Brent |
US Refiner Acquisition Cost |
WTI |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Model 1 |
Model 2 |
Model 3 |
Model 1 |
Model 2 |
Model 3 |
Model 1 |
Model 2 |
Model 3 |
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| Lags | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value | ADF Stat | p-Value |
| 1 | -14.724520 | 0.01 | -14.731829 | 0.01 | -14.723457 | 0.01 | -11.998446 | 0.01 | -12.001629 | 0.01 | -11.996120 | 0.01 | -14.374258 | 0.01 | -14.378050 | 0.01 | -14.370038 | 0.01 |
| 2 | -13.038158 | 0.01 | -13.056638 | 0.01 | -13.053955 | 0.01 | -12.611831 | 0.01 | -12.624154 | 0.01 | -12.622154 | 0.01 | -12.605767 | 0.01 | -12.619316 | 0.01 | -12.617217 | 0.01 |
| 3 | -10.817767 | 0.01 | -10.838558 | 0.01 | -10.835940 | 0.01 | -10.779205 | 0.01 | -10.793586 | 0.01 | -10.790733 | 0.01 | -11.045523 | 0.01 | -11.061214 | 0.01 | -11.057783 | 0.01 |
| 4 | -9.956939 | 0.01 | -9.984678 | 0.01 | -9.983579 | 0.01 | -9.670070 | 0.01 | -9.688802 | 0.01 | -9.687410 | 0.01 | -9.913569 | 0.01 | -9.933388 | 0.01 | -9.930582 | 0.01 |
| 5 | -8.375337 | 0.01 | -8.403633 | 0.01 | -8.403921 | 0.01 | -8.583741 | 0.01 | -8.602619 | 0.01 | -8.600144 | 0.01 | -8.534665 | 0.01 | -8.554679 | 0.01 | -8.552027 | 0.01 |
| 6 | -8.013280 | 0.01 | -8.045406 | 0.01 | -8.045317 | 0.01 | -8.090294 | 0.01 | -8.114524 | 0.01 | -8.114112 | 0.01 | -8.009611 | 0.01 | -8.033413 | 0.01 | -8.031578 | 0.01 |
| 7 | -7.113956 | 0.01 | -7.151100 | 0.01 | -7.155531 | 0.01 | -7.397052 | 0.01 | -7.428322 | 0.01 | -7.432690 | 0.01 | -7.319135 | 0.01 | -7.350809 | 0.01 | -7.354281 | 0.01 |
| 8 | -6.783359 | 0.01 | -6.829909 | 0.01 | -6.838016 | 0.01 | -7.142487 | 0.01 | -7.181795 | 0.01 | -7.188417 | 0.01 | -6.998140 | 0.01 | -7.037955 | 0.01 | -7.044344 | 0.01 |
| 9 | -6.639609 | 0.01 | -6.690423 | 0.01 | -6.696587 | 0.01 | -6.596103 | 0.01 | -6.634675 | 0.01 | -6.639971 | 0.01 | -6.676636 | 0.01 | -6.720024 | 0.01 | -6.725781 | 0.01 |
| 10 | -5.847006 | 0.01 | -5.892893 | 0.01 | -5.899093 | 0.01 | -5.883546 | 0.01 | -5.921228 | 0.01 | -5.928081 | 0.01 | -6.038508 | 0.01 | -6.081142 | 0.01 | -6.087604 | 0.01 |
| 11 | -5.605221 | 0.01 | -5.663350 | 0.01 | -5.675074 | 0.01 | -5.536356 | 0.01 | -5.580107 | 0.01 | -5.590077 | 0.01 | -5.784505 | 0.01 | -5.836828 | 0.01 | -5.847315 | 0.01 |
| 12 | -5.310199 | 0.01 | -5.363847 | 0.01 | -5.372712 | 0.01 | -5.589718 | 0.01 | -5.634069 | 0.01 | -5.640219 | 0.01 | -5.643980 | 0.01 | -5.695144 | 0.01 | -5.702519 | 0.01 |
| Model 1: No drift or trend Model 2: With drift, no trend Model 3: With drift and trend |
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