Global Oil Markets: Lessons from the 2020 COVID-19 Pandemic

Adi Imsirovic ()
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Adi Imsirovic: The Oxford Institute for Energy Studies (OIES)

Chapter Chapter 14 in Trading and Price Discovery for Crude Oils, 2021, pp 207-223 from Springer

Abstract: Abstract Demand shock of historical proportions with profound impact on the future of the international oil markets. Shifting focus towards WTIWest Texas Intermediate (WTI) values in the USGUS Gulf Coast (USG). BrentBrent complex survived the shock relatively well. The brunt of adjustments were taken up by Dated BrentDated brent and quality differentialsquality differentials. WTIWest Texas Intermediate (WTI) on the way to join the Brent basketBrent basket. MurbanMurban problems with the Dubai benchmark. The Shanghai crude oil contractShanghai crude oil contract decoupled from the international markets. Swift reaction by INEthe Shanghai International Energy Exchange (INE) helped, but arbitragearbitrage did most of the work. MurbanMurban, a new benchmark? Oil balances in real time and ‘Nowcasting’. Carbon budgetcarbon budget and the future of OPECOrganisation of the Petroleum Exporting Countries (OPEC).

Date: 2021
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DOI: 10.1007/978-3-030-71718-6_14

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