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Recent research has focused on the prevailing relationship between crude oil and natural gas prices. Nowadays, it is well acknowledged that crude oil prices often drive natural gas prices. However, their relationship is unstable over time so that it exhibits regime changes. As a result, crude...
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the time-varying relationship between crude oil and natural gas price changes. Such approach decomposes a global nonlinear … costs and prices, and handle local nonlinearity. Incidentally, natural gas and crude oil price changes are non …-significantly linked during decoupling periods. Our findings depict changes in the competition between oil price makers and takers, and the …
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