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The Supply of Storage for Natural Gas in California

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  • Rocío Uría
  • Jeffrey Williams

Abstract

Do natural gas storage decisions in distant California respond to NYMEX futures price spreads? Daily data about flows into and out of storage facilities in California over 2002-2006 and daily spreads on NYMEX are used to investigate whether the net injection profile is consistent with the supply-of-storage curve first observed by Working for wheat. Storage decisions in California do seem to be influenced by a price signal that combines the intertemporal spread and the locational basis between California and the Henry Hub, in addition to strong seasonal and weekly cycles that determine net injections to a considerable extent. The timing and magnitude of the price response differ across storage facilities. Regulatory requirements and operational constraints also limit the response to short-lived arbitrage opportunities.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume 28 (2007)
Issue (Month): Number 3 ()
Pages: 31-50

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Handle: RePEc:aen:journl:2007v28-03-a03

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Cited by:
  1. Chaton, Corinne & Creti, Anna & Villeneuve, Bertrand, 2008. "Some Economics of Seasonal Gas Storage," MPRA Paper 11984, University Library of Munich, Germany.
  2. CHATON Corinne & CRETI Anna & VILLENEUVE Bertrand, 2006. "The Economics of Seasonal Gas Storage," LERNA Working Papers 06.01.194, LERNA, University of Toulouse.

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