Linkages among the US energy futures markets

Kentaka Aruga and Shunsuke Managi

International Journal of Global Energy Issues, 2013, vol. 36, issue 1, 13-26

Abstract: This study investigates the price linkage among the US major energy sources, considering structural breaks in time series, to provide information for diversifying the US energy sources. We find that only a weak linkage sustains among crude oil, gasoline, heating oil, coal, natural gas, uranium and ethanol futures prices. This implies that the US major energy source markets are not integrated as one primary energy market. Our tests also reveal that uranium and ethanol futures prices have very weak linkages with other major energy source prices. This indicates that the US energy market is still at a stage where none of the probable alternative energy source markets are playing the role as substitute or complement markets for the fossil fuel energy markets.

Keywords: futures markets; cointegration test; structural break; price linkage; energy sources; energy futures; USA; United States; integration; crude oil; petrol; gasoline; heating oil; coal; natural gas; uranium; ethanol; futures prices; alternative energy; fossil fuels. (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.inderscience.com/link.php?id=55934 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Linkage among the U.S. Energy Futures Markets (2011)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijgeni:v:36:y:2013:i:1:p:13-26

Access Statistics for this article

More articles in International Journal of Global Energy Issues from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().