| Autor: |
Mihály Ormos, Péter Erdős |
| Jazyk: |
angličtina |
| Rok vydání: |
2012 |
| Předmět: |
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| Zdroj: |
Energies, Vol 5, Iss 10, Pp 4040-4056 (2012) |
| Druh dokumentu: |
article |
| ISSN: |
1996-1073 |
| DOI: |
10.3390/en5104040 |
| Popis: |
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. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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