期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2008
卷号：2008
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：We analyze the relation between European natural gas storage facilities and
price patterns at major trading points, considering the theory of storage to
derive a testable hypothesis imposed by the non-arbitrage condition. To model
the efficiency of the natural gas market, we apply two indirect tests absent the
scarcity of European inventory data. We find that operators of storage
facilities realize seasonal arbitrage profits, and that market performance
overall is substantially distinct from the competitive benchmark.
关键词：Storage, energy commodity, natural gas, convenience yield
