Basis Variation and the Role of Inventories: Evidence from the Crude Oil Market
Understanding the variation in the spread between the futures price and the spot price (known as the basis) is important for efficient hedging and for explaining the dynamics of commodity spot prices. Classical studies based on the theory of storage explain the variation in the basis in terms of cha...
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| פורמט: | Working paper |
| שפה: | English |
| יצא לאור: |
2009
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