search query: @author Banks, F. E. / total: 3
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| Author: | Banks, F. E. |
| Title: | "Paper oil, "real" oil, and the price of oil |
| Journal: | Energy Policy
1991 : JUL-AUG, VOL. 19:6, p. 517-525 |
| Index terms: | OIL PRICES FUTURES MARKETS CRISES MARKETS OIL INDUSTRY EXPORTS IMPORTS |
| Language: | eng |
| Abstract: | A non-technical explanation of the effect of "derivative" markets on oil pricing during the first three months of the Gulf crisis and comments about the utility of oil inventories when panic buying occurs are presented. The possible trends of oil prices are investigated in the light of the Gulf crises. It is argued that oil futures markets have functioned as shock transmitters, in that they have increased the sensitivity of oil prices to the minute-by-minute judgements of the oil traders and their clients who are frequently out of touch with oil market fundamentals. It is supposed that, in the post-crises era, long-run supply could be enhanced by an expanded cooperation between oil exporters and importers. |
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