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 | 0.5657392 | 0.8066875 | -1.808919 | 0.4031939 | -2.112177 | 0.5286780 | 0.5842769 | 0.8120221 | -1.869421 | 0.3792803 | -2.018746 | 0.5681837 | 0.5404213 | 0.7994018 | -1.934022 | 0.3537463 | -2.194941 | 0.4937092 |
| 2 | 0.3350226 | 0.7402943 | -2.149040 | 0.2687591 | -2.711274 | 0.2763057 | 0.1549737 | 0.6884816 | -2.484155 | 0.1363025 | -3.167654 | 0.0935079 | 0.2896772 | 0.7272452 | -2.319002 | 0.2015802 | -2.865511 | 0.2113637 |
| 3 | 0.4539867 | 0.7745285 | -1.980207 | 0.3354915 | -2.403651 | 0.4058311 | 0.3566994 | 0.7465322 | -2.111546 | 0.2835786 | -2.536345 | 0.3499600 | 0.3907171 | 0.7563215 | -2.173035 | 0.2592746 | -2.604636 | 0.3212061 |
| 4 | 0.4350504 | 0.7690793 | -1.882900 | 0.3739527 | -2.345937 | 0.4301319 | 0.3529501 | 0.7454533 | -1.982370 | 0.3346364 | -2.428643 | 0.3953080 | 0.4033956 | 0.7599699 | -1.990601 | 0.3313830 | -2.424473 | 0.3970639 |
| 5 | 0.4957629 | 0.7865505 | -1.776781 | 0.4158970 | -2.191440 | 0.4951832 | 0.3805895 | 0.7534071 | -1.902563 | 0.3661805 | -2.332543 | 0.4357713 | 0.4310951 | 0.7679410 | -1.887691 | 0.3720588 | -2.308464 | 0.4459097 |
| 6 | 0.4373251 | 0.7697338 | -1.808841 | 0.4032250 | -2.288442 | 0.4543402 | 0.3578375 | 0.7468597 | -1.844930 | 0.3889606 | -2.316401 | 0.4425680 | 0.3883810 | 0.7556492 | -1.877919 | 0.3759212 | -2.353207 | 0.4270710 |
| 7 | 0.4752929 | 0.7806598 | -1.712571 | 0.4412762 | -2.167403 | 0.5053262 | 0.3997389 | 0.7589177 | -1.791835 | 0.4099465 | -2.225862 | 0.4806897 | 0.4153228 | 0.7634022 | -1.815338 | 0.4006567 | -2.272003 | 0.4612618 |
| 8 | 0.4601258 | 0.7762952 | -1.788190 | 0.4113874 | -2.242062 | 0.4738686 | 0.4235870 | 0.7657804 | -1.832721 | 0.3937862 | -2.233521 | 0.4774648 | 0.4425828 | 0.7712468 | -1.872705 | 0.3779822 | -2.290286 | 0.4535639 |
| 9 | 0.5111586 | 0.7909809 | -1.797933 | 0.4075362 | -2.198578 | 0.4921778 | 0.4834351 | 0.7830029 | -1.794919 | 0.4087276 | -2.146303 | 0.5142483 | 0.4941307 | 0.7860808 | -1.861349 | 0.3824708 | -2.231893 | 0.4781504 |
| 10 | 0.5541249 | 0.8033453 | -1.700535 | 0.4460337 | -2.090634 | 0.5377869 | 0.4615019 | 0.7766912 | -1.763756 | 0.4210452 | -2.145217 | 0.5147076 | 0.5164740 | 0.7925105 | -1.806731 | 0.4040589 | -2.172803 | 0.5030433 |
| 11 | 0.4688643 | 0.7788099 | -1.756917 | 0.4237480 | -2.218323 | 0.4838641 | 0.4059972 | 0.7607186 | -1.836928 | 0.3921234 | -2.254812 | 0.4685003 | 0.4723782 | 0.7798211 | -1.846562 | 0.3883155 | -2.245757 | 0.4723129 |
| 12 | 0.5156339 | 0.7922688 | -1.824296 | 0.3971163 | -2.220276 | 0.4830416 | 0.4169922 | 0.7638826 | -1.892016 | 0.3703493 | -2.287142 | 0.4548877 | 0.5128494 | 0.7914675 | -1.890583 | 0.3709158 | -2.241709 | 0.4740171 |
| Model 1: No drift or trend Model 2: With drift, no trend Model 3: With drift and trend |
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