{"id":4034,"date":"2020-05-08T16:26:22","date_gmt":"2020-05-08T14:26:22","guid":{"rendered":"https:\/\/finharmony.net\/staging\/?p=4034"},"modified":"2024-05-10T16:19:27","modified_gmt":"2024-05-10T14:19:27","slug":"comprendre-le-prix-negatif-du-petrole","status":"publish","type":"post","link":"https:\/\/finharmony.net\/staging\/comprendre-le-prix-negatif-du-petrole\/","title":{"rendered":"Comprendre le prix n\u00e9gatif du p\u00e9trole"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]Comprendre le prix n\u00e9gatif du p\u00e9trole<\/p>\n<p>Par <a href=\"https:\/\/finharmony.net\/staging\/teacher\/christophe-marion\/\">Christophe Marion <\/a><\/p>\n<p>Les journaux ont fait leur une (\u00e0 juste titre) sur le prix n\u00e9gatif du p\u00e9trole, constat\u00e9 sur le march\u00e9 am\u00e9ricain les 20 et 21 avril 2020. Il s\u2019est \u00e9chang\u00e9 jusqu\u2019\u00e0 -37,63 dollars le baril. Du jamais-vu.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4163 alignleft\" src=\"https:\/\/finharmony.net\/staging\/wp-content\/uploads\/2020\/05\/Capture-Cours-1-300x258.jpg\" alt=\"\" width=\"300\" height=\"258\" srcset=\"https:\/\/finharmony.net\/staging\/wp-content\/uploads\/2020\/05\/Capture-Cours-1-300x258.jpg 300w, https:\/\/finharmony.net\/staging\/wp-content\/uploads\/2020\/05\/Capture-Cours-1.jpg 404w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Trois dates sont remarquables dans l\u2019histoire r\u00e9cente des prix du p\u00e9trole\u00a0:<\/p>\n<p>1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 En 2008, la crise a fait plonger le baril de 145* \u00e0 45 dollars en quelques mois, la plus importante chute de l\u2019histoire (voir\u00a0: <a href=\"https:\/\/finharmony.net\/staging\/le-cas-air-france\/\"><u>le cas Air France<\/u><\/a><em><u>)<\/u><\/em>. Les prix sont repartis \u00e0 un niveau \u00e9lev\u00e9 ensuite.<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 En 2014, <a href=\"https:\/\/finharmony.net\/staging\/quest-ce-que-la-revolution-du-schiste\/\"><em><u>la r\u00e9volution du schiste<\/u><\/em><\/a> a durablement fait baisser les prix.<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Le 20 avril 2020, le prix du p\u00e9trole est devenu n\u00e9gatif pour la premi\u00e8re fois de son histoire.<\/p>\n<p>* ce niveau \u00e9tait certes exceptionnel<\/p>\n<p>&nbsp;<\/p>\n<p>Alors, peut-on vraiment se faire payer pour acheter un baril de p\u00e9trole\u00a0?<\/p>\n<p>La r\u00e9ponse simple est\u00a0: non. Mais comprendre cet \u00e9v\u00e9nement historique est une bonne occasion pour d\u00e9couvrir ou r\u00e9viser quelques concepts fondamentaux sur le p\u00e9trole, l\u2019\u00e9nergie et le fonctionnement des march\u00e9s.<\/p>\n<p>D\u2019abord, pr\u00e9cisons que le prix n\u00e9gatif du p\u00e9trole du 20 avril 2020 a \u00e9t\u00e9 constat\u00e9 sur le WTI, et pas sur le Brent. <strong>[<a href=\"https:\/\/finharmony.net\/staging\/prix-du-petrole-brent-ou-wti\/\">Brent ou WTI\u00a0?<\/a><\/strong>]<\/p>\n<p>Ensuite, il faut comprendre que ce qui a donn\u00e9 naissance \u00e0 ce prix n\u00e9gatif est le contrat <a href=\"https:\/\/finharmony.net\/staging\/quest-ce-quun-future\/\"><em>future<\/em><\/a>, arrivant \u00e0 \u00e9ch\u00e9ance le mardi 21 avril. Ce contrat est assorti d\u2019une livraison physique, alors que les capacit\u00e9s de stockage et de transport sur les lieux de livraison sont satur\u00e9es. Ainsi, \u00e0 la veille de l\u2019\u00e9ch\u00e9ance, personne ne souhaitait prendre livraison de la mati\u00e8re \u00e0 la date et \u00e0 l\u2019endroit convenus. D\u00e8s lors, les titulaires d\u2019un contrat d\u2019achat ont tout fait pour s\u2019en d\u00e9barrasser, jusqu\u2019\u00e0 ce prix normalement impossible de -37 dollars.<\/p>\n<p>Autrement dit, pour profiter du prix n\u00e9gatif, il fallait avoir acc\u00e8s \u00e0 des capacit\u00e9s de stockage et d\u2019enl\u00e8vement \u00e0 Cushing, Oklahoma\u2026<\/p>\n<p><strong>En conclusion<\/strong>, ce prix n\u00e9gatif est donc la combinaison de plusieurs facteurs\u00a0:<\/p>\n<ul>\n<li>Conjoncturels\u00a0: la crise Covid-19, qui ass\u00e8che la demande et ne permet pas de vider les stocks.<\/li>\n<li>Structurels\u00a0:\n<ul>\n<li>Un contrat qui exige une livraison physique en un lieu donn\u00e9 \u00e0 une date donn\u00e9e,<\/li>\n<li>Des infrastructures sur place qui ne sont pas adapt\u00e9es aux conditions extr\u00eames, aux niveaux actuels de production (<a href=\"https:\/\/finharmony.net\/staging\/quest-ce-que-la-revolution-du-schiste\/\">r\u00e9volution du schiste<\/a>),<\/li>\n<li>Une production am\u00e9ricaine qui ne faiblit pas. [<a href=\"https:\/\/finharmony.net\/staging\/pourquoi-la-production-americaine-de-petrole-ne-faiblit-elle-pas\/\">Pourquoi la production am\u00e9ricaine ne faiblit-elle pas\u00a0?<\/a>]<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Le lendemain du krach, le 22 avril 2020, le contrat \u00e0 \u00e9ch\u00e9ance du mois suivant (livraison le 22 mai) s\u2019\u00e9changeait \u00e0 des prix positifs. Les d\u00e9tenteurs d\u2019un contrat d\u2019achat avaient encore un mois pour s\u2019en d\u00e9barrasser, s\u2019ils ne voulaient pas prendre livraison du p\u00e9trole \u00e0 terme.<\/p>\n<p>Rendez-vous le 22 mai\u2026<\/p>\n<p>&#8212;<\/p>\n<p>Acc\u00e9dez \u00e0 <a href=\"https:\/\/finharmony.net\/staging\/?post_type=product\">l\u2019ensemble de nos formations ici.<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/3&#8243;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Si vous voulez plus de renseignements, <a href=\"mailto:duy@finharmony.net&amp;subject=FinHarmony-s-engage-aupres-des-startups&amp;cc=jch@finharmony.net\">contactez-nous<\/a> !<\/p>\n<p>&#8212;<\/p>\n<p>Comprendre le prix n\u00e9gatif du p\u00e9trole.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Comprendre le prix n\u00e9gatif du p\u00e9trole Par Christophe Marion Les journaux ont fait leur une (\u00e0 juste titre) sur le prix n\u00e9gatif du p\u00e9trole, constat\u00e9 sur le march\u00e9 am\u00e9ricain les&hellip;<\/p>\n","protected":false},"author":10,"featured_media":4032,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"inline_featured_image":false,"footnotes":""},"categories":[735],"tags":[],"class_list":["post-4034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Comprendre le prix n\u00e9gatif du p\u00e9trole<\/title>\n<meta name=\"description\" content=\"Comprendre le prix n\u00e9gatif du p\u00e9trole. 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