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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The emergence of negative prices on the oil market. With special regard of the COVID-19 pandemic |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 64 |
| Date | 2021 |
| Zusammenfassung | Crude oil is of central importance to the economy in various respects. Many products depend on crude oil. The law of supply and demand applies both to crude oil and the products derived from it. However, the petroleum market’s supply and demand have been significantly affected by the COVID-19 pandemic. In the wake of it, the petroleum market’s arrangement and structure changed dramatically. Demand for a variety of petroleum products in different industries declined at different rates, and, as a result of the collapse in demand for crude oil, storage capacity was quickly depleted. These processes triggered changes in the price. This paper aims to provide the reader with an overview of the formation of prices in the petroleum market. Furthermore, it examines the reasons for price changes. The central component of this thesis is a time series analysis of the petroleum market's empirical data and the discussion of the different product prices. Specifically, the assessment of price movements across petroleum markets was performed by evaluating databases focusing on negative prices. This thesis is about observing negative prices on the basis of historical prices. The aim of the study is to detect negative prices and to show the impact on the different crude oil products in the affected market. |
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