Spot prices or front-month futures prices for energy commodities can exhibit occasional
sharp peaks and drops (even to negative values), accompanied by large backwardations or …

This study provides novel analysis of the events in the WTI crude oil futures market on April
20, 2020. We detail how the arbitrage linkages between the NYMEX CL contract and the e …

This paper examines the contribution of closing pressure and predatory trading to the
formation of the negative settlement price of NYMEX West Texas Intermediate (WTI) Crude …

Debt matters for oil supply elasticities. We document the resiliency of oil production to the
COVID-19-related collapse in demand due to indebtedness. We use exogenous variation in …

The 2020 collapse of crude oil prices into negative territory was unprecedented and
exposed critical vulnerabilities in the global oil supply chain. This review examines the …

This paper investigates the futures market manipulation in a two-period batch-trading model
with asymmetric information. Building upon the model of Kyle (1984), we incorporate …

This paper studies the contribution of closing pressure and predatory trading on the
formation of the negative WTI futures settlement price (-37.63 dollars) on the day of April 20 …

Using positions data for 18 commodity futures during 2001–2020, we examine systematic
and idiosyncratic determinants of Amihud price impact and microstructure noise proxying for …