{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,16]],"date-time":"2026-10-16T14:43:58Z","timestamp":1792161838675,"version":"4.4.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Three survey-based headline inventory surprises capture only a modest part of the petroleum market response to the U.S. Energy Information Administration's weekly inventory report. We estimate a latent news factor from excess covariance of petroleum futures returns after removing responses to the headline surprises. The factor accounts for 39%-52% of the variance of petroleum futures returns in the announcement window, compared with 20%-27% for the headline surprises. The latent factor is associated with returns in energy-related, equity, foreign exchange, Treasury, agricultural, and metal markets. Across these markets, the latent factor explains more of the return variation than the headline surprises explain on their own. Statistical proxies for non-headline news do not account for much of the variation in the latent factor. Thus, the exact economic content of the latent factor remains unresolved.<\/jats:p>","DOI":"10.2139\/ssrn.7617680","type":"posted-content","created":{"date-parts":[[2026,10,16]],"date-time":"2026-10-16T13:46:11Z","timestamp":1792158371000},"source":"Crossref","is-referenced-by-count":0,"title":["Latent Petroleum News and Asset Prices"],"prefix":"10.2139","author":[{"given":"Amirhossein","family":"Nakhjavani","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Alexander","family":"Kurov","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,16]],"date-time":"2026-10-16T13:46:11Z","timestamp":1792158371000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7617680"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7617680","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}