Energy prices and financial markets: towards a financialization of commodity markets.

Summary For several decades, energy prices have been subject to increasing volatility, which has weighed heavily on the entire economy. Compared to the prices of other commodities (such as precious metals or agricultural products), the evolution of energy products has appeared exceptionally uncertain, both in the long and short term. In a global economic context, this phenomenon acquires all its importance as the damage to the real economy of a strong variation in commodity prices can be significant. This thesis therefore focuses on the underlying causes of these fluctuations. More specifically, by uniting the different fields of energy economics, econometrics, finance and psychology, it seeks to understand the phenomenon of commodity financialization and the close relationship between financial markets and commodity markets. This reflection is articulated in three themes: on the one hand, the relationship between the prices of different energies and their financial properties is analyzed, on the other hand, the emotional and behavioral aspects of the markets are studied, and finally, the direct links between stock markets and commodity markets are addressed.