A Cointegrating approach to budget deficits and long-term interest rates

A cointegrating approach is undertaken in this study to determine if there is a long-run equilibrium relationship between budget deficits and long-term interest rates for the United States and nine European countries. The cointegration approach consists of conducting cointegration tests and then testing several hypothesized values for the deficit and price expectations variables. The cointegration results suggest the existence of several significant cointegrating vectors for each of the ten countries, which would seem to appeal to the view of budget deficits having a positive impact on long-term interest rates. The hypothesized values for the deficit and price expectations variables are found to be too strict since the hypotheses are rejected in every case but one.     

Oil prices and UK industry-level stock returns

In this article, we study whether the behaviour of oil prices can be used as a reliable predictor for the disaggregated industry-level stock market indices. We find strong evidence for the relevance of changes in oil price as a predictor for the returns of UK industry portfolios, while this relevance is heterogeneous across industries. In an out-of-sample framework, we find that both the contemporaneous and lagged oil price changes do predict UK industry stock market returns. The predictive power is more transient for the latter case, and mostly appearing after allowing for time variation in the relative performance. In addition, we find some evidence of asymmetry in the oil–stock price relationships.     

Forecasting realized volatility of crude oil futures with equity market uncertainty

This paper examines whether the equity market uncertainty (EMU) index contains incremental information for forecasting the realized volatility of crude oil futures. We use 5-min high-frequency transaction data for WTI crude oil futures and develop six heterogeneous autoregressive (HAR) models based on classical HAR-type models. The empirical results suggest that EMU contains more incremental information than the economic policy uncertainty (EPU) for forecasting the realized volatility of crude oil futures. More importantly, we argue that EMU is a non negligible additional predictive variable that can significantly improve the 1-day ahead predictive accuracy of all six HAR-type models, and improve the 1-week ahead forecasting performance of the HAR-RV, HAR-RV-J, HAR-RSV, HAR-RV-SJ models. These findings highlight a strong short-term and a weak mid-term predictive ability of EMU in the crude oil futures market.     

MQC-75型清仓机液压系统油液污染分析与控制

本文着重分析了液压油污染后直接影响着液压系统工作质量的主要原因在于机械性磨损和腐蚀。如何有效控制液压油污染,确保液压系统的工作可靠性,针对MQC-75型清仓机液压系统具体情况进行分析,提出了油液污染控制措施。     

徐家围子南部登娄库组层序界面特征及油气地质意义

徐家围子断陷是松辽盆地北部深层最重要的生气断陷,文章以层序地层学为指导,以最新三维连片处理地震资料为基础,以传统的组段界面分层特征为标准,从地震和钻井上对徐家围子南部断陷登娄库组各层序底界面特征进行了分析。同时,从控制油气运移、对储集层物性的改善,有利于圈闭的形成等方面,分析了沉积演化过程中形成的不整合面对油气的地质意义。     

油品损耗控制与管理技术的初步探讨

油品在整个经营储运过程中,每经过一个流转环节都会造成损耗,与流转环节的多少和损耗量的大小,油品的管理水平直接相关。文章分析了油品损耗原因,提出了降低油品损耗的技术措施,并对油品损耗提出了切实可行的管理办法,在油品损耗的控制与管理方面具有较高的学术价值。     

基于作业成本法和会计法的成品油物流成本核算研究

文章用成品油物流活动界定成品油物流成本范围,用会计和作业成本法相结合的方法进行成品油物流成本核算。以现有的成品油生产企业商品流通费用报表数据为基础,根据作业成本法的原则将成品油物流成本按运输、仓储等成品油物流功能活动进行成本分类,用会计核算法从基础数据中提取属于物流成本的部分,并补充报表中遗漏的属于计算范围的成品油物流成本。计算出的成品油物流成本也能够比较忠实地反映成品油物流活动的真实状态。     

油气回收技术的经济性分析

由于原油及成品油的蒸发损耗造成油料数量减少、油品质量降低、潜在火灾隐患、环境污染等一系列问题,在环境保护和节约能源的要求下,油气回收技术已成为公众关注的热点。介绍了四种油库用油气回收的技术工艺,并通过对回收工艺进行经济性分析,为是否进行油气回收的改造提供了依据。     

油气管输企业知识管理研究与实践

近年来,知识管理越来越受到中外企业的高度重视,其成熟度水平已成为衡量一个企业竞争潜力的重要指标.随着大数据及人工智能迅速发展,就知识管理这一领域而言,国内现有的相关研究仍然较少,因此,可以进行的学术研究以及实际场景应用的潜在可能性仍然很大.首先介绍知识管理的定义、发展历程和企业知识管理特点.其次,针对目前油气管道运输企业知识管理存在的问题、原因以及面临的挑战进行详细分析.最后,根据油气管输企业特点,提出有利于油气管输企业可持续发展的知识管理具体实践方法.     

China and Kazakhstan’s Oil and Gas Partnership at the Start of the Twenty-First Century

Over the past decade, cooperation between China and Kazakhstan in the oil and gas sector has developed significantly. For China, security of its energy supply is a key strategic objective. This paper analyzes the evolution of Sino-Kazakh oil and gas relations, assesses their long-term prospects, and explores how Chinese demand for oil and gas could divert Kazakhstan’s hydrocarbon resources from other energy markets. The netback approach has been used to assess the prices that China will need to offer other producers in Kazakhstan. Sino-Kazakh energy and economic cooperation could create a good basis for free economic zones and development of beneficial ties for both countries.