hybrid approach is presented to analyze factors affecting crude oil price using rough set and wavelet neural network. Related factors that affect crude oil price are found using text mining technique and Brent oil price is chosen as the decision price because it plays an important role in world crude oil markets. The relevant subsets of the factors are discovered by rough set module and the main factors are got, and then the important degrees of these are measured using wavelet neural network. Based on the novel hybrid approach, the predictability of crude oil price is discussed.
4 citations
08 Oct 2007
TL;DR: Numerical results support that there exist stylized facts in Brent crude oil price system and calculate the two-time autocorrelation functions and get exponential decay for small values.
Abstract: In this paper, based on the time series of Brent crude oil prices (daily spot), by introducing some functions to explore empirically the price dynamics and behaviors in crude oil prices, we investigate the information in price system and analyze the price behaviors especially the system memory mechanism of historical information, thus we discuss the long- term memory mechanism existed and analyze numerically the non-periodic cycles in the system; furthermore, we find nontrivial fractal features and multi-affine spectra in Brent price system; finally, we calculate the two-time autocorrelation functions and get exponential decay for small values. All numerical results support that there exist stylized facts in Brent crude oil price system.
1 citations