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Author : Michał Rubaszek
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Have European Natural Gas Prices Decoupled from Crude Oil Prices? written by Michał Rubaszek and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Reinout De Bock
Publisher : International Monetary Fund
ISBN 13 : 1455266442
Total Pages : 23 pages
Book Rating : 4.4/5 (552 download)
Download or read book Will Natural Gas Prices Decouple From Oil Prices Across the Pond? written by Mr.Reinout De Bock and published by International Monetary Fund. This book was released on 2011-06-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that US natural gas prices have decoupled from oil prices following substantial institutional and technological changes. We then examine how this interrelationship has evolved in Europe using data for Algeria, one of Europe’s key gas suppliers. Taking into account total gas exports and cyclical conditions in partner countries, we find that gas prices remain linked to oil prices, though the nexus has loosened. Both high oil prices and a modest industrial recovery in partner countries have kept gas exports at low levels in recent years, suggesting changing market forces. The paper then shows how such shifts can have important macroeconomic implications for a big gas exporter such as Algeria.
Author : Reinout De Bock
Publisher :
ISBN 13 :
Total Pages : 22 pages
Book Rating : 4.:/5 (13 download)
Download or read book Will Natural Gas Prices Decouple from Oil Prices Across the Pond? written by Reinout De Bock and published by . This book was released on 2015 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that US natural gas prices have decoupled from oil prices following substantial institutional and technological changes. We then examine how this interrelationship has evolved in Europe using data for Algeria, one of Europe's key gas suppliers. Taking into account total gas exports and cyclical conditions in partner countries, we find that gas prices remain linked to oil prices, though the nexus has loosened. Both high oil prices and a modest industrial recovery in partner countries have kept gas exports at low levels in recent years, suggesting changing market forces. The paper then shows how such shifts can have important macroeconomic implications for a big gas exporter such as Algeria.
Author : Saleh Mothana Obadi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.8/5 (911 download)
Download or read book The Development of Crude Oil and Natural Gas Prices and the Energy Security of the European Union written by Saleh Mothana Obadi and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this book, the researchers focused on the accurate analysis of the developments, events, and turns that each of the oil and gas markets have gone through since the beginning of the seventies of the twentieth century. They took advantage of their long experience as economists to independently analyze the factors driving oil and gas prices and the role of the main players in these two markets in influencing supply and demand based on quantitative and qualitative analysis, using time series analysis and mathematical models to obtain independent scientific results. It is clear the factor of geopolitical events had an active and prominent role in all the time stages under consideration in the movement of oil and gas prices in the global markets. Naturally, geopolitical events affected prices in an indirect way more than directly, and that is on the supply factor, which in turn mostly affected the rise in oil and gas prices. There are many examples of this, including the two oil price crises in the seventies of the twentieth century and the natural gas supply crises of 2009, 2014, and the military conflict in Ukraine"--
Author : Sergei Komlev
Publisher : Anthem Press
ISBN 13 : 178527340X
Total Pages : 167 pages
Book Rating : 4.7/5 (852 download)
Download or read book Foundations of Natural Gas Price Formation written by Sergei Komlev and published by Anthem Press. This book was released on 2020-09-25 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: ‘Foundations of Natural Gas Price Formation’ examines the fundamentals of natural gas price formation and the five principal features that make it unique in the world of commodities. It presents a model of hybrid gas pricing developed by Sergei Komlev from his detailed analysis of the interlinked impact of these features that is presented as a corrective to potential market failure. Using mainstream economic theory, the book presents hybrid-pricing mechanisms not previously analyzed. Through a failure to understand the role of hybrid-pricing, boosters of spot pricing mechanisms through gas hubs are promoting an incorrect understanding of gas markets that will lead to market failure and to potential critical supply shortages in the near-term future. ‘Foundations of Natural Gas Price Formation’ defends the system of oil-indexed pricing as an accurate, market-based mechanism that has stood the test of time.
Author : Jean-Michel Glachant
Publisher : Edward Elgar Publishing
ISBN 13 : 1782540644
Total Pages : 293 pages
Book Rating : 4.7/5 (825 download)
Download or read book Building Competitive Gas Markets in the EU written by Jean-Michel Glachant and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This highly unique book focuses on market design issues common to most EU gas markets, particularly in the context of closer integration. It explores in detail the characteristics and requirements of national gas markets in Europe, which are constructed as virtual hubs based on entry/exit schemes as a requirement of European law. The expert contributors analyse gas supply and demand patterns in the EU, showing that both have changed following the introduction of liquefied natural gas on the supply side and the growth of gas-fired power plants on the demand side. The repeated interactions between the transmission operators activity and the gas commodity markets are addressed, as is the design of commercial networks in EU markets. The contributors also question whether the relationship between commercial and physical networks, in terms of the new flexibility requirements of users, actually works. By way of conclusion, two proposals for the EU gas target model are presented, both of which tackle the fundamental issues raised in this book, as well as the organization of short-term transactions and the mechanisms for investment in vital new long-life infrastructure needed to integrate EU markets. This volume will be of great interest to practitioners, as well as academics, researchers and students in the fields of energy economics and industrial economics. Both European and non-European energy companies and regulatory authorities looking for an independent and analytical overview of European gas markets will also find this book to be a highly valuable resource.
Author : Thomas F. Enger
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (318 download)
Download or read book The World Market for Natural Gas written by Thomas F. Enger and published by . This book was released on 1993 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frank Asche
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (13 download)
Download or read book Modeling UK Natural Gas Prices When Gas Prices Periodically Decouple from the Oil Price written by Frank Asche and published by . This book was released on 2015 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences about cointegration relationships, price adjustments and relative values. We propose the use of regime-switching models to address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas-specific (decoupled). We find that UK natural gas (ICE) and oil (Brent) are cointegrated for the majority of the sample considered (1997-2014). Gas prices tend to decouple during fall and early winter, when they increase relative to oil consistent with heating demand for natural gas creating gas-specific pricing. Using the model to infer relative values when evidence favors integrated markets, we find that the industry 10-1 rule-of-thumb holds, meaning that the value of one barrel of oil is 10 times the value of one MMbtu of natural gas.
Author : Anthony J. Melling
Publisher :
ISBN 13 :
Total Pages : 135 pages
Book Rating : 4.:/5 (67 download)
Download or read book Natural Gas Pricing and Its Future written by Anthony J. Melling and published by . This book was released on 2010 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consumption of natural gas is growing rapidly and now accounts for nearly one-quarter of the world's energy supply. While natural gas is relatively clean compared to crude oil and coal, its ability to assume a greater role in meeting the world's growing energy demands will depend largely on price. In this report, the author analyzes the two competing price mechanisms for natural gas: the dominant practice of linking gas prices to oil prices and a second model based on competitive market prices. Although Europe-- which uses both mechanisms-- is now the battleground in the natural gas pricing war, its effects will likely be felt worldwide.
Author : Christoph Halser
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (139 download)
Download or read book Oil-Gas Price Relationships on Three Continents written by Christoph Halser and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we revisit traditional gas pricing formulas and show the ever-changing relationships between natural gas and oil prices in Europe, the United States, and Japan between 2009 and 2021. The results suggest a stronger oil-gas link for all investigated markets after 2019, significantly impacted by fundamental supply and demand factors. However, the strength of the equilibria link differs across markets due to different price formation processes under the impact of the COVID-19 pandemic and the Ukraine war. For Japanese LNG prices, our results imply an enduring impact of oil-price indexation with a tight link to monthly crude prices. TTF and monthly oil prices enter a temporary equilibrium in times of high market volatility, whereby the long-term equilibrium dissipates. Despite the absence of oil indexation in the North American market, we find evidence of re-coupling of oil and gas prices given the demand shock of the COVID-19 pandemic. These findings are relevant to policy makers to assess market inefficiencies caused by the European gas crisis.
Author : Mr. Anil Ari
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.4/5 (2 download)
Download or read book Surging Energy Prices in Europe in the Aftermath of the War: How to Support the Vulnerable and Speed Up the Transition Away from Fossil Fuels written by Mr. Anil Ari and published by International Monetary Fund. This book was released on 2022-07-29 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls. Going forward, the policy emphasis should shift rapidly towards allowing price signals to operate more freely and providing income relief to the vulnerable. The surge in energy prices will encourage energy conservation and investments in renewable energy, but the manyfold rise in natural gas prices could lead to a persistent switch towards coal. To ensure steady progress towards carbon emissions reduction goals, authorities could use the opportunity to strengthen carbon pricing when global fossil fuel prices decline in the future. Non-price incentives for investments in energy efficiency and renewable energy should also be enhanced, as envisaged in the RePowerEU plan.
Author : David John Ramberg
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (798 download)
Download or read book The Weak Tie Between Natural Gas and Oil Prices written by David John Ramberg and published by . This book was released on 2012 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Several recent studies establish that crude oil and natural gas prices are cointegrated. Yet at times in the past, and very powerfully in the last two years, many voices have noted that the two price series appear to have "decoupled". We explore the apparent contradiction between these two views. We find that recognition of the statistical fact of cointegration needs to be tempered with two additional points. First, there is an enormous amount of unexplained volatility in natural gas prices at short horizons. Hence, any simple formulaic relationship between the prices will leave a large portion of the natural gas price unexplained. Second, the cointegrating relationship does not appear to be stable through time. The prices may be tied, but the relationship can shift dramatically over time. Therefore, although the two price series may be cointegrated, the confidence intervals for both short and long time horizons are large. Keywords: Oil price, Natural gas price, Cointegration.
Author : Jiang-Bo Geng
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)
Download or read book The Behaviour Mechanism Analysis of Regional Natural Gas Prices written by Jiang-Bo Geng and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the behaviour mechanisms of natural gas prices in North American, Asian and European markets from a multi-scale perspective using the Ensemble Empirical Mode Decomposition and the cross-correlation method. The analytical framework directly measures contributions of the multi-scale components to natural gas price fluctuations and further investigates the dynamic relationships between influential factors (such as crude oil prices, weather and natural gas inventories) and each of multi-scale components of regional natural gas prices. The results show: (1) Emergency events and the short-term disequilibrium between market supply and demand have significant impacts on natural gas prices in North America, while in Japan and Europe, trend terms play a leading role in natural gas price fluctuations.(2) Unlike other markets, the North American natural gas market and the international crude oil market have significant interaction mechanisms. Temperature changes in the winter, rather than in the summer, can cause Henry Hub spot prices to fluctuate. (3) Oil prices play the leading role in affecting Asian and European natural gas prices, having advance effects of one to three months and one to six months, respectively.
Author : Robert Mabro
Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.3/5 (555 download)
Download or read book Gas to Europe written by Robert Mabro and published by . This book was released on 1999 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the strategies of four major national companies, Gazprom, Sonatrach, Statoil, and Gasunie, that supply the expanding European gas market. The strategies of these giant corporations are examined in the relevant historical perspective. The analysis concludes by considering future developments of the market and of the supply policies of these main players.
Author : George M. Romagus
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (954 download)
Download or read book Convergence and Divergence of Crude Oil and Natural Gas Prices written by George M. Romagus and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigates the possibility that WTI crude oil and Henry Hub natural gas prices share a stable link. Economic theory suggests that the two commodities are linked by both supply and demand given that the commodities can be coproduced and many consumers have the ability to switch between the fuels. In general, it would appear that the two commodities support this theory with natural gas prices tracking crude oil prices fairly well until late 2008. However, since the end of 2008 the two price series have diverged and appear to move independently of each other. Reduced fuel switching capabilities in U.S. industry and electric power generation coupled with increased technology and production from shale formations have potentially changed the driving force behind natural gas prices. However, a severe recession has impacted world economies over the same time period making the cause of the disparity between crude oil and natural gas prices unclear. Therefore, this research analyzed the possible long-term link between the two commodities over two timeframes. Using an error correction model that includes exogenous factors affecting the short-run dynamics of natural gas prices over the period January 1999 through September 2008, I find evidence of a long-run cointegrating relationship between natural gas and crude oil prices. Additionally, crude oil prices are found to be weakly exogenous to the system, suggesting causality runs from crude oil to natural gas prices. Extending this series through February 2012 yields much weaker evidence of a cointegrating relationship and provides evidence for the decoupling crude oil and natural gas prices.
Author : DeAnne Julius
Publisher : Oxford University Press, USA
ISBN 13 :
Total Pages : 200 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Economics of Natural Gas written by DeAnne Julius and published by Oxford University Press, USA. This book was released on 1990 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural gas resembles oil in fulfilling a wide variety of uses as both a source of energy and a feedstock, but the proportion of world production that is traded internationally is very much lower, and insufficient for a world price of gas to be established. This book addresses the issues of how the economic price of gas is determined. These are illustrated with estimates of the costs of exploration and production of gas, and of the benefits to be derived from its use in various economic sectors for a number of Third World countries.
Author : Javier Estrada
Publisher : Burns & Oates
ISBN 13 :
Total Pages : 312 pages
Book Rating : 4.F/5 ( download)
Download or read book Natural Gas in Europe written by Javier Estrada and published by Burns & Oates. This book was released on 1988 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt:
