We report new evidence that speculation in energy and precious metal futures are more prevalent in crisis periods and … is strongly and often non-linearly associated with speculation across instruments …

We analyze the relation between European natural gas storage facilities and price patterns at major trading points …

that hedging effectiveness is much higher when the seasonal pattern in spot price changes is approximated with lagged … values of the basis (futures price minus spot price). This fact remain true for short (a week) and long (one, three and six … months) hedging periods. Furthermore, volatility of weekly price changes also has a seasonal pattern and is higher in winter …