The relationship between spot and contract gas prices in Europe |
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| Affiliation: | 1. Department for Industrial Economics/University of Stavanger, Norway;2. University of Stavanger Business School, Norway;1. Department of Economics and Statistics, University of Udine, Via Tomadini 30/A, 33100 Udine, Italy;2. Department of Economics and Statistics “Cognetti de Martiis”, University of Turin, Lungo Dora Siena 100A, 10124 Torino, Italy;3. Department of Economic Policy, Università Cattolica del Sacro Cuore, Largo Gemelli 1, Milan, Italy;1. Department of Banking and Finance, Monash University, Caulfield Campus, PO Box 197, Caulfield East, VIC 3145, Australia;2. Cameron School of Business, University of North Carolina—Wilmington, Wilmington, NC, USA;3. School of Business and Institute for International Integration Studies (IIIS), The Sutherland Centre, Level 6, Arts Building, Trinity College, Dublin 2, Ireland |
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| Abstract: | Following deregulations in the European gas market, spot trading of natural gas has been established in the UK, Belgium and the Netherlands, while long-term contracts remain the dominant pricing process in continental Europe. In this paper we investigate the degree of market integration between the three spot markets, the contract gas price in Germany and the oil price. The results indicate a highly integrated market, and there is no evidence of an independent price determination process for natural gas. |
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