In late summer 2006 we experienced historically high oil prices, and due to this event we found it appropriate to investigate what influence oil price changes has on the Swedish stock market. The purpose with our research was to see the affect that oil price changes has on the Swedish economy, and if the influence of the oil price is still as strong as it used to be. To help us draw conclusions we have applied the Arbitrage Pricing Theory. With use of statistical analysis we have been able to examine the relation between oil prices and other macroeconomic variables, and how these affect the Affärsvärlden Generalindex. Our results show that oil has a significant influence, our regression analysis show that a 1 unit increase in the oil price results in a 0.08 unit decrease in Affärsvärldens Generalindex. Our study has also given us indications that the oil price effect on the Swedish economy has decreased since the mid 1980´s. We can also draw conclusions that since the 1970´s, society has moved from heavy oil dependency towards a more diversified usage of energy sources. The results for Sweden are in line with the influence of oil has on other world economies. / Under sensommaren 2006 erfarde vi historiskt höga oljepriser. Med denna händelse som grund fann vi det relevant att undersöka oljans påverkan på den svenska ekonomin. Syftet med denna uppsats var att se hur skillnader i oljepriset påverkar Sveriges ekonomi och om oljan fortfarande har en lika stark påverkan som tidigare. Som verktyg för att påvisa detta har vi använt oss av ”Arbitrage Pricing Theory”. Med hjälp av statistisk analys har vi kunnat se påverkan av oljeprisfluktuationer och andra makroekonomiska variablers påverkan på ekonomin. Affärsvärldens Generalindex har använts som definition av ekonomin. Våra resultat visar att oljan har en signifikant påverkan på svensk ekonomi, en 1 enheters uppgång av oljepriset resulterar i en minskning med 0,08 enheter på Affärsvärldens Generalindex. Vår studie ger även indikationer att oljeprisets påverkan har minskat sedan mitten av 1980-talet. Vi kan också utläsa att samhället har skiftat från ett tungt oljeberoende i energiförbrukning mot mer diversifierade typer av energikällor, detta sedan 1970-talet. Resultaten visar även att Sveriges relation till olja är i linje med andra världsekonomier.

This paper empirically investigates the cointegrated relationship between oil price and nominal exchange rate of US Dollar/ Norwegian Krone (USD/NOK) which is covering a time period from 2001 to 2011. The Augmented Dickey-Fuller test, Engle-Granger test and Error Correction Mechanism are employed for this research. This paper concludes that there is a cointegrated relationship between oil price and nominal exchange rate of USD/NOK in the long term.

The açai palm fruit has recently become the focus of numerous research endeavors due to its extraordinary antioxidant content. However, little is known about the fruit’s phytochemical rich oil, which is a by-product of the açai pulp. Therefore, the aim of this study was to investigate the phytochemical content of açai oil and its relation to oxidative stability. A total of 206 mg/kg of chlorophylls, which included chlorophyll a as well as four chlorophyll derivatives were tentatively identified by HPLC in crude açai oil (CAO). Two predominant carotenoids (216 mg/kg β-carotene and 177 mg/kg lutein) were also characterized in addition to α-tocopherol (645 mg/kg). Initial investigations into oil stability focused upon the photooxidation of açai oil due to its significant chlorophyll content and findings demonstrated that the increases of nonanal were observed when phospholipids and polyphenolics were reduced. Subsequently, investigations into the interactions between phospholipids and lipophilic antioxidants and their contributions to the stability of açai oil were also assessed by isolating phytochemicals and selectively reconstituting the oil. Findings demonstrated a potential relationship between phospholipids and lipophilic antioxidants, but this was not conclusive. Advances in the processing of the açai pulp by-product created from the clarification process yielded a partially refined açai oil (RAO). The stability of both RAO and CAO as a result of autoxidation were compared to other common food oils (olive, canola, and soybean) and primary and secondary oxidation data suggested CAO was most stable. The difference in the stability of the two açai oils was also investigated by blending these oils and assessing oxidation. An increased stability was demonstrated in the blended RAO, which suggested a significant antioxidant contribution from the CAO. With such similar lipophilic compositions in CAO and RAO, it is theorized that the driving factor behind the stability of CAO can be attributed to its water soluble antioxidant content. While further investigations are required to fully comprehend the interactions of açai oil phytochemicals, these experiments provide insight into the phytochemical content and stability of açai oil. The understanding and information obtained in these studies is geared at increasing the marketability of açai oil as a food ingredient.

<p>In late summer 2006 we experienced historically high oil prices, and due to this event we found it appropriate to investigate what influence oil price changes has on the Swedish stock market. The purpose with our research was to see the affect that oil price changes has on the Swedish economy, and if the influence of the oil price is still as strong as it used to be. To help us draw conclusions we have applied the Arbitrage Pricing Theory. With use of statistical analysis we have been able to examine the relation between oil prices and other macroeconomic variables, and how these affect the Affärsvärlden Generalindex. Our results show that oil has a significant influence, our regression analysis show that a 1 unit increase in the oil price results in a 0.08 unit decrease in Affärsvärldens Generalindex. Our study has also given us indications that the oil price effect on the Swedish economy has decreased since the mid 1980´s. We can also draw conclusions that since the 1970´s, society has moved from heavy oil dependency towards a more diversified usage of energy sources. The results for Sweden are in line with the influence of oil has on other world economies.</p> / <p>Under sensommaren 2006 erfarde vi historiskt höga oljepriser. Med denna händelse som grund fann vi det relevant att undersöka oljans påverkan på den svenska ekonomin. Syftet med denna uppsats var att se hur skillnader i oljepriset påverkar Sveriges ekonomi och om oljan fortfarande har en lika stark påverkan som tidigare. Som verktyg för att påvisa detta har vi använt oss av ”Arbitrage Pricing Theory”. Med hjälp av statistisk analys har vi kunnat se påverkan av oljeprisfluktuationer och andra makroekonomiska variablers påverkan på ekonomin. Affärsvärldens Generalindex har använts som definition av ekonomin. Våra resultat visar att oljan har en signifikant påverkan på svensk ekonomi, en 1 enheters uppgång av oljepriset resulterar i en minskning med 0,08 enheter på Affärsvärldens Generalindex. Vår studie ger även indikationer att oljeprisets påverkan har minskat sedan mitten av 1980-talet. Vi kan också utläsa att samhället har skiftat från ett tungt oljeberoende i energiförbrukning mot mer diversifierade typer av energikällor, detta sedan 1970-talet. Resultaten visar även att Sveriges relation till olja är i linje med andra världsekonomier.</p>

The Canadian Council of Ministers of the Environment (CCME) endorsed the Reference Method for the Canada-Wide Standard (CWS) for Petroleum Hydrocarbons (PHC) in Soil – Tier 1 Method in 2001. The purpose of the CWS is to provide laboratories with analytical methods for producing accurate and reproducible PHC soil chemistry analysis results. CWS PHC concentrations are reported according to the following carbon ranges/fractions: F1 (C6-C10), F2 (C10-C16), F3 (C16-C34) and F4 (>C34). The Canada-wide Standards for Petroleum Hydrocarbons (PHC) in Soil provide generic soil quality guidelines for the each of the four PHC fractions. The CWS PHC extraction solvents inadvertently co-extract natural biogenic organic compounds (BOC) from organic soils. BOCs, such as waxes and fatty acids, are produced by living organisms such as plants, animals and microbes. PHC analysis of highly organic clean soils and manure compost can cause false exceedences of the F3 soil quality guidelines. This thesis presents a new mathematical Tier 2 approach to resolving biogenic interferences through the use of biogenic versus petrogenic Gas Chromatography - Flame Ionization Detector (GC-FID) chromatogram patterns produced by the CWS PHC Tier 1 method. This approach is based on the results of four studies: i) 300-day crude oil contaminated peat and sand microcosm experiment; ii) 300-day diesel drilling waste contaminated manure compost and sand microcosm experiment; iii) PHC analysis of 14 light to heavy crude oils and iv) Canadian background PHC soil field survey. These studies determined that the clean soils and compost had F3 ranges that were dominated by the F3b sub-fraction range (C22-C34). In contrast, the F3a (C16-C22) and F3b sub-fraction ranges were evenly distributed in the 14 fresh light to heavy crude oils. The diesel drilling waste was strongly dominated by the F3a sub-fraction range. The second important trend was that F2 concentrations were either non-detectable or slightly detectable in all of the clean soils and compost samples. In contrast, F2 concentrations were strongly prevalent in all of the crude oils and in the diesel drilling waste. F2 and F3b concentrations were applied to the F2:F3b ratio, which identified PHC absence in the clean materials (<0.10 ratio) and PHC presence (>0.10 ratio) in the contaminated materials. The %F3a:%F3b distributions were applied to the BOC-adjusted PHC F3 calculation, which estimated true PHC F3 concentrations in the clean and contaminated soils and manure compost. The combination of these two approaches provided an accurate and efficient solution to resolving false detections of crude oil and diesel PHCs and false exceedences of F3 soil toxicity guidelines by in clean soils and compost.

The risk of crude oil exposure to the early life stages (ELS) of fish is difficult to assess, given the complexity of the chemical composition of different oils. The aromatic portion of crude oil contains polycyclic aromatic hydrocarbons (PAH), which are known to be toxic. In 2004, an “effects-driven” fractionation research program was initiated in an attempt to better identify toxic constituents of two unique crude oils, Alaskan North Slope Crude (ANSC; medium-heavy crude) and Scotia Light (SCOT; light crude). The ANSC contained much more PAH than SCOT. These oils induced cytochrome P4501A1 (CYP1A) enzymes in juvenile rainbow trout (Oncorhynchus mykiss) and caused blue-sac disease (BSD) and mortality in larval Japanese medaka (Oryzias latipes). Four unique fractions (F1-F4) were produced from both oils via low temperature vacuum distillation. The F3 contained an array of unsubstituted and alkyl-PAH, and was responsible for most of the CYP1A induction and chronic toxicity associated with whole oil. Cold acetone extraction (CAE) of F3 produced 2 new sub-fractions (F3-1 and F3-2). The F3-1 was rich in alkyl-PAH, was a potent CYP1A inducer, and was chronically toxic to ELS of fish. The F3-1 was further separated into five more sub-fractions via normal phase HPLC (F3-1-1 – F3-1-5). Neither F3-1-1 nor F3-1-2 induced CYP1A or produced BSD, but F3-1-2 was lethal. The F3-1-3, 4, and 5 were all potent CYP1A inducers and were all chronically toxic. Induction of CYP1A proved to be an effective tool for tracing potentially toxic PAH throughout fractionation (Chapter 2), and sub-fractions rich in alkyl-PAH caused the most BSD and mortality (Chapter 3). Alkyl-homologues of phenanthrene, fluorene, naphthobenzothiophene (NBT), pyrene, and chrysene are perhaps the most toxic of the known constituents present in crude oil. The ANSC sub-fractions were more toxic than the SCOT ones, indicating that heavier crude oils with a higher proportion of intermediate-sized alkyl-PAH may be more toxic than lighter crude oils that are comprised of fewer of these compounds. / Thesis (Master, Biology) -- Queen's University, 2007-12-20 13:18:50.794 / This research was accomplished with funding assistance from the Nationmal Oceanic and Atmospheric Administration (NOAA), Petroleum Research Atlantic Canada (PRAC), Environment Canada, and the Department of Fisheries and Oceans.

To minimize the damage caused by oil spills, responders may chemically disperse floating oil into the underlying water before it contacts shorelines and wildlife. Quantifying this strategy’s net ecological and commercial benefits requires an analysis of its effects on subsurface ecosystems and biota. Unfortunately, spill-responders have little empirical data on which to base such an analysis. Herein I report the effects of dispersed oil to early life stages of Atlantic herring (Clupea harengus). Medium South American crude oil (MESA) dispersed with Corexit 9500 caused blue sac disease (BSD) in embryos, but not in free-swimming embryos. The ages of embryos were negatively correlated with their sensitivity to oil, making those that were freshly fertilized the most sensitive. However, sensitivity was also high after hatch. Free-swimming embryos displayed signs of narcosis following brief exposure to dispersed oil. Gametes were also tested; dispersed oil dramatically impaired fertilization success. Toxicity was a function of concentration and duration of exposure, as well as of the life stage exposed. When the duration of exposure was < 24 h, gametes and free-swimming embryos were the most sensitive life stages (i.e. responded to the lowest concentrations). For durations > 24 h, young embryos (< 1 day old) were most sensitive. The results are presented as toxicity models that incorporate developmental stage, oil concentration, and exposure duration. Current effects-forecasting models for oil dispersion are based on published chronic toxicity data, which do not account for the effects of exposure duration and developmental events on toxicity. Thus, the results will better-enable modelers to estimate the effects of realistic exposures to dispersed oil in various locations, including spawning shoals. / Thesis (Master, Biology) -- Queen's University, 2009-04-26 12:55:12.266

The gas chromatograms of crude oil hydrocarbons reveal both resolved and unresolved components. The unresolved feature is commonly referred to as the unresolved complex mixture (UCM). UCMs are thought to result from the co-elution of complex mixtures of hydrocarbons with similar chemical properties and become more obvious as resolved components are removed by processes such as weathering and refining. Consequently UCMs are a prominent feature in oil-polluted sediments, biodegraded crudes and refineiT products. The characterisation of both aliphatic and aromatic unresolved complex mixtures (UCMs) of hydrocarbons, as well as their possible effects on the environment, is described. An aliphatic hydrocarbon UCM isolated from the base oil of Silkolene 150 lubricating oil was characterised by a combination of micro vacuum-distillation and oxidative degradation. Vacuum-distillation produced six distillate cuts and a residue which were all highly unresolved by GC (ca. 951/6). The average molecular weight of each cut was determined by probe CIMS (310 - 440 Daltons), and varied by -20 Daltons. Cr03 oxidation of each fraction yielded similar distributions of n-monocarboxylic acids, ketones and lactones as well as C02 (ca. 6%). The resolved products of oxidation suggest that the aliphatic UCM is a rather homogeneous mixture of highly branched alkanes. However a significant amount of the products remain unresolved (UCMox.; ca. 70-95%). A retro -structural analysis approach, using an aromatic UCM oxidant (Ru04), combined with a mass balance approach, was used to characterise aromatic UCMs. Following reproducibility studies and the analysis of authentic aromatic compounds, the method was applied to the characterisation of unresolved aromatic refinery oil fractions and a suite of aromatic UCM distillate fractions. Selected refinery oils were separated into mono-, di-, tri- and tetraaromatics by BPLC and shown to be mainly unresolved by GC (ca. 80%). Ru04 oxidation of these fractions yielded DCM soluble products (24 - 74%), water soluble products (0 - 10%) and C02 (12 -78%). The principal resolved products in each oxidation were monocarboxylic acids and dicarboxylic acids which were used to reconstruct precursor compounds. Vacuum-distillation of Tia Juana Pesado crude (Venezuela) gave six cuts and a residue which were analysed by GC, 1H NMP, UV and probe CIMS to obtain molecular weight (171 - 301 Daltons) and broad structural information whilst Ru04 oxidation was used to obtain molecular information via the retro -structural analysis approach. This showed that the aromatic UCM was in fact highly aliphatic and contained alkyl and cycloalkyl tetralins. A significant advancement in the quantitative characterisation of UCMOx. and subsequently the characterisation of aromatic UCMs was made. Ion cyclotron resonance spectrometry (ICR) was used to characterise the Ru04 oxidation products of selected refinery fractions. Analysis of the oxidation products of a monoaromatic refinery fraction indicated the presence of monocarboxylic acids (Cl - C21; 58%) and alicyclic carboxylic acids (C7 - C19; 16%), a hydrogenated monoaromatic sample contained monocarboxylic acids (Cl - C20; 30%), dicarboxylic acids (C2 - C11,7%) and alicyclic carboxylic acids (C7 - C18; 11%) , whilst a diaromatic fraction contained monocarboxylic acids (C10 - C19; 7%), alkyl phthalic acids (C8 - C17', 17%) and cycloalkyl phthalic acids (C11 - C15; 3%). Retro -structural analysis suggests that the nonhydrotreated monoaromatic UCM is mainly comprised of alicyclic and alkyl substituted benzenes, the monoaromatic UCM isolated from the hydrotreated oil of alky'l and cycloalkyl substituted tetralins and the diaromatic fraction of alkyl and cycloalkyl naphthalenes. This was supported by, FIMS analysis of the fractions prior to oxidation. As an investigation of the environmental toxicity of UCMs, the effect of a saturated aliphatic UCM, and its chemical oxidation products, on the feeding rate of mussels (Mytilus edulis), was investigated. The UCM had little effect, whilst oxidation resulted in an increase in toxicity. The non-toxic nature of the hydrocarbons was attributed to their low aqueous solubility, whilst oxidation resulted in the formation of products NNith a greater solubility, which were sufficiently hydrophobic to be narcotic toxicants. Parts of this work have been published [Thomas et al., (1993) Organic Geochemistry, Falch Hurtigtrykk, Non%-ay(A bstract), 717-719; Thomas et al., (1995) [Vater Research. 29,371-382]. iv

In this dissertation, three related issues concerning empirical time series models for energy financial markets and the stock market were investigated. The purpose of this dissertation was to analyze the interdependence of price movements, focusing on the forecasting models for crude oil prices and the hedging models for gasoline prices, and to study the change in the contemporaneous causal relationship between investors' activities and stock price movements in the Korean stock market. In the first essay, the nature of forecasting crude oil prices based on financial data for the oil and oil product market is examined. As crack spread and oil-related Exchange-Traded Funds (ETFs) have enabled more consumers and investors to gain access to the crude oil and petroleum products markets, I investigated whether crack spread and oil ETFs were good predictors of oil prices and attempted to determine whether crack spread or oil ETFs were better at explaining oil price movements. In the second essay, the effectiveness of diverse hedging models for the unleaded gasoline price is examined using futures and ETFs. I calculated the optimal hedge ratios for gasoline futures and gasoline ETF utilizing several advanced econometric models and then compared their hedging performances. In the third essay, the contemporaneous causal relationship between multiple players' activities and stock price movements in the Korean stock market was investigated using the framework of a DAG model. The causal impacts of three players' activities in regard to stock return and stock price volatility are examined, concentrating on foreign investor activities. Within this framework, two Korean stock markets, the KSE and KOSDAQ markets, are analyzed and compared. Recognizing the global financial crisis of 2008, the change in casual relationships was examined in terms of pre- and post-break periods. In conclusion, when a multivariate econometric model is developed for multi-markets and multi-players, it is necessary to consider a number of attributes on data relations, including cointegration, causal relationship, time-varying correlation and variance, and multivariate non-normality. This dissertation employs several econometric models to specify these characteristics. This approach will be useful in further studies of the information transmission mechanism among multi-markets or multi-players.

In this thesis, we analyze volatility spillovers between crude oil and food commodities. The principal hypothesis assumes crude oil to behave as a production factor of the agricultural food commodities, thence we are looking for appropriate price effects. We mainly employ wavelet coherence and partial wavelet coherence, which provide us with valuable insight into the commodities nexus, without any strict restraints and assumptions levied on our data. Secondly, we build a DCC-GARCH model in order to model the presumed volatility spillovers. We also perform several simple benchmark analyses, in particular we test for Granger causality and we compute the Pearson correlation coefficients. Our data sample, including 10 commodities and 2 indices, covers the latest decade, significantly widening the existing contextual literature. Our results are mostly compliant with related literature, especially regarding the crude oil-fuels bundle and food commodities bundle, respectively. Considering the main research question of volatility spillovers between food commodities and crude oil, our results are indicating reasonably strong relationships with crude oil for soybeans and corn, leaving cotton and wheat rather on the verge of strong relationship and finding cattle to be completely unrelated. Main merits of the thesis...