Less than zero. Was the shocking collapse of oil to -$40/bbl in April a harbinger or a fluke?
Dr Pirrong will discuss the how the extreme demand shock to the oil market has affected prices and price relationships, and created the conditions that made the West Texas Intermediate futures contract vulnerable to such an epic price collapse – and how strategic behav-iour during the liquidation likely exacerbated greatly the magnitude of that collapse. He will also discuss the potential for similar episodes in the future.
Dr Craig Pirrong is Professor of Finance, and Energy Markets Director for the Global Energy Management Institute at the Bauer College of Business of the University of Houston. He was previously Watson Family Professor of Commodity and Financial Risk Man-agement at Oklahoma State University, and a faculty member at the University of Michigan, the University of Chicago, and Washington University. Professor Pirrong’s research focuses on the organization of financial exchanges, derivatives clearing, competition between exchanges, commodity markets, derivatives market manipu-lation, the relation between market fundamentals and commodity price dynamics, and the implications of this relation for the pricing of commodity derivatives. He has published 30 articles in professional publications, is the author of three books, and has consulted widely, primarily on commodity and market manipulation-related issues. He holds a Ph.D. in business economics from the University of Chicago.
Online via Zoom
The weblink will be sent a few days before
Free of charge