econs assignment on crude oil

7/23/2019 Econs assignment on Crude Oil

1/14

!"#$%&'(#%$) +(%"%,!(-

+(%".///

!"&!1!&'8< 8--!0",+"#

8>45;623 :%56 9>5;2=3 ?7A4H= L275@N 472 96D@E2KF

"0')+" #B8"0 B'"0

-#'&+"# !& .CJCIIMO

#'#%$!8< (


2/14

8Q!--'+- X #B+%$)

.Q 8>45;62 -D\\A>P

!"# %&'()*# +,(* -&()#./ 1"%'8. (.)5..#. '"# %.30. 5.'&A %. 9#** %. ;*3 % "(.'3&A 3: (0)#..%0'

54. %0> >390.? '"# 3(* (0>5.'&A (. 4>()'#> '3 '%=# A#%&. U'%'#. >3H#.'() 4&3>5)'(30 3C#& '"# *%.' .(^ A#%&. (. '3 "%C# 4)(4('%'#>

'"# 4*50;# (0 3(* 4&()#.? %. (' >(C#&'. '"# H%&=#' :3& U%5>(? [(;#&(%0 %0> V*;#&(%0 3(* :&3H TU

'3 V.(%? :3&)(0; '"# 4&3>5)#&. '3 >5)# 4&()#. GQ&%5.. KFBDXL !"# 3C#&;&39'" (0 .544*A (.

%*.3 '"# .5*' 3: '"# &(.(0; R%0%>(%0 %0> S&%7( 3(* 4&3>5)'(30? %. 9#** %. '"# )30'(05%*

45H4(0; :&3H I5..(% >#.4('# "#& )5&' #)303H() .#'#H%0>

.5*'#> :&3H '"# 9#%=#0(0; 3: ;*3 #^4*%(0 '"# 50>#&*(0(0; #)303H() '"#3&(#. *#C%0' '3 '"#

;*3# 3(* H%&=#'L S' .'%&'. 3:: (.)5..(0; '"# #H%0> %0> .544*A? (0)*5>(0;'"#(& 4&()# #*%.'()('A? '"# :%)'3&. )%5.(0; '"# ."(:'. (0 5)'. '3;#'"#& 9('" ('. H%)&3 #)303H()

4&3#H%0>#> 3: %;33> %0> ('. 4&()#? %. .'%'#> . '"# )5&' H%&=#' :3& )&5># 3(*.? !@;^\2 ^T ;^@=D\2>=% >#)%.(0; %. '"#

.5*' 3: (0.(4(> R"(0%M*#> ;*3390? 9#%=#0(0; '"#(& 45&)"%.(0; 439#&

%0> .#75#0'(%**A ."(:'(0; '"# >#H%0> )5&C# *#:' Ga5()%'#. '"# %.30%


3/14

TD4D>2? )%5.(0; 3(* )30.5H#&. '3 #)%.# (0 >#H%0>L

l#"()*#. % *#.. :5#*

GQ&%5.. KFBDXL !#)"03*3;()%* %>C%0)#H#0' %**39. H3 C#"()*#. '3 34#&%'# 30 030M3(*

#0#&;A .35&)#.? .5)" %. ;%.? 3& #*#)'&()('AL !"(. 5@;>2A=2 5@ AVA56AS5654P ^T =DS=454D42=%0> %

N2;>2A=2N @D\S2> ^T ^56 SDP2>=9(** %;%(0? )%5.# '"# >#H%0> )5&C# '3 ."(:' *#:'L

&!80$8, %Z &+,8"& -B!Z#!"0 ? '"# .544*A )5&C# (. % .#0'%'(30 3: '"# *%9 3: .544*A? 9"()" %..#&'.

'"%' % 4&3>5)'8. 75%0'('A .544*(#> 9(** (0)%.#]>#)%.# 9"#0 ('. 4&()# (0)%.#.]>#)%.#.?

)#'#&(. 4%&( U'%'#. >3H#.'() 4&3>5)'(30 3:

)&5># 3(*. %0> '"# 0%'(308. .4(=# (0 3(* .544*A 30 '"# 5)'(30

'3 % "(;"#.' *#C#* 3 (0 '"# 4%.' :35& >#)%>#.L #2;7@^6^E5;A6 ANVA@;2\2@4 (0 3(*

4&3>5)'(30 "%. %**39#> TU '3 (0)%.# .(;0(:()%0'*AL !"# 0#9*A >#C#*34#> H#'"3> 3:

"A>&%5*() :&%)'5&(0;? 9"()" (0C3*C#. *#%.(0; 3(* %0> 0%'5&%* ;%. :&3H ."%*# 9%'#& %0> .%0> (0'3 9#**.? .#75#0'(%**A (0)%.#. '"# )&5># 3(* .544*A %0> ."(:'.

'"# .544*A )5&C# :5&'"#& &(;"'L

\#H%0> )&5># 3(*GBX

\#H%0> )&5># 3(*GKX

U544*A )&5># 3(*

`5%0'('A GH(**(30. 3: %AX

-&()# GTU@ 4#&


4/14

&!80$8, %Z -'99 '"# 3(* .544*AL !"# 3(* 4&()#. % :3)%.'#>

'3 4*50;# :5&'"#& %. '(H# ;3#. %0> '3 #^4#&(#0)# % H%W3& >&34 (0 '"# A#%& KFBn >5# '3 '"#

:3**39(0; %.30.L

#72 E6^SA6 \A>Y24]=7A>2 RA> S24R22@ %9+( A@N '- =7A62 [>^ND;2>=/ ,-ZR8. 43*()A 3: 03'

)5''(0; >390 30 4&3>5)'(30 '3 :(;"' :3& H%&=#' ."% %;%(0.' ('. &(C%* :5&'"#& 45."#. '"#

.544*A )5&C# &(;"'L !"# )%&'#* 3: 3(*M#^43&'(0; 0%'(30. :(0>. ('.#*: (0 % H5)" 9#%=#& 43.('(30

'"%0 5)#&.L

#72 [^42@45A6 >24D>@ ^T !>A@5A@ ;>DN2/ '"# -DeB %0> S&%0 %00350)#> %0 %;#H#0' '"%'

;&%>5%**A H3C#. '"# 1#.'#&0 05)*#%&M*%'#> .%0)'(30. 3:: S&%0 %0> )35*> 43..( '3

'"# 0%'(308. '3'%* .%0)'(30. *(#: (0 '"# H(>>*# 3: '"# A#%& KFBn G-#%&.30 KFBDXL V0%*A.'.

"%C# )#0'*A #^4..#> '"# C(#9 '"%' '"# .%0)'(30 *(#: 935*> .5*' (0 '"# %>>('(30%* 3(*

.544*A :&3H S&%0 (0'3 '"# H%..(C#*A 3C#&.544*(#> 3(* H%&=#' %0> 935*> .#75#0'(%**A )%5.#

'#0.(30. 9('"(0 ,-ZR %0> >#4.. '"# 3(* 4&()# #C#0 :5&'"#& G1#0=#* KFBDXL

S0 *(;"' 3: '"#.# )#0' %0> 54M)3H(0; #C#0'.? 3(* 4&3>5)#&. % #^4#)'(0; %0 #C#0 ;%'#&

(0)%.# (0 ;*3 % >##4#& )5' (0 :5'5 3(* 4&()#L V. .5)"? '"(. ."(:'. '"#

.544*A )5&C# '3 '"# &(;"' (0 %0'()(4%'(30 3: *39#& 4&()#. (0 '"# 0#%& :5'5L

BBD

ND

U544*A )&5># 3(* GKXU544*A )&5># 3(* GBX

`5%0'('A GH(**(30. 3: %AX

-&()# GTU@ 4#& )&5># 3(*


5/14

!"# 0#9 >390'5&0 :3& 3(* (0>5.'&A "%. .5*'#> (0 =6^R2> N2\A@N T^> ^56H= ;^\[62\2@4A>P

E^^N=.5)" %. >&(**(0; %0> 4&3>5)'(30 #75(4H#0'L I#)#0' 4*50;# (0 3(* 4&()#. "%C# #^#&'#>

.(;0(:()%0' (H4%)' 30 3(* )3H4%0(#.? )%5.(0; '"#H '3 )5&'%(* .4#0>(0; 30 4&3>5)'(30 G#^)#4'

TU %0> ,-ZR %. '"#A )30'(05# '3 H%(0'%(0 "(;" *#C#* 3: 4&3>5)'(30XL V. % .5*'? >#H%0> :3&

3(* >&(**(0; #75(4H#0' (. #^4#)'#> '3 50>#&;3 % 4#&(3> 3: 9#%=0#..? ."(:'(0; '"# >#H%0>

)5&C# '3 '"# *#:' GR33=.30 KFBDXL

&!80$8, %Z &+,8"& Z%$ &$!V .5&4*5. "%44#0. 9"#0 '"# 75%0'('A .544*(#> #^)##>. '"# 75%0'('A >#H%0>#> 3: % ;33>Ga5 4&3>5)'(30 #75(4H#0'GBX\#H%0> 4&3>5)'(30 #75(4H#0'GKX

U544*A 4&3>5)'(30 #75(4H#0'

`5%0'('A G4#& A#%&X

-&()# GTU@X

-B

-K

`K `B


6/14

!"# %:3H#0'(30#> .5&4*5. )35*> >(H(0(." %0> #C#0'5%**A >(..(4%'# (: 4&3>5)#&. >#)%.#

'"# 4&()# 3: )&5># 3(*L !"(. 935*> #C#0'5%**A TU ."39 03 .(;0 3: )5''(0; >390 30 4&3>5)'(30 >5#

'3 '"#(& 9%& 30 ;*3>*# 3: KFBn 9(**

*(=#*A >#4.. '"# 3(* 4&()#. >390 :5&'"#& Gd5>;# KFBDXL f3& '"# '(H# '3 030#L V. .5)"?

)30.5H#&.8 9(**(0;0#.. '3 4%A :3& )&5># 3(* (. 50*(=#*A '3 .'5H#&%#.4('# '"# 4*50;# (0 3(* 4&()#.? '"#

>#H%0> :3& 3(* 9(** 30*A .430> C#&A 9#%=*A? >#H30.'&%'(0; % 4&()#M(0#*%.'() >#H%0>L

!3'%* C#05# .#0'. '"# '3'%* %H350' '"%' .#**#&. )#(C# :&3H #H%0> :3& )&5># 3(* (. &%'"#& 4&()#M(0#*%.'()('A? '"#

75%0'('A >#H%0>#> (0)%.#. (0.(;0(:()%0'*AL

&!80$8, %Z #%#8< $+1+"'+

!"# *3.. (0 '3'%* C#05# GTU@nLNN %AX (. 9%A H3 .(;0(:()%0' '"%0 '"# ;%(0

GTU@BYF H(**(30. 4#& >%AX? %. .5)" 9('" >#H%0>


7/14

IQ ,A>Y24 2TT5;52@;P

R30.5H#& .5&4*5. (. '"# >(::#)# '"# %* 4&()# L ,0 '"# 3'"#& "%0>? 4&3>5)#& .5&4*5. (. '"# >(::#)# # 3(*? '"# %%0)# 3: .544*A (0 ;*3 '"#

.544*A )5&C# '3 '"# &(;"' %. #^4*%(0#> 4C(35.*A? )%5.(0; )30.5H#& .5&4*5. '3 (0)%.# '"&35;" '"# %(%;&%H? '"# 4%&'A ;%(0(0; '"# H3.' (. )30.5H#&. %. (' "%.

*%&;#& (0)%.# (0 ('. .5&4*5.L

-B

-K

U544*A )&5># 3(* GKXU544*A )&5># 3(* GBX

`5%0'('A GH(**(30. 3: %AX

-&()# GTU@ 4#& )&5># 3(*

V

c

R \

Z f J


8/14

(Q(%"(. #%&0(0;.L

Z)303H() %0> #C#0 43*('()%* '5&

.'%'#. .5)" %. S&%0? I5..(%? c&%P(*? [(;#&(% %0> Z)5%>3&L -#&.(%0 J5*:8. %(> '3 C%&(35. )350'&(#.

.5)" %. Z;A4' %0> ;*35)#&. % .*%."(0; '"#(&

4%A&3**. '3 .%C# )%." 9"(*# .H%**#& 30#. % )5''(0; '"#(& >(C(>#0>.? *(75(>%'(0; %..#'. %. 0#'

*3..#. % #^4#&(#0)#>L U3H# H(03& :(&H. *#C#&%;# "#%C(*A %0> % *(=#*A '3 ;3 #C#0'. 3: H%&=#'M."% 9%& %0> '"# 54M)3H(0; '5&0 3: S&%0(%0 3(*

4&3W#)' % :5'5 3: #C#0 *39#& 3(* 4&()#.L a35.#"3*>. % #^4#)'#> '3 .5&:#& (: 3(* 4&()#.)30'(05# '3 H%(0 *39? %. (' 935*> .5*' (0 :(&H. )5''(0; #^4#0>('5 .5)" %. 9%;#. '3

>5)# *3..#.L UH%**#& 3(* 4&3>5)#&. H(;"' ;3 35' 3: 43..( '3 H%..(C#

50#H4*3AH#0' )%5.(0; "35.#"3*>. .(;0(:()%0' *3.. (0 >(.43.% >3H(0%0)# 3C#& 3(* 4&3>5)'(30 %0> 4&()#.L !"(.

H%&=#' .'&5)'5 )3H#. 9('" 43..(&%9 >%H%;(0; 9%A.L

R30)*5.(C#*A? 3(* 4&()#. % 4#&)#(C#> '3 H%(0 %**M'(H# *39 %' *#%.' 50'(* '"# (. ;%'#&

)*%&('A %&350> '93 :%)'3&./ % .3*5'(30 '3 '"# S&%08. .%0)'(30. *(#: %0> % .5.'%(0#> >#)*(0#

(0 TU 3(* 4&3>5)'(30L \#H%0> :3& :5#*. (. 30 ('. '&%)= '3 )3C#& (0 .3H# )350'&(#. '%=# % .(;0(:()%0' 9"(*# :3& >#H%0> '3 35'.'&(4 3& %A )35*> *3.# '3H3&&39L +!"# "(.'3&A 3: 3(* (. 3:


9/14

&Q$+Z+$+"(+

c%0? V0>L KFBN%L !"#$%&'# )* +#,-./ -./ 1&884 -39#&-3(0' *#)'5 .*(>#.L

"''4./]]*H.L)5&'(0L#>5L%5]9#L KFBN &(;.? >&(**(0; #75(4H#0' %>C%0)#. 4&3C(>(0; =#A (0

."%*# 4*%A.L2 23# :,#'6$-. 96< = ?-17 V5;5.' hBL

J&%C#.? -"(*(4 ZL %0> I33)C(#9]nFhKBnNO_6%))350'(>kBFh_K

a5L KFBDL +,(* -&()#./ 1"%'8. c#"(0> '"# -*50;#62 23# L#@ NA'D 26,#17 V5;5.'

K_L

d5>;#? I3


10/14


11/14


12/14


13/14


14/14

econs assignment on crude oil

Documents