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- Title
The forward market for oil.
- Authors
Campbell, Patrick; Orskaug, Bjorn-Erik; Williams, Richard
- Abstract
As the spot price of oil has risen in recent years, so has the price of oil for delivery in the future. This article examines the workings of the forward market for oil and considers why producers have not been hedging more of their future oil production following these unusual forward price moves. INSETS: What explains the shape of commodity futures curves?;Why does the futures curve usually slope downwards?;Why does the forecast price of oil lie below the futures curve?.
- Subjects
PETROLEUM industry; PRICES; HEDGING (Finance); ENERGY industries; INDUSTRIAL costs
- Publication
Bank of England Quarterly Bulletin, 2006, Vol 46, Issue 1, p66
- ISSN
0005-5166
- Publication type
Article