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dc.contributor.authorGonzález Pedraz, Carlos
dc.contributor.authorGonzález Pérez, María Teresa
dc.date.accessioned2020-07-20T10:53:05Z
dc.date.available2020-07-20T10:53:05Z
dc.date.issued2020-07-17
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/13221
dc.descriptionArtículo de revista
dc.description.abstractOn 20 April 2020 the West Texas Intermediate (WTI) oil futures price for May delivery turned negative for the first time in history. Other crude prices also posted very low values and their volatility soared, far more than that on stock markets. This article analyses the differences between the spot and futures markets for crude, demonstrating the key role they played in the source and subsequent correction of this event, which affected above all WTI contracts more than Brent. The article also highlights the increasingly significant presence of oil exchange-traded funds (ETFs) and their growing use as a retail investment instrument.
dc.format.extent11 p.
dc.language.isoeng
dc.publisherBanco de España
dc.relation.ispartofEconomic bulletin / Banco de España. Analytical articles
dc.relation.ispartofEconomic bulletin / Banco de España [Artículos], n. 3, 2020
dc.relation.hasversionVersión en español 123456789/13203
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectOil prices
dc.subjectCOVID-19
dc.subjectVolatility
dc.subjectETFs
dc.subjectFutures
dc.subjectSpot prices
dc.titleMarket microstructure factors in the determination of oil prices
dc.typeArtículo
dc.identifier.bdebib000469179
dc.identifier.bdepubECBU-2020-3B-art21
dc.publisher.placeMadrid
dc.subject.bdePetróleo y gas (extracción y refino)
dc.subject.bdeMercados internacionales de mercancías
dc.subject.bdeActivos derivados
dc.publisher.bdeMadrid : Banco de España, 2020
dc.subject.jelQ41
dc.subject.jelG15
dc.subject.jelE44
dc.subject.jelQ43
dc.subject.jelG41
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