Gilje, Erik P.; Ready, Robert C.; Roussanov, Nikolai; … - 2026
On April 20, 2020, the crude oil benchmark in North America, the West Texas Intermediate (WTI) futures contract for … the futures market, intensifying pressure on the limited storage capacity and precipitating a sharp price dislocation. We … output curtailments in the face of heightened benchmark risk. Our findings highlight how transitory futures price …