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Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?

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Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?

dc.contributor.author	Palao Sánchez, Fernando
dc.contributor.author	Pardo Tornero, Ángel
dc.contributor.author	Roig Atienza, Marta
dc.date.accessioned	2022-05-19T17:18:16Z
dc.date.available	2022-05-19T17:18:16Z
dc.date.issued	2020
dc.identifier.citation	Palao Sánchez, Fernando Pardo Tornero, Ángel Roig Atienza, Marta 2020 Is the leadership of the Brent-WTI threatened by China's new crude oil futures market? Journal Of Asian Economics 70 101237
dc.identifier.uri	https://hdl.handle.net/10550/82897
dc.description.abstract	The recent listing of a new crude oil futures contract on the Shanghai International Energy Exchange (INE) has reopened the debate over whether crude oil produced in different countries or locations constitutes a unified world oil market. The aim of this paper is to study the information flows among Brent, West Texas Intermediate (WTI) and the new Medium Sour Crude Oil (SC) futures contract listed on INE futures markets to assess whether the trading of this new futures contract has altered the dominant role of the most traded oil benchmarks in the world. A multiple regression model identifies the Brent futures market as the most influential market in the oil price discovery process, while WTI appears to be the most sensitive. Furthermore, we have observed that SC does not influence any market and it is only sensitive to Brent news, even though WTI is the most heavily traded futures contract. Therefore, the launch of the SC futures contract has not yet altered the dominant role of Brent over WTI.
dc.language.iso	eng
dc.relation.ispartof	Journal Of Asian Economics, 2020, vol. 70, num. 101237
dc.subject	Economia internacional
dc.subject	Mercat Anàlisi
dc.subject	Comerç exterior
dc.title	Is the leadership of the Brent-WTI threatened by China's new crude oil futures market?
dc.type	journal article	es_ES
dc.date.updated	2022-05-19T17:18:16Z
dc.identifier.doi	10.1016/j.asieco.2020.101237
dc.identifier.idgrec	143661
dc.rights.accessRights	open access	es_ES