US natural gas markets

Herbert, John H.; Kreil, Erik

doi:10.1016/0301-4215(95)00145-x

Cited by 18 publications

(2 citation statements)

References 7 publications

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“…Commodity EMH Result Roll (1972) [38] Commodity price index Inefficient Danthine (1977) [39] Commodity price index Disputes inefficiency Gjoberg (1985) [40] Oil spot prices Inefficient Panas (1991) [41] Oil spot prices Inefficient Herbert and Kreil (1996) [42] Natural gas spot and future Inefficient Tabak and Cajueiro (2007) [43] Brent and WTI crude oil Becoming more efficient over time Alvarez-Ramirez et al (2010) [44] Crude oil Inefficient Wang and Liu (2010) [45] WTI crude oil Becomes more efficient over time Wang et al (2011) [46] WTI [57] Daily WTI prices Efficient…”

Section: Referencementioning

confidence: 99%

Testing the Efficiency of Electricity Markets Using a New Composite Measure Based on Nonlinear TS Tools

et al. 2019

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In this paper we examine and compare the efficiency of four European electricity markets (NordPool, Italian, Spanish and Greek) of different microstructure and level of maturity, by testing the weak form of the Efficient Market Hypothesis (EMH). To quantify the level of efficiency deviation of each market from the ‘ideal’ or ‘benchmark market of random walk’, we have constructed a Composite Electricity Market Efficiency Index (EMEI), inspired by similar works on other energy commodities. The proposed index consists of linear and nonlinear components each one measuring a different feature or dimension of the market efficiency such as its complexity, fractality, entropy, long-term memory or correlation, all connected to the associated benchmark values of the Random Walk Process (RWP). The key findings are that overall, all examined electricity markets are inefficient in respect to the weak form of EMH and the less inefficient market, as measured by the EMEI is the NordPool, closely followed by the Spanish market, with the Italian being the third. The most inefficient market is the Greek one. These results are in accordance with the predominant view about the maturity of these markets. This study contributes significantly on improving the research framework in developing consistent and robust tools for efficiency measurement, while the proposed index can be a valuable tool in designing improved guidelines towards enhancing the efficiency of electricity markets.

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Section: Referencementioning

confidence: 99%

Testing the Efficiency of Electricity Markets Using a New Composite Measure Based on Nonlinear TS Tools

et al. 2019

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“…In both Canada and the United States, natural gas prices from the wellhead to the wholesale level have been deregulated for at least a decade. In the United States, several decades were needed for the process of deregulating wellhead prices, implementing third-party access for gas pipeline facilities, and establishing the hubs where prices reflect market conditions efficiently (Herbert and Kreil, 1996).…”

Section: Price Formation In Global Marketsmentioning

confidence: 99%

Role of stranded gas in increasing global gas supplies

Attanasi¹,

Freeman²

2013

Open-File Report

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For more information on the USGS-the Federal source for science about the Earth, its natural and living resources, natural hazards, and the environment, visit http://www.usgs.gov or call 1-888-ASK-USGS.For an overview of USGS information products, including maps, imagery, and publications, visit http://www.usgs.gov/pubprodTo order this and other USGS information products, visit http://store.usgs.gov Any use of trade, firm, or product names is for descriptive purposes only and does not imply endorsement by the U.S. Government.Although this information product, for the most part, is in the public domain, it also may contain copyrighted materials as noted in the text. Permission to reproduce copyrighted items must be secured from the copyright owner. AbstractThis report synthesizes the findings of three regional studies in order to evaluate, at the global scale, the contribution that stranded gas resources can make to global natural gas supplies. Stranded gas, as defined for this study, is natural gas in discovered conventional gas and oil fields that is currently not commercially producible for either physical or economic reasons. The regional studies evaluated the cost of bringing the large volumes of undeveloped gas in stranded gas fields to selected markets. In particular, stranded gas fields of selected Atlantic Basin countries, north Africa, Russia, and central Asia are screened to determine whether the volumes are sufficient to meet Europe's increasing demand for gas imports. Stranded gas fields in Russia, central Asia, Southeast Asia, and Australia are also screened to estimate development, production, and transport costs and corresponding gas volumes that could be supplied to Asian markets in China, India, Japan, and South Korea.The data and cost analysis presented here suggest that for the European market and the markets examined in Asia, the development of stranded gas provides a way to meet projected gas import demands for the 2020-to-2040 period. Although this is a reconnaissance-type appraisal, it is based on volumes of gas that are associated with individual identified fields. Individual field data were carefully examined. Some fields were not evaluated because current technology was insufficient or it appeared the gas was likely to be held off the export market. Most of the evaluated stranded gas can be produced and delivered to markets at costs comparable to historical prices. Moreover, the associated volumes of gas are sufficient to provide an interim supply while additional technologies are developed to unlock gas diffused in shale and hydrates or while countries transition to making a greater use of renewable energy sources.

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