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!S V!SNPricedynamicsandvolatilityofcrudeoilfuturesmarket:Inventoryinformationshocksandtradingactivitiesofnon-commercialtradersBUHu1i,HEYa-nan2(,BeihangUniversity,Beijing100191,China;,XiamenUniversity,Xiamen361005,China)AbstractThispaperexaminesthebehaviorofcrudeoilfuturespricevolatilityandinvestigateswhetherinformationshockstomarketexpectationsaboutinventoryandnon-commercialtraders’,aswellasotherdeterminants,influencecrudeoilreturnsandvolatility,whetherreturnsarerelatedtorisks,,,tradingactivitiesofnon-commercialtraders,,;pricefluctuate;inventoryinformationshock;non-commercialpositions1841~% 'WK .k,[b ,>#z/ j4 TCy.$X20 90%a7_,<p =dJ WKx
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: :? 7{ : :k? ,uTa T6#z 4:u2 {$*[1]LeeK,NiS,:Theroleofpricevolatility[J].TheEnergyJournal,2006-05-022006-07-022006-09-022006-11-022007-01-022007-03-022007-05-022007-07-022007-09-022007-11-022008-01-022008-03-022008-05-022008-07-022008-09-022008-11-022009-01-022009-03-022009-05-02
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