Redefining the convenience yield in the North Sea crude oil market
The objective of this paper is to adapt the classical spot/futures relationship stemming from the theory of storage to the case of the North Sea crude oil market. Brent (and other North Sea crude oil grades) is waterborne and these logistical issues mean that a true spot market for Brent does not ex...
| Main Authors: | , |
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| Format: | Working paper |
| Language: | English |
| Published: |
Oxford Institute for Energy Studies
2004
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