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Abstract

Understanding the relationship between crude oil prices and inventory levels is critical for policymakers and economic actors. The size of the ‘basis,’ or spread between spot and futures prices, reflects the level of inventories and can trigger arbitrage trading. The basis also reflects broader underlying market conditions and can be useful to policymakers such as the International Energy Agency and OPEC attempting to monitor and stabilize world oil markets.

Authors

Jennifer Considine

Visiting Researcher Dr. Considine is a KAPSARC visiting researcher and a senior research fellow at the Centre for Energy, Petroleum and Mineral… Dr. Considine is a KAPSARC visiting researcher and a senior research fellow at the Centre for Energy, Petroleum and Mineral Law and Policy (CEPMLP) in Dundee, Scotland.  Previously, she led a number of projects involving options pricing, real options valuations of physical assets including electricity generation facilities, storage companies, and natural gas pipelines and contracts, risk management and hedging techniques, and trading strategies for a variety of commodities including natural gas, electricity and crude oil. Dr. Considine has worked with a number of international energy companies including Ecopetrol, TransCanada Pipelines, Westcoast Energy, Coastal Corporation, Duke Energy, and ANR Pipeline Company. She is currently chief editor of Energy Politics, an energy newsletter dealing with commercial strategies and strategic planning in the global energy industry.  Dr. Considine is a former member of the Board of Directors for Canada Post, and founding member of a number of initiatives to promote Scottish-Canadian relations including the Canadian Friends of Scotland.

Expertise

  • World oil and inventories
  • Commodity trading and technology
  • Russian oil industry
  • Econometrics options pricing
  • Commercial strategies.

Publications See all Jennifer Considine’s publications

Philipp Galkin

Visiting Researcher Philipp is a visiting researcher at KAPSARC, working on the economic and policy aspects of energy supply and trade. Philipp’s… Philipp is a visiting researcher at KAPSARC, working on the economic and policy aspects of energy supply and trade. Philipp’s work at KAPSARC includes evaluating the effect of preferential trade agreements on energy flows, analysis of OPEC energy policy and deriving insights related to China’s energy policy and its impact on global markets through modeling energy supply sectors.

Expertise

  • International economic relations
  • Regional and country studies and policy analysis

Publications See all Philipp Galkin’s publications

Abdullah Aldayel

Research Associate Abdullah is a senior research analyst in the Markets and Industrial Development program, with a focus on oil markets and… Abdullah is a senior research analyst in the Markets and Industrial Development program, with a focus on oil markets and energy policies. He holds a B.S. degree in petroleum engineering from the King Fahd University of Petroleum and Minerals (KFUPM).

Expertise

  • Oil Markets and Energy Policies

Publications See all Abdullah Aldayel’s publications

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