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The impact of COVID-19, due to the wide-spread demand and supply destruction and downward movement of crude oil prices is of concern for all those connected with the oil and gas industry. In this study, an attempt has been made to estimate the price volatility of crude oil and natural gas listed on multi commodity exchange of India (MCX). We measured the leverage effect of COVID-19 on price volatility of crude oil and natural gas by using the daily prices of crude oil and natural gas from May 01, 2017 to April 30, 2020. The findings of the study reveal that there is a presence of leverage effect of COVID-19 on the price volatility of crude oil. However, this leverage effect is not present on the price volatility of natural gas. The findings of the study will help investors to develop investment strategies and to the policymakers to formulate appropriate policies to overcome or minimise the impact of COVID-19. The forecasting graphs of crude oil prices indicate that there is a possibility that price volatility will be higher in the future. However, it is difficult to forecast the expected price volatility of natural gas for the future because the price volatility graph is extremely fluctuating.
The World Health Organization confirmed COVID-19 a pandemic on March 11, 2020, causing vast impact on international economy. The coronavirus pandemic has given rise to an unprecedented global health and economic crises. Apart from the toll of early deaths, economic activities have been stalled and stock markets have tumbled, while a wide range of energy markets — including oil, gas and renewable energy — have been severely affected. This crisis The pandemic has stressed the critical value of the health care infrastructure and electricity infrastructure. In view of the above, while governments and policy makers respond to these interlinked crises, they must not lose sight of a major challenge of our time: clean energy transitions.The pandemic has continued to to slow down the recovery of economic activities and consumption due to combination of many factors such as economic recession, expensive storage, warm climate, and enormous uncertainty. Mitigation and adaptation policies are crucial to overcoming the crisis. The commodity futures market will depend on the effectiveness of decision-makers' policies in containing the COVID-19 outbreak and reducing the negative effect of the pandemic on economic activities. This book seeks to throw light on the adverse effects of COVID-19 through enhanced scientific and multi-disciplinary knowledge. The chapters in the book show that the energy, stock, crypto-currencies markets are vulnerable to the surge in coronavirus deaths.
This book captures the dynamic relationship between COVID-19 pandemic, crude oil prices and major stock indices as well as the crude oil prices and stock market volatility that have been caused due to outbreak of this pandemic. The pandemic has changed the world melodramatically and major world markets collapsed in the beginning, affecting major industries in an unprecedented way. The book will be useful to the researcher in the field of finance and economics, and policy makers both at government and private level, keeping in view the present state of economy throughout the world.
The scale of the socio-economic impact of the Covid-19 pandemic on the global economy has not been witnessed since the Great Depression. Isolation measures, implemented across the globe to contain the virus, confined hundreds of millions of people into their homes, bringing economic activities to a standstill. This crisis has impacted the oil and gas industry in an unprecedented manner. A massive decline in oil demand and a large oversupply, intensified by the price war between Russia and Saudi Arabia, has sent oil prices to levels unseen in decades. While the oil industry has faced several crises that have pushed it to find new ways to conduct business and adapt to changing conditions, the Covid-induced crisis has come when the industry is dealing with increased shareholder activism and intense pressure on the environmental front. Since this is a new phase for the industry, it could also become the catalyst that accelerates the transformation it has started to go through. Oil will continue to play an essential role in the energy mix for many decades. However, oil companies will have to navigate and manage an uncertain future as oil and gas projects will be riskier to develop and consequently require a higher rate of return. They will have to diversify their portfolios and continue shifting toward an integrated business model that embraces the changes caused by the energy transition and the growth in renewable and new technologies.
This book consists of selected papers from the International Conference on Economics, Business and Sustainability (ICEBS) 2023 which brings together academics to exchange their research results and share experiences on all aspects of economics, business and sustainability The conference delivered a specific focus and significant breakthroughs in the rapid global economic rebound. The event appealed to scholars, academics, researchers, experts, development actors, practitioners and university students to join a part and share outlooks, experiences, research findings and the recent research trends in the milieu of social sciences. The ICEBS 2023 is expected to gain mutual understanding and insights, offering solutions and policy recommendations.
In 2020, the global lockdowns caused by the COVID-19, or coronavirus, pandemic had resulted in a sharp drop in demand for crude oil. This impact was so severe that on April 8, 2020, a proposal to update the Chicago Mercantile Exchange Holdings Inc. (CME) trading rule to permit negative prices was applied to CME's WTI Oil futures contracts; this led to a novel phenomenon in which the closing clearing price of WTI Oil May future was $-37.63/barrel based on fewer than 400 contracts' trading volume in the last three minutes, reflecting less than 0.2% of the total trading contracts volume on April 20, 2020. This occurrence of negative closing clearing price for CME's WTI Oil futures trading, cannot be explained simply by just the principle of supply and demand; instead, it highlights vulnerabilities caused by CME's allowance of negative price trading (based on its trading platform), a decision which brings potential and fundamental challenges to the global financial system.This event challenges not just our basic concepts of 'value' and trading 'price' of commodities and goods that underline our understanding of the framework for the invisible hand and general equilibrium theory in economics established by a few generations of scholars since Adam Smith in 1776 for market economies, but also have wider implications on the fundamentals that underpin our ideas of value and labor in the organization, activity, and behavior of civilizations and individual liberties.The scope of this book is limited to covering the impact of the negative oil futures derivatives' trading between April 20 and 21, 2020. This book focuses on exploring the issues, challenges, and possible impacts on global financial markets due to the negative clearing prices of WTI Oil futures contracts and related problems from different perspectives. Topics covered include the responsibilities and liabilities of the CME; critique to the fundamental theory of economics and the modern understanding of value and labor; and challenges to the global financial systems and businesses and introduction to new methods of application.
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
A historic drop in the May 2020 futures for WTI crude was recorded at around minus $37.63 per barrel on April 21, 2020 due to the combination of rising supply, falling demand and diminishing storage availability during the pandemic. Thecrude oil market appeared to be in a state of what I refer to as hyper-contango. Hyper- contango is a rare event in which the costs of storage are so high that owners in the spot market or hedgers in long positions are squeezed by the demand for storage and the non-disposability of the commodity. The research develops a theory of storage that allows the relation between storage cost and spot price under hyper-contango to drive prices negatively. In particular, the research links a storage decision to the framework of marginal costs of production and utility maximization to demonstrate the pressure of dramatically high storage cost on the crash of spot and nearby futures to the extent that the crude oil market is in hyper-contango during the pandemic. In addition, the research analyzes the impact of the COVID-19 pandemic on the spot price, basis, arithmetic spot price changes, logarithmic spot price changes and arithmetic basis changes of WTI crude, milk and agricultural commodities. The research also compares the changes in basis and spot prices of soybeans between the COVID-19 pandemic and Sino-US trade war.
Advances and Technology Development in Greenhouse Gases: Emission, Capture and Conversion is a comprehensive seven-volume set of books that discusses the composition and properties of greenhouse gases, and introduces different sources of greenhouse gases emission and the relation between greenhouse gases and global warming. The comprehensive and detailed presentation of common technologies as well as novel research related to all aspects of greenhouse gases makes this work an indispensable encyclopedic resource for researchers in academia and industry.Volume 3 titled Greenhouse Gases Storage and Transportation investigates in detail the methods of storage and transportation, their current status, novel strategies, and the conventional challenges. The book consists of four sections, the first three of which include various strategies employed in the storage and transportation of the major greenhouse gases (GHGs), namely carbon dioxide, methane, and nitrous oxide. Each section addresses recent advances, new concepts, and the economic assessment of storage and transportation facilities. Section 4 surveys the challenges that storage and transportation of GHGs may face and delves into the major problems of the pipelines that are employed for the transportation of the materials - Introduces different technologies for carbon storage and transportation - Describes various methane storage and transportation technologies - Discusses challenges of GHGs' transportation