Arbeitspapier
Theory of storage: an empirical assessment of the European natural gas market
We analyze the relation between European natural gas storage facilities and price patterns at major trading points, considering the theory of storage to derive a testable hypothesis imposed by the non-arbitrage condition. To model the efficiency of the natural gas market, we apply two indirect tests absent the scarcity of European inventory data. We find that operators of storage facilities realize seasonal arbitrage profits, and that market performance overall is substantially distinct from the competitive benchmark.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 821
- Klassifikation
-
Wirtschaft
Energy: General
Gas Utilities; Pipelines; Water Utilities
Contingent Pricing; Futures Pricing; option pricing
- Thema
-
Storage
energy commodity
natural gas
convenience yield
Erdgas
Lager
Erdgasmarkt
Preis
Rohstoff-Futures
EU-Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Stronzik, Marcus
Rammerstorfer, Margarethe
Neumann, Anne
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Stronzik, Marcus
- Rammerstorfer, Margarethe
- Neumann, Anne
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2008
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