Bitumen Prices and Structural Changes in North American Crude Oil Markets

In an earlier report, changes in bitumen prices at Hardesty, Alberta, Canada, were modeled as the responses to changes in monthly prices of Hardesty light/medium crude oil for the period 2000–2006 with a simple error correction econometric model. This note re-examines that price relationship for the period 2009–2014. Over the period 2006–2014, there was also rapid growth in North American light oil production from low-permeability carbonate, sandstone, and shale reservoirs. During that period, Canadian raw bitumen production grew by more than 12% per year and there was significant geographical diversification in its markets. Results of the statistical analysis showed that the change in the dynamic relationships between bitumen prices and Hardesty light oil prices probably reflected, in part, the maturation of bitumen markets and closer integration with North American light oil markets. The analysis also examines the dynamic relationships between bitumen prices and West Texas Intermediate and Brent international benchmark crude oil prices. Ideally, if bitumen prices are found to be closely related to a widely traded benchmark crude oil, the benchmark crude oil price forecasts could be used as a basis for predicting bitumen prices. However, neither of international benchmark crude oils tested had high explanatory power.     

中国原油进口风险度以及对国内不同区域的影响分析

1993年中国开始从原油输出国变为原油输入国,到2010年,中国的原油进口依赖度高达53%。原油进口来源国的社会经济稳定性、原油运输线路的安全性影响到中国原油进口的安全性。本文根据ITIRI的综合国际贸易投资风险指数和原油运输线路的安全性,设计了中国从其主要原油进口来源国进口原油的风险指数。然后分析了中国各省级行政区对原油进口消费的依赖度,中国六个大区石化工业和八个石油化工基地对进口原油的依赖程度。从而分析了它们对进口原油风险的敏感度。本研究的结论是:第一,中国重要的原油进口来源国比较集中,且集中在社会经济不十分稳定的国家。第二,原油进口风险对沿海地区经济的影响远高于对内陆地区的影响。第三,沪宁杭、琼粤闽和长江中游石化基地是受原油进口风险影响最大的三个基地。根据这些结论,本文提出两方面建议:第一,建议中国原油进口来源与运输方式尽量多元化,以规避风险。第二,中国原油战略储备基地应考虑对原油进口风险敏感度大的地区。     

Hotelling Revisited: Oil Prices and Endogenous Technological Progress

This article examines the Hotelling model of optimal nonrenewable resource extraction in light of empirical evidence that petroleum and minerals prices have been trendless despite resource scarcity. In particular, we examine how endogenous technology-induced shifts in the cost function would have evolved over time if they were to maintain a constant market price for nonrenewable resources. We calibrate our model using empirical data on world oil, and find that, depending on the estimate of the initial stock of reserve, oil reserves will likely be depleted some time between the years 2040 and 2075.     

Local Spatiotemporal Modeling of House Prices: A Mixed Model Approach

The real estate market has long provided an active application area for spatial–temporal modeling and analysis and it is well known that house prices tend to be not only spatially but also temporally correlated. In the spatial dimension, nearby properties tend to have similar values because they share similar characteristics, but house prices tend to vary over space due to differences in these characteristics. In the temporal dimension, current house prices tend to be based on property values from previous years and in the spatial–temporal dimension, the properties on which current prices are based tend to be in close spatial proximity. To date, however, most research on house prices has adopted either a spatial perspective or a temporal one; relatively little effort has been devoted to situations where both spatial and temporal effects coexist. Using ten years of house price data in Fife, Scotland (2003–2012), this research applies a mixed model approach, semiparametric geographically weighted regression (GWR), to explore, model, and analyze the spatiotemporal variations in the relationships between house prices and associated determinants. The study demonstrates that the mixed modeling technique provides better results than standard approaches to predicting house prices by accounting for spatiotemporal relationships at both global and local scales.     

Volatility of Bitumen Prices and Implications for the Industry

Sustained crude oil price increases have led to increased investment in and production of Canadian bitumen to supplement North American oil supplies. For new projects, the evaluation of profitability is based on a prediction of the future price path of bitumen and ultimately light/medium crude oil. This article examines the relationship between the bitumen and light crude oil prices in the context of a simple error-correction economic-adjustment model. The analysis shows bitumen prices to be significantly more volatile than light crude prices. Also, the dominant effect of an oil price shock on bitumen prices is immediate and is amplified, both in absolute terms and percentage price changes. It is argued that the bitumen industry response to such market risks will likely be a realignment toward vertical integration via new downstream construction, mergers, or on a de facto basis by the establishment of alliances.     

Dynamics Behind Cycles and Co-movements in Metal Prices: An Empirical Study Using Band-Pass Filters

After living one of the most intense metal price cycles, several ongoing macroeconomic phenomena with the potential of structurally redefining the long-run supply and demand for metals, and raising divergency regarding where the metal prices are trending, it is suitable to evaluate the dynamics in the metal prices, especially focus on the long cyclical components. This article studies in detail the cyclical components of the real prices of base metals, iron ore, and gold, applying band-pass filters and a novel decomposition over time series with length as far as 1800. The main findings are: (1) the long cyclical components in real prices are highly correlated among them and with the proposed long economic cycles, (2) short and medium cyclical components are more relevant in explaining the price deviations from their trend, but the long cyclical component is not negligible, (3) co-movement in base metals is strong for all the cyclical components, but decreasing as cyclical frequency increases, and (4) prices are either sideways or upward-trending depending on the assumptions for correction of the US Consumer Price Index, which suggests that the supply side of these industries, in the best case, only offset the cost increases by depletion.

     

A Coregionalized Model to Predict Housing Prices

Abstract

In a uniequational hedonic model, the main source of spatial dependence is found in the explained variable, since the price of a house mainly depends on the housing prices in the neighborhood (although this can also be due to other factors, such as missing covariates and the model of choice). Dependence is one of the primary causes of spatial autocorrelation in disturbances. However, such disturbances may also be spatially correlated with the disturbances of other equations; in this case, they can be considered coregionalized. This paper presents a multi-equational hedonic regression model with coregionalized disturbances and heterotopic data. The model comprises two equations. The first explains housing prices using data from a sample, while the second explains an auxiliary variable, quality of the area, obtained from a different sample. The model is then applied practically to predict housing prices. [Key words: Cokriging, housing prices, geostatistics, multi-equational hedonic model, coregionalized.]     

呼和浩特市居住用地地价分布的时空特征

分析城市内部基准地价的时空格局,有助于土地市场的宏观调控和土地资源的优化配置。本文以呼和浩特 市区为研究区,在城市居住用地土地价格调查和动态监测的基础上,对2001~2007 年居住用地分布的时空特征进 行分析。主要结论如下：城市主城区居住用地的级别和基准地价由内向外顺次降低,但级别边界受到城市道路的直 接影响;基准地价与级别之间存在着显著的负相关关系,随着城市的发展,高低级别间基准地价的差距进一步扩 大;研究期内,基准地价变化在时间上呈现出阶段性特征,在空间上城市中心区和城乡结合部基准地价增幅最快, 城市腹地稍慢,近郊区最慢。     

Mixing of Crude Oil with Organic ZnO Nano-Particles from Rice Bran to Improve Physical Properties of Crude Oil: A Novel Agent for Enhanced Oil Recovery

Natural Resources Research - In this study, ZnO nanoparticles were modified with rice bran. Synthesis and production of ZnO nano-particles is highly important due to the use of rice bran. In...     

Forecasting Copper Prices Using Hybrid Adaptive Neuro-Fuzzy Inference System and Genetic Algorithms

Natural Resources Research - An accurate forecasting model for the price volatility of minerals plays a vital role in future investments and decisions for mining projects and related companies. In...     

哈萨克斯坦粮食价格形成机制分析

自2006年下半年以来,哈萨克斯坦同全球其他国家一样出现了粮食价格的持续上涨的现象,由食物价格上涨引发了消费物价指数的暴涨,引起了哈萨克斯坦国内的社会抢购粮食风潮和社会动荡。而哈萨克斯坦是世界第六大谷物出口国,第一大面粉出口国为什么会受到全球粮食危机的冲击,导致国内粮食价格快速且大幅度的上涨。本文通过对哈萨克斯坦粮食价格的波动指数的研究,表明了哈萨克斯坦粮食价格动具有特殊的规律性的显著特征,提出了哈萨克斯坦的粮食价格波动主要是受供求关系、自然灾害、国际市场传导、农业政策变化等因素影响。     

从硫酸锂粗矿中分离富集锂的实验研究

针对从西藏查波措盐湖卤水中获得的硫酸锂粗矿,开展从该矿物中分离提取锂的研究。根据该矿物的组成,设计了去除与锂离子共存的镁、硫酸根等主要离子的工艺路线,通过除镁、硫酸根、钙等过程和蒸发浓缩、结晶分离等步骤,得到了杂质离子含量较低的富锂溶液。实验对除镁步骤的加水量、加料方式、反应时间、Ca O加入量等反应关键控制因素进行了考察,确定了较优的分离条件。     

北京市住宅价格的影响因素和轨道交通效应

以北京住宅楼盘样本为例,定性总结了轨道交通对住宅价格的明显增值效应以及距离衰减规律,并且明确了空间影响的距离参数。住宅价格随距离轨道交通站点的远近而变化,最高值出现在离最近轨道交通站点300~600 m之间。从建筑结构、地理区位和邻里环境三方面选取23个变量,采用特征价格模型定量分析了不同因素对住宅价格的空间影响效应和规律。其中,11个变量对住宅价格都有一定影响,建筑面积、混合住宅、精装和容积率以及至高速公路、工业区和公园的距离与价格正相关;至天安门和商业设施距离与价格负相关。住宅价格的轨道交通效应凸显,影响程度高于距天安门和高速公路的距离,已建地铁比在建地铁影响程度高。至已建和在建地铁站距离每减少1 km,价格分别平均上升1 313元/m2和502元/m2。     

Cold-region environments along the China-Russia Crude Oil Pipeline and their management

The cold-region eco-environments along the China-Russia Crude Oil Pipeline (CRCOP) in northern Northeast China are in disequilibrium due to the combined influences of pronounced climate warming and intensive anthropogenic activities.This is evidenced by the sharp areal reduction and northward shifting of the boreal forests,shrinking of wetlands,enhancing of soil erosion,accelerating degradation of permafrost and deteriorating of cold-region eco-environments.The degradation of permafrost plays an important role as an internal drive in the eco-environmental changes.Many components of the cold-region eco-environments,including frozen ground,forests,wetlands and peatlands,forest fires and heating island effect of rapid urbanization,are interdependent,interactive,and integrated in the boreal ecosystems.The construction and long-term operation of the CRCOP system will inevitably disturb the cold-region environments along the pipeline.Therefore,a mandatory and carefully-elaborated environ-mental impact statement is indispensable for the proper mitigation of the ensued adverse impacts.Proper management,effective protection and practical rehabilitation of the damaged cold-region environments are a daunting,costly and long-term commitment.The recommended measures for protection and restoration of permafrost eco-environments along the pipeline route include adequate investigation,assessment and monitoring of permafrost and cold-region environments,compliance of pipeline construction and operation codes for environmental management,proper and timely re-vegetation,returning the cultivated lands to forests and grasslands,and effective mitigation of forest fire hazards.     

Long-Term Appreciation of Owner-Occupied Single-Family House Prices in Milwaukee Neighborhoods

Annual price indices of owner-occupied single-family houses are estimated for 111 neighborhoods in Milwaukee, Wisconsin, for the period of 1971-1993 using hedonic price methods controlling for quality differences across housing units. The rates of price appreciation vary significantly from neighborhood to neighborhood. During the 22-year study period, nominal house prices in some neighborhoods increased more than 500%, whereas those in others decreased. In general, the neighborhoods close to each other exhibit similar price movements. In some cases, however, there are sharp differences between the neighborhoods when strong boundaries, such as a river or an expressway, exist between them even though the physical distance between them is small. Poor neighborhoods generally have experienced low appreciation rates, although the racial composition and the crime rate in the neighborhood seem to contribute the differential as well.     

湖南省民宿价格空间分布特征及其影响因素研究

以湖南省14个市（州）为研究对象,基于空间自相关、特征价格模型、回归模型等分析方法,对湖南省民宿价格的空间分异特征及驱动机制展开系统研究。结果表明：（1）湖南省民宿价格集聚效应相对较弱,集聚高值区主要分布在核心景区及其周边。高值区分散分布于张家界中部以南地区,常德市中部地区,岳阳市东部,长沙市中部,湘潭市西北部,邵阳市、衡阳市、永州市三市交界处,永州市南部和郴州市中部小范围区域。（2）民宿的自身属性对民宿价格影响显著,其影响与区位环境因素中的景点因素呈现不同趋势。（3）民宿的建筑环境因素对民宿价格影响较为显著,民宿配套设施的完备程度在一定程度上直接影响民宿价格的高低。（4）消费者更加偏好兼具体验感与娱乐性的民宿,且经营主体对民宿价格的影响有限。     

上海市旅游住宿业房价空间分异规律及其影响因素

以上海市主城区住宿业为研究对象,采用Arc GIS10.3、GeoDa分析软件,通过绘制等价格圈,研究房价空间分异规律及其影响因素。结果表明：① 上海市住宿业客房等价格圈圈层结构明显,在迪士尼度假区和南京东路–陆家嘴区域形成价格峰值,以此为中心,客房等价圈呈现中心–外围的渐次梯度分布特征。② 一级等价圈围绕市中心、副中心、一级商业中心、主题街区、核心景区、高校科技园区等圈层分布;二级等价圈主要沿城市核心交通枢纽、交通干道,以及区级行政中心周围分布;三级等价圈主要沿主城区边界向外围扩展分布,在传统工业区、物流园区等形成“价格洼地”。③ 在中心城区、迪士尼度假区、虹桥商务区、闵行环高校科创带等典型区域形成“多中心”“单中心”“带状”“组团式”相对价格高值区。④ 房价与企业到旅游吸引物、交通枢纽、商业中心、行政中心、高校园区、会展中心距离呈显著负相关,此外还受到企业规模、网络评分、经营周期等内部因素的综合影响。     

上海南站对住宅价格影响的时空效应分析

上海南站综合运输系统的建设促进了该地区经济的快速发展,也带动了房地产升值.利用上海南站开通前后9年的房地产交易数据,建立多种特征价格修正模型,并分析模型拟合效果,选择最适模拟模型.然后,分4个时段具体分析了上海南站影响效应的时间变化规律:在上海南站规划首次公布之前,这一地区的房价较其他地区低;从规划公布至正式动工之前,对周边地区住宅价格的影响并不显著;在上海南站建设期间,周边地区住宅已经对其产生了反应,由于人们对该地区的良好预期,楼市出现了价涨量增的局面;在上海南站建成开通之后,其影响效应凸显.继而又从不同方向分析了上海南站影响效应的空间分异特征;上海南站对住宅价格的增值作用平均范围为1.85 km;分区域来看,上海南站对沪闵路沿线住宅价格的影响范围在2.2 km内;对上海植物周周边楼盘价格的影响范围在1.45 km内;对沿中环线住宅价格的影响则不明显.