Energy market correlations: have they changed permanently?
As well as causing widespread distrust of the banking sector and systemic counterparty credit problems, the financial crisis threw out many of the common correlations traditionally seen within the energy market, and between asset classes such as energy and equities. As a result, prices for products such as West Texas Intermediate Crude Oil and heating oil are not only running in line with each other, but have also become tied to the S&P 500 Index.
While some believe there has been a structural
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