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Futures risk premia in the era of shale oil

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Figure

Figure 1.1: US oil production and leverage. The left plot displays the total US crude oil productionand shale oil production measured in terms of milion barrels per day (mbd); both series are from EIA.Shale-oil production includes hydraulically fractured p
Figure 4.1: Model-implied hedging ratio of shale producers (solid and dashed red lines) and conven-tional producers (solid and dashed black lines)
Figure 4.2: Model-implied optimal inventories of shale producers (solid and dashed red lines) and con-shocks which trigger the collateral penaltyventional producers (solid and dashed black lines)
Figure 4.3: Model-implied futures risk premium of shale producers (solid and dashed red lines) andative shocks which trigger the collateral penaltytrigger the inventory constraintconventional producers (solid and dashed black lines)
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