• Environmental and Resource Economics Review
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• v.16 no.2
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• pp.239-273
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• 2007

Bunker-C is sold at the different price in the market for international bunkering and for export, though the quality of bunker-c is not much different in two markets. The price difference in two markets tends to increase since 2002 in Korea. This study shows that there is a possibility for a structural change in the price difference in two markets in Korea around June, 2002. In the search for possible explanations for this structural change, empirical analyses found that the price difference in Singapore, which had not have any explanatory power before June, 2002, has explained the price difference in Korea after July, 2002. Other explanatory variable for the price difference was the growth rate of crude oil price in the previous period. The empirical results suggest that the price difference in bunkering market and export market might be explained by the price discrimination which is adopted as a competitive strategy by oil companies in competing with Singapore.

• Journal of Korean Institute of Industrial Engineers
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• v.37 no.1
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• pp.64-73
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• 2011

Oil price prediction is an important issue for the regulators of the government and the related industries. When employing the time series techniques for prediction, however, it becomes difficult and challenging since the behavior of the series of oil prices is dominated by quantitatively unexplained irregular external factors, e.g., supply- or demand-side shocks, political conflicts specific to events in the Middle East, and direct or indirect influences from other global economical indices, etc. Identifying and quantifying the relationship between oil price and those external factors may provide more relevant prediction than attempting to unclose the underlying structure of the series itself. Technically, this implies the prediction is to be based on the vectoral data on the degrees of the relationship rather than the series data. This paper proposes a novel method for time series prediction of using Semi-Supervised Learning that was originally designed only for the vector types of data. First, several time series of oil prices and other economical indices are transformed into the multiple dimensional vectors by the various types of technical indicators and the diverse combination of the indicator-specific hyper-parameters. Then, to avoid the curse of dimensionality and redundancy among the dimensions, the wellknown feature extraction techniques, PCA and NLPCA, are employed. With the extracted features, a timepointspecific similarity matrix of oil prices and other economical indices is built and finally, Semi-Supervised Learning generates one-timepoint-ahead prediction. The series of crude oil prices of West Texas Intermediate (WTI) was used to verify the proposed method, and the experiments showed promising results : 0.86 of the average AUC.

• Resources Recycling
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• v.18 no.1
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• pp.3-12
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• 2009

Oil sands are sands containing bitumen similar to crude petroleum. Oil sands had not received enough interest because of the high production cost. However, in the current record-high oil price situation, oil sands are considered as new sources for unconventional oil. In this study, patents analysis was performed for the technologies of production of synthetic crude oil from oil sands. The patents covered were open patents applied in Korea, US, Canada, Japan, Europe, and China. The patents were divided into five detailed technologies; mining and in-situ, extraction, upgrading, fuelling, and other technologies. For oil sands technologies, there have been steady patent applications, since the first patent was applied in 1969. The number of patents applied appeared to be affected by the variation of world oil price. The portion of patents applied in US and Canada was about 90% of the overall patents and it means 05 and Canada have led oil sands technologies. Mining and in-situ technologies, and extraction have been developed actively and occupied more than 77% of the overall patents. However, the number of patents applied for mining and in-situ technologies, and extraction has been constant or started to decrease since 2000. The number of patents applied for upgrading technologies increases recently and it shows the development of upgrading technologies is active now.

• The Journal of Industrial Distribution & Business
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• v.4 no.2
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• pp.13-19
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• 2013

Purpose - The paper tested the relationship between the stock markets of the Middle East and the USA with the oil price and US dollar index as threshold variables. Research design, data, and methodology - The stock price indices of the USA, the Middle East (Abu Dhabi, Jordan), WTI spot crude oil price, and US dollar index were daily returns in the research period from May 21, 2001 to August 9, 2012. Following Hansen (1999), the panel threshold regression model was used. Results - With the US dollar index as the threshold variable, a negative relationship existed between the stock price indices of Jordan and the USA but no significant result was found between the stock price indices of Abu Dhabi and the USA. Conclusions - The USA is an economic power today:even if it has a closer relationship with the US stock market, the dynamic US economy can learn about subsequent developments and plan in advance. Conversely, if it has an estranged relationship with the US stock market, thinking in a different direction and different investment strategies will achieve good results.

• Environmental and Resource Economics Review
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• v.25 no.4
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• pp.495-516
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• 2016

This study empirically examines how asymmetric price adjustment of the retail gas price happens differently for various oil products, such as high-grade gasoline, regular gasoline, and diesel, by employing asymmetric error correction model within weekly data set from 2010~2015. Our estimation results show that the price adjustment, across the all oil types, predicated on shifting crude oil and wholesale oil prices is asymmetric. In addition, the duration of asymmetry was shorter in high-grade gasoline case than in other oil types. This took place by rapid price adjustment of high-grade gasoline price when faced with both cost increases and decreases, in comparison with regular gasoline and diesel cases. There results were attributed by characteristics of the consumer group and a high retail-wholesale margin of high-grade gasoline.

• Journal of Korea Port Economic Association
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• v.27 no.2
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• pp.217-240
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• 2011

In this study, vector autoregressive and vector error correction models in the short-run dynamics are considered to analyze the effect of the changes in international crude oil prices on Baltic dry index, Baltic Capesize index and Baltic Panamax index, and the intercorrelations between Capesize and Panamax prices, respectively. First, using the vector autoregressive model, the changes in international crude oil price have a statistically significant positive effect for Capesize at lag 1, for Panamax a significant negative effect at lag 3 and a significant positive effect for Baltic dry index at lag 1. From the impulse response analysis, the international crude oil price causes Baltic dry index to increase in the sort-run and the effect converges on the mean after 3 months. Second, using the vector error correction model, the empirical results for the spillover effects between Capesize and Panamax markets provide that in the case of the deviation from a long-run equilibrium the Panamax price is adjusted toward decreasing. The increases in freight rates of the Capesize market at lag 1 lead to increase the freight rates in Panamax market at present. The Panamax responses from the Capesize shocks increase rapidly for 3 months and the effect converges on the mean after 5 months. The Capesize responses from the Panamax shocks are relatively small, and increase weakly for 3 months and the effect disappears thereafter.

• Proceedings of the Membrane Society of Korea Conference
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• 1995.10a
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• pp.10-13
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• 1995

Butanol can be manufactured by chemical synthesis or by bacterial fermentation of carbohydrate-containing materials. Today the principal commercial source of n-butanol is n-butyraldehyde, obtained from the Oxo reaction of propylene. When crude oil price was sky-rocketed in late 70's and subsequently the price of petrochemical products raised, butanol production from renewable resources such as agricultural and forestry products once gained research interests.

• Journal of Navigation and Port Research
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• v.43 no.6
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• pp.462-468
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• 2019

Offshore oil production faces several difficulties caused by oil price decline and unexpected changes in the global petroleum logistics. This paper suggests a stochastic model for optimizing the offshore oil production under uncertainty. The proposed model incorporates robust optimization and restricted recourse framework, and uses the lower partial mean as the measure of variability of the recourse profit. Some computational experiments and results based on the proposed model using scenario-based data on the crude oil price and demand under uncertainty are examined and presented. This study would be meaningful in decision-making for the offshore oil production problem considering risks under uncertainty.

• Journal of Information Processing Systems
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• v.20 no.1
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• pp.93-104
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• 2024

China is playing more predominant role in the liquefied natural gas (LNG) market worldwide and LNG import price is subject to various factors both at home and abroad. Nevertheless, previous studies rarely heed a multiple of factors. A time-varying parameter factor augmented vector auto-regression (TVP-FAVAR) model is adopted to discover the determinants of China's LNG import price and their dynamic impacts from January 2012 to December 2021. According to the findings, market fundamentals have a greater impact on the import price of natural gas in China than overall economic demand, financial considerations, and world oil prices. The primary determinants include domestic gas consumption, consumer confidence and other demand-side information. Then, there are diverse and time-varying spillover effects of the four common determinants on the volatility of China's LNG import price at different intervals and time nodes. The price volatility is more sensitive and long-lasting to domestic natural gas pricing reform than other negative shocks such as the Sino-US trade war and the COVID-19 pandemic. The results in this study further proves the importance of domestic natural gas market liberalization. China ought to do more to support the further marketization of natural gas prices while working harder to guarantee natural gas supplies.

• Environmental and Resource Economics Review
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• v.17 no.4
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• pp.813-843
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• 2008

This paper investigates the presence of long-run and short-run price asymmetries in weekly gasoline prices from January 1997 to July 2008. In accordance with distribution channels, wholesale and retail stages are analyzed separately. An approach based on TAR and M-TAR cointegration tests, which entail matching asymmetric ECMs, is employed. For wholesale prices, asymmetries in the links with crude oil prices and exchange rates are found for both ECMs in the long-run and short-run. Exchange rates appear to play more significant role than crude oil prices in explaining the short-run price asymmetry. The rise in crude oil prices or exchange rates has statistically significant major impact on the increase of wholesale prices on the second week, not immediately as expected in the concept of 'rockets and feathers'. And asymmetrically, the fall does not have any statistically significant effect on the same period. The finding seems to be somewhat unusual. However, for retail prices, asymmetry m connection with wholesale prices is only revealed in the long-run. A symmetric price adjustment can be assumed in the short-run. Contrary to the long-run asymmetry found in the wholesale stage, in the retail stage, the speed of adjustment for negative deviations toward long-run equilibrium is faster than for positive ones, which is a phenomenon not favorable to consumers.