International Natural Gas Market Integration
We explore the relationships among the North American, European and Asian natural gas markets for evidence of convergence and integration for the January 1997 through May 2011 period. The analyses are conducted under a multivariate framework, so the dynamics among the prices can be captured without...
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| Veröffentlicht in: | The Energy journal (Cambridge, Mass.) Mass.), 2014-10, Vol.35 (4), p.159-179 |
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| container_end_page | 179 |
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| container_title | The Energy journal (Cambridge, Mass.) |
| container_volume | 35 |
| creator | Li, Raymond Joyeux, Roselyne Ripple, Ronald D. |
| description | We explore the relationships among the North American, European and Asian natural gas markets for evidence of convergence and integration for the January 1997 through May 2011 period. The analyses are conducted under a multivariate framework, so the dynamics among the prices can be captured without the necessity of identifying an anchor price series. We find evidence of convergence among the Japanese, Korean, Taiwanese and UK prices. The North American price displays behaviour that is distinct from this group of prices. We conclude that there is not a fully integrated international natural gas market. The integration between European (represented by NBP) and Asian geographic regions appears to be due primarily to underlying contractual mechanisms specifically linking natural gas prices to oil prices rather than the result of market supply and demand interactions. We also find that the relationship among the Asian markets has evolved with Japanese prices adjusting to changes in South Korean and Taiwanese prices. |
| doi_str_mv | 10.5547/01956574.35.4.7 |
| format | Article |
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We also find that the relationship among the Asian markets has evolved with Japanese prices adjusting to changes in South Korean and Taiwanese prices.</description><subject>Anchors</subject><subject>Convergence</subject><subject>Convergence tests</subject><subject>Displays (Marketing)</subject><subject>Henry hub</subject><subject>Integration</subject><subject>Liquefied natural gas</subject><subject>Market prices</subject><subject>Markets</subject><subject>Natural gas</subject><subject>Natural gas demand</subject><subject>Natural gas industry</subject><subject>Natural gas pipelines</subject><subject>Natural gas prices</subject><subject>Oil prices</subject><subject>Pricing</subject><subject>Series convergence</subject><subject>Shales</subject><subject>Supply & demand</subject><issn>0195-6574</issn><issn>1944-9089</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2014</creationdate><recordtype>article</recordtype><sourceid>N95</sourceid><sourceid>8G5</sourceid><sourceid>BENPR</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNp1kcFOwzAMhiMEEmNw5oQ0ievapU3SNMdpgjFpwAXOUdompaNrR5weeHtSBmyTRizFUvz5d2wjdB3hkDHKJzgSLGGchoSFNOQnaBAJSgOBU3GKBn006MPn6AJghf2hPB2g8aJx2jbKVW2j6tGTcp31fq5g9Kjsu3ajHijtN3CJzoyqQV_9-CF6vb97mT0Ey-f5YjZdBjkj1AXEcJrGimdGK8IF0REtsqwoiiQxmJFCEGGyhCvGCU6EygmO0szESW4KkhIRkyG63epubPvRaXBy1Xb-kzXIOGaC0ZhEyY4qVa1l1ZjWWZWvK8jltJf246DcU8ERqtSN9n22jTaVfz7gwyO8t0Kvq_xowngvIeugajT4C6ryzUGpOoBDfLLFc9sCWG3kxlZrZT9lhGW_SPm7SEmYpHKvAKhS7ybxP36zxVfgWvunHtNEMEwi8gUFqaOP</recordid><startdate>20141001</startdate><enddate>20141001</enddate><creator>Li, Raymond</creator><creator>Joyeux, Roselyne</creator><creator>Ripple, Ronald D.</creator><general>Energy Economics Education Foundation</general><general>SAGE Publications</general><general>International Association for Energy Economics</general><general>Sage Publications Ltd. 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| identifier | ISSN: 0195-6574 |
| ispartof | The Energy journal (Cambridge, Mass.), 2014-10, Vol.35 (4), p.159-179 |
| issn | 0195-6574 1944-9089 |
| language | eng |
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| source | Jstor Complete Legacy; SAGE Complete; Business Source Complete |
| subjects | Anchors Convergence Convergence tests Displays (Marketing) Henry hub Integration Liquefied natural gas Market prices Markets Natural gas Natural gas demand Natural gas industry Natural gas pipelines Natural gas prices Oil prices Pricing Series convergence Shales Supply & demand |
| title | International Natural Gas Market Integration |
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