Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27344
Authors: 
Stronzik, Marcus
Rammerstorfer, Margarethe
Neumann, Anne
Year of Publication: 
2008
Series/Report no.: 
DIW Discussion Papers 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

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