Natural Gas Prices on Three Continents

Energies

Péter Erdős¹ 

[1] Swiss Institute of Banking and Finance, University of St. Gallen; Rosenbergstrasse 52, 9000 St. Gallen, Switzerland; E-Mail:

关键词: natural gas;    crude oil;    thermal parity;   

DOI  :  10.3390/en5104040

来源: mdpi

【 摘 要 】

We investigate the pricing formation of natural gas markets on three different continents (Europe, Asia and North America). We find that natural gas markets showed a strong relationship with the crude oil market between 1992 and 2001 and natural gas prices tended to thermal parity with crude oil prices. From 2002 natural gas markets exhibited a less pronounced relationship with the crude oil market and major natural gas markets were severely underpriced compared to crude oil. A globally integrated natural gas market, comparable to the global oil market, has not evolved. The main natural gas markets, however, exhibit some level of integration, especially over a longer time. The European market exhibits the strongest levels of integration, while the North American market exhibits the weakest.

【 授权许可】

CC BY   
© 2012 by the authors; licensee MDPI, Basel, Switzerland.