U.S. shale oil production and WTI prices behaviour

Monge, Manuel; Gil-Alana, Luís A.; Gracia, Fernando Pérez de

doi:10.1016/j.energy.2017.09.055

Cited by 67 publications

(45 citation statements)

References 16 publications

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“…Our paper is related to two papers - Caporin et al, (2016) and Monge et al, (2017). Caporin et al (2016) and constant parameter whereas the application of wavelet methodology allows us to study both short-and long run frequencies and thereby recognize how the relationships among the key variables have evolved in the short, medium, and long term.…”

Section: Introductionmentioning

confidence: 95%

A wavelet analysis of the relationship between oil and natural gas prices

et al. 2019

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In this paper, we aim to explore the relationship between natural gas and crude oil prices for the U.S. economy over the time period 1997 and 2017 in both the unconditional and conditional framework by conditioning the relationship on natural gas production. The time period covers the recent shale gas supply boom. Our results indicate that during the shale gas revolution period of 2007-2013, oil and natural gas prices were cyclical and oil prices were leading natural gas prices. Once we control for the natural gas production we find that significant or high wavelet coherency is observed during 2000-2015 for 3 to 4 years scale. These results have implications for cross market policy effects.

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Section: Introductionmentioning

confidence: 95%

A wavelet analysis of the relationship between oil and natural gas prices

et al. 2019

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“…In the literature, studies on the shale oil revolution, as well as the possible spillover effects, are gradually emerging. The few related empirical papers are those conducted by Mȃnescu and Nuno (2015); Bilgili et al (2016); Ansari (2017); Bataa and Park (2017) and Paris (2017) and Monge et al (2017) and their findings offer some insightful motivations for further empirical inquiry. For instance, Bataa and Park (2017) and Monge et al (2017) find that the shale oil revolution has a greater potential to influence global oil prices.…”

Section: Introductionmentioning

confidence: 99%

“…The few related empirical papers are those conducted by Mȃnescu and Nuno (2015); Bilgili et al (2016); Ansari (2017); Bataa and Park (2017) and Paris (2017) and Monge et al (2017) and their findings offer some insightful motivations for further empirical inquiry. For instance, Bataa and Park (2017) and Monge et al (2017) find that the shale oil revolution has a greater potential to influence global oil prices. On the other hand, Mȃnescu and Nuno (2015) reveal that the impact of the shale oil revolution on the GDP of oil importers is more likely to be minimal given that the consequences of the expected increases in U.S. oil supply due to the shale oil revolution filter through (consumer) prices.…”

Section: Introductionmentioning

confidence: 99%

“…The motivation to direct our research focus on the shale oil revolution is further enhanced when we stress the distinction between shale and conventional crude oil. Shale oil, by definition is a member in the family of crude oil, although it is formed in tight formations and explored with unconventional methods of fracturing and hydraulic drilling (Wakamatsu and Aruga, 2013;Aguilera, 2014;Melikoglu, 2014;Mȃnescu and Nuno, 2015;Bilgili et al, 2016;Monge et al, 2017;Zendehboudi and Bahadori, 2017a,b;Tan and Barton, 2017). It is therefore safe to refer to shale oil as an unconventional crude oil (Zendehboudi and Bahadori, 2017a).…”

Section: Introductionmentioning

confidence: 99%

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The U.S. Shale Oil Revolution and the Behavior of Commodity Prices

Salisu

Adediran

2018

ERFIN

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The United States is committed to technological improvements in horizontal drilling and hydraulic fracturing in its drive of toppling the world's leading oil producers by the mid-2020s and evolving into a net oil exporter by 2030. Consequently, these technological innovations revolutionized the U.S. oil sector and the international oil market with increasing relevance of the shale oil and attendant shock spillovers to financial and commodity markets. Upon these attractions and consistent with evidence in the literature, we trace the oil price and commodity price dynamics to the shale oil revolution using a recursive structural VAR model of the shale supply shocks. In line with the standard practice of ensuring sensitivity of results, we conduct analyses such as impulse responses, forecast-error variance decomposition, and historical decompositions to accommodate energy and nonenergy commodity components. We show, in addition to the popular view in the extant literature, that the shale oil revolution is not only associated with the recent oil price plunge, but also responsible for the tumble in the total energy-based commodity prices with crude oil price being just a component.

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“…With the increasing demand for energy and decreasing conventional resources, as well as the rapid development of technology, shale oil has gradually formed an upsurge (Monge et al 2017;Tan and Barton 2017;Yu et al 2018;Alfarge et al 2018). The distribution and percolation characteristics of water in shale reservoirs are one of the key problems in the development of shale oil (Feng et al 2018a, b;Zhang et al 2017a, b).…”

Section: Introductionmentioning

confidence: 99%

Effect of critical thickness on nanoconfined water fluidity: review, communication, and inspiration

Sun

Yao

et al. 2018

J Petrol Explor Prod Technol

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It is crucial to precisely estimate the water transport behaviors in shale formation. However, the present study on this subject is quite limited. A comprehensive literature review is conducted and some improvements are proposed. In this paper, an improved model is proposed to investigate the flow of water in nanopores of shale formation. First, a quadratic equation is proposed to build the relationship between water viscosity and contact angle. Then, the effect of critical thickness on water transport behaviors is discussed. Results show that: (a) the flow enhancement is smaller than 1 when the contact angle is smaller than 100° due to energy barrier induced by strong hydrophilicity of the nanopore wall; (b) the flow enhancement becomes infinite when the contact angle is approaching 180°; and (c) the flow enhancement increases with decreasing of critical thickness, especially for hydrophilic nanopores (the contact angle is smaller than 120°) and nanopores with a relatively small diameter (smaller than 50 nm).

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U.S. shale oil production and WTI prices behaviour

Cited by 67 publications

References 16 publications

A wavelet analysis of the relationship between oil and natural gas prices

A wavelet analysis of the relationship between oil and natural gas prices

The U.S. Shale Oil Revolution and the Behavior of Commodity Prices

Effect of critical thickness on nanoconfined water fluidity: review, communication, and inspiration

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