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Heating Oil (heating + oil)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	80%

Selected Abstracts

Jet fuel squeezed as gasoil demand booms

OIL AND ENERGY TRENDS, Issue 6 2005
Article first published online: 15 JUN 200
As the US summer gasoline season begins (see 'The Month in Brief') it is not gasoline but middle distillate that is driving product prices in that country. Fears of a heating oil shortage next winter have pushed the price of heating oil above that of motor spirit. Diesel prices have been above those of gasoline for several weeks. Strong demand for diesel and heating oil is predicted for the rest of the year, and US refiners will have to try and structure their operations so as to maximize their output of these two fuels whilst still continuing to keep the world's largest gasoline market adequately supplied. The main effect of these attempts to squeeze more gasoline, diesel and heating oil from the crude oil barrel is likely to be experienced by the product that lies in the middle: jet kerosine. [source]

Persistence in some energy futures markets

THE JOURNAL OF FUTURES MARKETS, Issue 5 2010
Juncal Cunado
In this study, we examine the possibility of long-range dependence in some energy futures markets for different maturities. In order to test for persistence, we use a variety of techniques based on non-parametric, semi-parametric and parametric methods. The results indicate that there is little or no evidence of long memory in gasoline, propane, oil and heating oil at different maturities. However, when we focus on the volatility process, proxied by the absolute returns, we find strong evidence of long memory in all the variables at different contracts. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 30:490,507, 2010 [source]

An empirical analysis of multi-period hedges: Applications to commercial and investment assets

THE JOURNAL OF FUTURES MARKETS, Issue 6 2005
Jimmy E. Hilliard
This study measures the performance of stacked hedge techniques with applications to investment assets and to commercial commodities. The naive stacked hedge is evaluated along with three other versions of the stacked hedge, including those which use exponential and minimum variance ratios. Three commercial commodities (heating oil, light crude oil, and unleaded gasoline) and three investment assets (British Pounds, Deutsche Marks, and Swiss Francs) are examined. The evidence suggests that stacked hedges perform better with investment assets than with commercial commodities. Specifically, deviations from the cost-of-carry model result in nontrivial hedge errors in the stacked hedge. Exponential and minimum variance hedge ratios were found to marginally improve the hedging performance of the stack. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:587,606, 2005 [source]

Volatility and commodity price dynamics

THE JOURNAL OF FUTURES MARKETS, Issue 11 2004
Robert S. Pindyck
Commodity prices are volatile, and volatility itself varies over time. Changes in volatility can affect market variables by directly affecting the marginal value of storage, and by affecting a component of the total marginal cost of production, the opportunity cost of producing the commodity now rather than waiting for more price information. I examine the role of volatility in short-run commodity market dynamics and the determinants of volatility itself. I develop a structural model of inventories, spot, and futures prices that explicitly accounts for volatility, and estimate it using daily and weekly data for the petroleum complex: crude oil, heating oil, and gasoline. © 2004 Wiley Periodicals, Inc. Jrl Fut Mark 24:1029,1047, 2004 [source]

The international logistics of wood pellets for heating and power production in Europe: Costs, energy-input and greenhouse gas balances of pellet consumption in Italy, Sweden and the Netherlands

BIOFUELS, BIOPRODUCTS AND BIOREFINING, Issue 2 2010
Richard Sikkema
Abstract The European wood pellet market is booming: concerns about climate change and renewable energy targets are predominant drivers. The aim of this analysis is to compare typical wood pellet chains from the purchase of the feedstock from sawmills to the conversion into heat or electricity. Cost structures, primary energy inputs and avoided greenhouse gas (GHG) emissions are reviewed. Three cases are defined: pellets for district heating (DH) in Sweden (replacing heavy fuel oil); bagged pellets for residential heating in Italy (natural gas); and Canadian pellets for electricity production in the Netherlands (coal). Supply may cost ,110,,170 per tonne of delivered pellets, with the main cost factors being feedstock collection, drying and long-distance ocean transportation (for Canadian pellets only). Largest avoided emissions are for power production (1937 kg CO2eq/tonne of pellets), followed by district heating (1483 kg). In relative terms, the GHG reduction varies from 81% for residential heating (with pre-dried feedstock) to 97% for DH. Based on a wood-pellet consumption of 8.2 million tonnes, the EU27 plus Norway and Switzerland avoided about 12.6 million tonnes of CO2 emissions in 2008. Concluding, wood pellets can achieve substantial GHG savings, especially when substituting coal for power production. However, wood pellets are relatively expensive, especially compared to coal. Only in the case of high oil prices, can the substitution of heating oil for DH be commercially viable. In most other cases, substitution is only possible with financial support from national governments, for example, feed-in tariffs or carbon taxes. The commercial markets for CO2 emission rights may cover some costs, but their impact is still limited. Copyright © 2010 Society of Chemical Industry and John Wiley & Sons, Ltd [source]