美国生物柴油与石油柴油市场的价格联动性

摘要

This study quantifies market integration across U.S. biodiesel plant-level and wholesale markets, as well as between biodiesel and petroleum diesel wholesale markets. Using Diebold-Yilmaz (2012, 2014) connectedness measures and a rolling window approach, we examine how price connectedness evolves across regions and supply chain levels. We find strong intra-supply chain integration within biodiesel markets and substantial cross-market integration between biodiesel and petroleum diesel wholesale markets. Connectedness declines sharply post-2022, coinciding with the renewable diesel boom as established supply chain interactions and regional price dynamics shift to reflect new market conditions.