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Author:Byun, Sung Je 

Energy Financing Trends Consistent with Renewables’ Growth

Equity markets appear to favor renewable-energy producers relative to their hydrocarbon counterparts. However, the relatively smaller size of many renewables projects complicates direct comparisons of bank lending to hydrocarbon and renewable entities.
Dallas Fed Economics

Discussion Paper
Speculation in Commodity Futures Markets, Inventories and the Price of Crude Oil

This paper examines the role of inventories in re ners' gasoline production and develops a structural model of the relationship between crude oil prices and inventories. Using data on inventories and prices of oil futures, I show that convenience yields decrease at a diminishing rate as inventories increase, consistent with the theory of storage. In addition to exhibiting seasonal and procyclical behaviors, I show that the historical convenience yield averages about 18 percent of the oil price from March 1989 to November 2014. Although some have argued that a breakdown of the relationship ...
Occasional Papers , Paper 16-3

Journal Article
Costs of Oil Price Exchange-Traded Funds Diminish Usefulness

Crude oil exchange-traded funds (ETFs) are investments designed to track oil price changes. They bear unique costs of which many investors are unaware. Since the first crude oil ETF went to market in April 2006, these costs have been sizable, reducing ETF returns by 1.33 percent per month on top of the average monthly loss of 0.23 percent attributable to weak oil prices.
Economic Letter , Volume 12 , Issue 5 , Pages 1-4

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