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This paper is the first to discuss the design of futures hedging strategies in European natural gas markets (NBP, TTF and Zeebrugge). A common feature of energy prices is that conditional mean and volatility are driven by seasonal trends due to weather, demand, and storage level seasonalities....
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In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low...
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Gazprom, the dominant gas company in Russia, is widely believed to be the key supplier of gas to Europe in the … prices and sufficient production capacities are vital to maintain Gazpromś market share in Europe over the next decade. At … spot trades in Europe may encourage Gazprom to exercise market power in its export markets. …
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