Energy is one an important class of traded commodities. The particular feature of energy is that about 85% of energies consumed are produced from non-renewable sources. While the structure of energy market is complex, in general we have competitive markets. Some exceptions like OPEC cartel in fact work now towards stabilization of market for oil, with periodical adjustment in production to keep prices within acceptable corridor. It is important to understand that not only real energy but also paper energy (like future contracts and options) are traded. The aim of the article is to analyse the main recent events to understand the specifics of energy markets and macroeconomic externalities derived from price instability, as well as to point towards some solutions to stabilise markets and trends within the current economic crisis.
La energía es una de las principales commodities comercializables, cuya particularidad es que entorno al 85% de la energía consumida es producida con recursos no renovables. La estructura del mercado energético es compleja y en general sujeta a mercados competitivos y a precios volátiles. Existen excepciones como el cartel de la OPEP que dota el mercado de una estabilidad de precios ajustando periódicamente la producción, a pesar que en los últimos años ha florecido el comercio de contratos estructurados «energía de papel» (futuros y opciones) que ha conllevado sobrereacciones y volatilidad de precios.
El objetivo del trabajo es analizar los hechos recientes en este mercado en aras a entender sus especificidades propias y las externalidades macroeconómicas que se derivan de la inestabilidad de precios apuntando algunas soluciones preventivas de nuevas crisis energéticas
Dr Oscar Mascarilla knowledges the financial support of the Spanish Ministry of Science and Technology provided by the project CICYT ECO2008-04997”