This paper addresses the question of whether the oil price spike of 2003-2008 was a bubble. We document and discuss what is known about the level of speculation in the paper oil market. We then analyze the dynamics of the term structure of futures prices, both during the earlier period of...

What determines the range and boundaries of energy derivative markets? Why is the oil futures trade dominated by contracts on two grades and locations when the global trade encompasses many grades and locations? Should we expect change in the near future? We review research on the establishment...

Over the last two decades, commodity indices have been increasingly used to achieve investment portfolio diversification. At the same time, the rise in the popularity of these indices has prompted questions on whether commodities remained segmented from traditional financial asset markets, which...