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Title:Theory of storage: an empirical assessment of the European natural gas market PDF Logo
Authors:Stronzik, Marcus
Rammerstorfer, Margarethe
Neumann, Anne
Issue Date:2008
Series/Report no.:Discussion papers // German Institute for Economic Research 821
Abstract: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.
Subjects:Storage
energy commodity
natural gas
convenience yield
JEL:Q40
L95
G13
Document Type:Working Paper
Appears in Collections:DIW-Diskussionspapiere
Publikationen von Forscherinnen und Forschern des DIW

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