Journal Article
Oil prices: backward to the future?
Abstract: A useful first guess about the future spot price of a commodity is usually found in its current futures price. But it doesn?t work that way when the commodity in question is oil. This Commentary explains why the characteristics of oil, particularly the value it can offer its owner by remaining in the ground, cloud the information that oil futures prices give about future oil prices.
Keywords: Petroleum industry and trade; Futures;
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Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Commentary
Publication Date: 2004
Issue: Dec
Order Number: 1