• International Area Studies Review
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• v.14 no.1
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• pp.99-119
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• 2010

This study explores the natural gas market and the oil market in the U.S. and the European oil market. It focuses on two kinds of analyses; one is to confirm whether there is the predictive power between spot and futures within homogeneous commodity market(or inter-heterogeneous commodity market) through Granger-causality test in terms of the return rate and the volatility. The other is to examine the spot price stabilizing effect of futures price through regression analysis. When it comes to the predictive power of inter-commodity market, there was a conflicting aspect between the return rate of spot and futures. Overall, however, its statistical significance was low. With respect to the volatility, we found that the natural gas market has little influence on the oil market unlike the predictive power of oil market on natural gas market. Concerning the return rate of the predictive power within homogeneous commodity market, we found that the return rate of spot has the predictive power on futures only in the European market. In addition, we identified that there is feedback between spot and futures in the all commodity markets regarding volatility. As a result of the spot price stabilizing effect analysis of futures price, futures volatility increased the spot volatility.

• Journal of Korea Port Economic Association
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• v.39 no.4
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• pp.43-65
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• 2023

Recently, with the increasing international interest on environmental issues, efforts have been made to reduce greenhouse gas emissions due to ship fuel, however, the dependence on fossil fuel is expected to continue for a while. Since fuel costs account for a high portion of the total operating cost of a ship, it is necessary to analyze the influence of oil prices on the shipping markets. The purpose of this study is to evaluate the relationship between the international oil prices and the four major shipping markets for bulk carriers. This study employed WTI as the oil price variable while monthly data from 2017 to 2020 from the four major shipping markets by classifying freight rates, charter rates, newbuilding prices, and secondhand prices were also considered in multiple ship sizes of capesize, panamax, supramax, and handysize. Firstly, the results of the correlation analysis using the VAR model indicate that changes in international oil prices have a statistically positive (+) significant effect on BCIS only in the second time lag, on BSIS at all lags, and on BHIS only in the first staggered period. Secondly, as a result of correlation analysis using the VECM model, in the case of BPIC, BHIC, BCIN, and BHIR, the cointegration coefficient value has a negative (-) significant effect at the 5% significance level in the cointegration relationship with international oil prices. Further, in the case of the dynamic correlation, the increase in oil price in the first period of the lag leads to a decrease in the BCIN newbuilding prices while the increase in the oil price in the first and second period in the lag leads to a decrease in the BHIR used ship prices.

• Environmental and Resource Economics Review
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• v.3 no.2
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• pp.223-250
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• 1994

• Journal of Energy Engineering
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• v.22 no.4
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• pp.376-385
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• 2013

There are conflicts about energy price increase among government, producer, and consumer. The supplier insists on price increase for escaping running a deficit and business continuity, but the consumer concerns about worsening profitability and price rise. This study investigates the effects of energy rate increase on national economy using input-ouput(I-O) analysis. This study attempts to analyze the effects of national economy due to Coke and hard-coal, Naphtha, Gasoline, Kerosene, Light oil, Heavy oil, Liquefied petroleum gas, Electric utilities, Manufactured gas supply and Steam and hot water supply (using input-output table for the year 2011, Korea.) The results of the sectoral price changes due to a 10% increase in energy price that is obtained from the Leontief price model are presented in article. The result of this analysis is presented: The impact of the 10% increase in electricity rate on the general price level is estimated to be 0.2196%. In case of Kerosene, the impact is 0.1222%. It shows that Electric utilities are approximately 18 times larger price inducing effect as Kerosene. Also, this study indicates 3 years results sequentially to make it possible to observe trend. Then, study suggests balancing price by making each energy source adjusted.

• Environmental and Resource Economics Review
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• v.21 no.3
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• pp.441-464
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• 2012

As prices of energy resources such as oil and gas started to rise steadily in 2000, energy security has been one of the most important topics in the world. To secure more energy, most of countries which are highly dependent on imported energy resources try to occupy oversea oil or gas reserves, thereby intensifying competition for energy resources around world. Under this circumstance, we focus on independent E&P companies since they are relatively small size companies which are suitable for M&A. We analyze investment option values for these E&P companies using a real option model for depletable resources. Based on analytical model, empirical study is provided to examine rationality of investment for energy companies. The result shows sufficient profitability for independent E&P companies in both oil and gas projects in the North America during 2004 to 2008. In Particular, oil projects were more feasible than gas project due to lower price of gas and high volatility of gas price at that time.

• Journal of Korean Institute of Industrial Engineers
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• v.11 no.2
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• pp.165-172
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• 1985

Since energy consumption of developing countries is expected to grow rapidly over the coming decades, the oil-importing developing countries are likely to encounter chronic balance-of-payments difficulties. To analyze the quantitative impacts of this problem, we develop a computable model of international trade. This paper presents four alternative cases - varying the assumptions with respect to energy supplies. This shows that relatively small difference in supplies can lead to 100% differences in the energy prices projected for 1990.

• The Journal of Fisheries Business Administration
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• v.43 no.1
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• pp.49-61
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• 2012

The tax exemption oil for fishery is expecting that the use of oil is gradually decreasing according to the environmental change such as reductions of vessel force caused by an upswing of oil prices and reduction of fishing vessels in the recent. Such reductions in the tax exemption oil amount have a negative effect on the tax exemption oil business and the fishery infrastructure. This paper studied to provide the basic data for a stable supply thorough the facts affected in the use of the tax exemption oil and the prediction for the use of the tax exemption oil in future. This analysis drew a estimation method by Cochrane-Orcutt repeated proceeding model with an object main factors such as a price of tax exemption oil and vessel force and international oil prices and exchange rates. And this analysis also drew the use of a tax exemption oil by 2000 after set up the scenario using an estimation method drawn. For the use of the estimated tax exemption oil analyzed to decrease within about 81 percent of the present(2020), It should be considering a stability plan for tax exemption oil for fishery in future.

• Journal of the Korea Institute of Building Construction
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• v.24 no.2
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• pp.273-284
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• 2024

This study investigates the impact of international oil price fluctuations on overseas construction orders secured by domestic and foreign companies. The analysis employs statistical data spanning the past 20 years, encompassing international oil prices, overseas construction orders from domestic firms, and new overseas construction orders from the top 250 global construction companies. The correlation between these variables is assessed using correlation coefficients(R), determination coefficients(R²), and p-values. The results indicate a strong positive correlation between international oil prices and overseas construction orders. The correlation coefficient between domestic overseas construction orders and oil prices is found to be 0.8 or higher, signifying a significant influence. Similarly, a high correlation coefficient of 0.76 is observed between oil prices and new orders from leading global construction companies. Further analysis reveals a particularly strong correlation between oil prices and overseas construction orders in Asia and the Middle East, potentially due to the prevalence of oil-related projects in these regions. Additionally, a high correlation is observed between oil prices and orders for industrial facilities compared to architectural projects. This suggests an increase in plant construction volumes driven by fluctuations in oil prices. Based on these findings, the study proposes an entry strategy for navigating oil price volatility and maintaining competitiveness in the overseas construction market. Key recommendations include diversifying project locations and supplier bases; utilizing hedging techniques for exchange rate risk management, adapting to local infrastructure and market conditions, establishing local partnerships and securing skilled local labor, implementing technological innovations and digitization at construction sites to enhance productivity and cost reduction The insights gained from this study, coupled with the proposed overseas expansion strategies, offer valuable guidance for mitigating risks in the global construction market and fostering resilience in response to international oil price fluctuations. This approach is expected to strengthen the competitiveness of domestic and foreign construction firms seeking success in the international arena.

• Proceedings of the Korean Society for Technology of Plasticity Conference
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• 2004.08a
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• pp.261-267
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• 2004

Current steel makers are trying to develop new manufacturing process to secure price competition and to improve productivity by testing a various kinds of rolling condition of several kinds of steel at TCM. Accordingly, Reverse Mill operation for Stainless steel is changing to TCM operation and furthermore, even general carbon steel and electric steel plate are requested to be worked at TCM simultaneously. By these changing of rolling condition, it become to be necessary to develop new water-soluble cold rolling oil that has a characteristics to be suitable for various working condition and in this report, we would like to mention lubrication condition to fulfill requested characteristics of each steels and development and applying result of multi-purpose water-soluble cold rolling oil which has such an lubrication property.

• KDI Journal of Economic Policy
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• v.42 no.4
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• pp.1-25
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• 2020

The international community's sanctions against North Korea, triggered by North Korea's nuclear tests and by missile development in the country, are considered the strongest sanctions in history, banning exports of North Korea's major items and limiting imports of machinery and oil products. Accordingly, North Korea's trade volume decreased to the level of collapse after the sanctions, meaning that the sanctions against North Korea were considered to be effective. However, according to this paper, which analyzed the price fluctuations of refined petroleum products in North Korea through the methodology of an event study, the market prices of oil products were only temporarily affected by the sanctions and remained stable over the long run despite the restrictions on the volumes of refined petroleum products introduced. This can be explained by evidence that North Korea has introduced refined oil supplies that are not much different from those before the sanctions through its use of illegal transshipments even after the sanctions. With regard to strategic materials such as refined oil, the North Korean authorities are believed to be desperately avoiding sanctions by, for instance, finding loopholes in the sanctions to meet the minimum level of demand.