MURAL - Maynooth University Research Archive Library

    The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review

    Zavadska, Miroslava and Morales, Lucia and Coughlan, Joseph (2018) The Lead–Lag Relationship between Oil Futures and Spot Prices—A Literature Review. International Journal of Financial Studies, 6 (4). ISSN 2227-7072

    Download (434kB) | Preview

    Share your research

    Twitter Facebook LinkedIn GooglePlus Email more...

    Add this article to your Mendeley library


    Crude oil is the dominant energy resource worldwide. The focus of this paper is on its historical behaviour and subsequent implications for the global economy with an emphasis on the lead–lag relationship between spot and future prices. The paper examines the behaviour of oil spot and future prices and their determinants during periods of market uncertainty, particularly in the context of economic and financial crises. The analysis highlights a key controversy within the extant literature, as to whether spot or futures prices are the main crude oil price indicator. The literature review indicates that the lead–lag relationship is a dynamic one, especially during periods of sustained uncertainty, which leads to significant disagreements and incongruities among researchers regarding the price that plays a dominant role.

    Item Type: Article
    Keywords: energy; crude oil; lead lag relationship; crises; literature review; Energy; Financial Crises;
    Academic Unit: Faculty of Social Sciences > School of Business
    Item ID: 11267
    Identification Number:
    Depositing User: Joseph Coughlan
    Date Deposited: 14 Oct 2019 16:16
    Journal or Publication Title: International Journal of Financial Studies
    Publisher: MDPI
    Refereed: Yes
    Use Licence: This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

    Repository Staff Only(login required)

    View Item Item control page


    Downloads per month over past year

    Origin of downloads