The study of the relationship between crude oil and its refined products prices may be perceived as an important tool for testing how are the dynamics and the type of integration of the petro-derivatives market in the United States. In this sense, we have applied a set of causality tests to study the possible presence of asymmetries in the relationship between WTI crude oil and each refined product price and to explore the type of market integration. Furthermore, the application of these causality tests lets us explore the validation of different hypotheses in the literature, such as the Rocket and Feathers hypothesis and the Verleger hypothesis. Our findings reveal that Reformulated Gasoline Blendstock for Oxygen Blending (RBOB), heating oil, diesel and kerosene are supply-driven integrated and conventional gasoline and kerosene are demand-driven integrated when linear effects are assessed. This behaviour changes deeply when the existence of asymmetries is tested, noticing that the Rocket and Feathers hypothesis is not fulfilled when a negative shock appears. Conversely, the Verleger hypothesis is supported when a negative shock appears for conventional gasoline and kerosene. These results provide important policy implications for investors, energy policymakers and refiners.

中文翻译：

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供应或需求冲击如何影响美国石油市场？

对原油及其成品油价格之间关系的研究可能被视为测试美国石油衍生品市场的动态和整合类型的重要工具。从这个意义上说，我们应用了一组因果关系检验来研究WTI原油与各成品油价格之间的关系可能存在的不对称性，并探讨市场一体化的类型。此外，这些因果关系检验的应用让我们能够探索文献中不同假设的验证，例如火箭和羽毛假设和维勒格假设。我们的研究结果表明，在评估线性效应时，用于氧气混合的新配方汽油混合料 (RBOB)、取暖油、柴油和煤油是供应驱动的综合，而传统汽油和煤油是需求驱动的综合。当测试不对称性的存在时，这种行为会发生深刻的变化，注意到当出现负面冲击时，火箭和羽毛假设不成立。相反，当传统汽油和煤油出现负面冲击时，维勒格假说得到支持。这些结果为投资者、能源政策制定者和炼油厂提供了重要的政策启示。