From Zero to 100: Crude Oil Price Changes in 2020–2022

Analysis of the market microstructure implications of oil futures and spot prices for market participants.

In this article, authors Nicole Moran, Chanel O’Neill, and Laurent Samuel look at how the escalation of the Russo-Ukrainian conflict and the ongoing response to the COVID-19 pandemic contributed to crude oil price volatility and a surge to over $120 a barrel in 2022. These high price levels, which have not been seen since 2008, occurred just two years after hitting an all-time low early in the pandemic and going into negative territory in April 2020. The article focuses on the market microstructure implications for futures market participants and how the prices have diverged between various global crude oil benchmarks.

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