This thesis sheds new light on two recent streams in the energy economic literature. Firstly, multiscale lead-lag relationships between crude oil and refined product price dynamics, and secondly, the price finding mechanisms between their respective spot and futures prices are investigated in the time and the frequency space. For this purpose, a novel methodology is introduced. Based on information theoretic measures and continuous wavelet transform, symbolic wavelet transfer entropy detects non-linear lead-lag relationships in the sense of Granger causality across multiple scales. Between petroleum prices as well as between the respective spot and futures prices, bidirectional causalities can be concluded across the investment horizons. Further evidence is provided for asymmetric price transmission amongst crude oil and the refined products as well as non-linear responses of the respective spot-futures combinations with respect to increasing and decreasing petroleum prices. Increasing multiscale comovement is detected via wavelet coherence over time, most possibly induced by a financialization of energy commodities. Across the analyses, it is observed that product price dynamics, economic crises, geopolitical risks, natural catastrophes and other market perturbations affect the price discovery in heterogenous investment horizons.     «

This thesis sheds new light on two recent streams in the energy economic literature. Firstly, multiscale lead-lag relationships between crude oil and refined product price dynamics, and secondly, the price finding mechanisms between their respective spot and futures prices are investigated in the time and the frequency space. For this purpose, a novel methodology is introduced. Based on information theoretic measures and continuous wavelet transform, symbolic wavelet transfer entropy detects non...     »