| Hypothesized No. of CE(s) | Eigenvalue | Trace Statistic | 5% Critical Value | Prob.** |
|---|---|---|---|---|
| Panel A. lnRGI-lnWTIOIL Johansen Co-integration results | ||||
| None* | 0.445 | 29.202 | 18.398 | 0.001 |
| At most 1 | 0.020 | 0.972 | 3.841 | 0.324 |
| Panel B. lnRGI-lnDQOILJohansen Co-integration results | ||||
| None* | 0.280 | 18.482 | 15.495 | 0.017 |
| At most 1 | 0.055 | 2.715 | 3.841 | 0.099 |
| Panel C. lnRGI-lnBJOILJohansen Co-integration results | ||||
| None* | 0.313 | 24.249 | 20.262 | 0.013 |
| At most 1 | 0.132 | 6.634 | 9.165 | 0.147 |
| Panel D.lnRGI-lnQHDCOALJohansen Co-integration results | ||||
| None* | 0.323 | 26.277 | 20.262 | 0.007 |
| At most 1 | 0.146 | 7.550 | 9.165 | 0.100 |