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Crude Oil Markets


Quiz Questions

1. OPEC stands for Organization of Petroleum Exporting Countries .
True
False
2. The imbalance between scarce supply and growing demand, and expectations that this imbalance will persist in the future; have led to upward pressure on oil prices and greater market reactions to any actual or perceived disruptions in available supply. Under such tight market conditions, it is often the case that only large price increases can re-establish equilibrium between supply and demand.
True
False
3. The fastest growth in open interest has been recorded among noncommercial traders- often called speculators holding spread positions combining long positions in one month with short positions in another month.
True
False
4. The Task Force’s preliminary analysis also suggests that changes in the positions of swap dealers and noncommercial traders most often followed price changes. This result does not support the hypothesis that the activity of these groups is driving prices higher.
True
False
5. Figure 3 represents the ____________________________________.
Annual Growth in World Oil Consumption
Oil Intensity
6. Price controls and subsidies interfere with the economic link between market prices and consumption.
True
False
7. Lower Surplus World Oil Production Capacity is represented in _________________________.
Figure 6
Figure 7
8. The current short-run demand for oil is relatively price inelastic, meaning the quantity demanded does not change much relative to price changes.
True
False
9. The relation between interest rates and oil prices can vary, as it _____________________on the interactions of many economic variables.
Depends
Does not depend
10. Term Structure of Crude Oil Prices is represented in ______________________________.
Figure 12
Figure 13
11. Traditionally, those with a commercial interest in or an exposure to a physical commodity have been called__________, while those without such an exposure have been called ________________.
Hedgers, speculators
Speculators, Hedgers
12. A financial organization trading financial futures may have a banking entity whose positions are classified as commercial and have a separate money-management entity whose position are classified as noncommercial.
True
False
13. Correlations measure the strength and direction of a statistical relation between two variables.
True
False
14. Correlations between Changes in Prices and Changes in Net Positions are represented in ______________________.
Figure 14
Figure 15
15. A formal way to statistically test for whether one variable leads another are known as_________________________.
Causality Tests
Granger Causality Tests
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