Variable

1-Month

2-Month

3-Month

4-Month

5-Month

6-Month

7-Month

Constant

−0.369^***

−0.307^***

−0.191^***

−0.200^***

−0.189^***

−0.222^**

−0.470^***

Call Price

0.21^***

0.19^**

−0.92^**

0.32^***

0.07

0.5^***

0.4

Change in Call Prices

−9.07 × 10⁻⁵

−0.02

0.35

0.03

0.02

−0.16

−0.43

Put Price

−0.15^**

−0.19^**

−1.16^***

−0.30^***

−0.06

−0.5^***

−0.70

Change in Put Prices

−0.02

−0.11^**

2.05^***

0.20

0.01

0.27

−0.26

Canadian Dollar-US

Dollar Exchange Rate

−0.26^***

−0.29^***

−0.47^**

−0.33

−0.27

−0.29^***

0.00

Supply of Oil

−4.81 × 10^−3***

−4.12 × 10^−3***

−1.39 × 10^−3***

−3.0 × 10^−3***

−2.8 × 10^−3***

−3.13 × 10^−3***

−5.9 × 10^−3***

News of Oil Prices

−0.03

−0.03

−0.33^***

−0.09^***

−0.078^***

−0.091^***

−0.4^***

N

688

825

879

899

889

873

868

R²

0.99

0.99

0.97

0.99

0.99

0.99

0.98