Cross-Correlations between Energy and Emissions Markets: New Evidence from Fractal and Multifractal Analysis

Table 1

Descriptive statistics of returns of oil, gas, and CO₂.

	Oil	Gas	CO2
Mean (×10^−4)	3.0185	−2.4506	−8.2300
Maximum	0.1641	0.2677	0.2452
Minimum	−0.1307	−0.1489	−0.4321
Standard deviation	0.0215	0.0333	0.0322
Skewness	−0.1265	0.8475	−1.2756
Kurtosis	6.6285	8.1827	26.5272
Jarque-Bera (×10^3)	1.1355^∗∗∗	2.5521^∗∗∗	48.0699^∗∗∗
Observations	2060	2060	2060

Notes: The Jarque-Bera statistic tests for the null hypothesis of normality in sample returns distribution. ∗∗∗Denotes statistical significance at the 1% level.