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Assessing the Degree of Spot Market Integration for U.S. Natural Gas: Evidence from Daily Price Data

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Author Info

  • John Cuddington

    ()

  • Zhongmin Wang

    ()

Abstract

This paper assesses the degree of market integration in the U.S. natural gas market following the FERC’s ‘open access’ reforms. Daily spot prices at 76 market locations from 1993 to 1997 are used to examine the geographic extent of the market and the speed with which market forces move prices toward equilibrium in the face of ongoing price shocks. The empirical results suggest that the East and Central regions form a highly integrated market, but that this market is quite segmented from the more loosely integrated Western market. Copyright Springer Science+Business Media, Inc. 2006

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File URL: http://hdl.handle.net/10.1007/s11149-006-6035-2
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Bibliographic Info

Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 29 (2006)
Issue (Month): 2 (03)
Pages: 195-210

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Handle: RePEc:kap:regeco:v:29:y:2006:i:2:p:195-210

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Web page: http://www.springerlink.com/link.asp?id=100298

Related research

Keywords: Natural gas market; Market integration; Law of one price; L95; Q48;

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Cited by:
  1. Growitsch, Christian & Stronzik, Marcus & Nepal, Rabindra, 2012. "Price convergence and information efficiency in German natural gas markets," EWI Working Papers 2012-5, Energiewirtschaftliches Institut an der Universitaet zu Koeln.
  2. Mulder, M. & Kuper, G.H., 2013. "Cross-border constraints,institutional changes and integration of the Dutch – German gas market," Research Report 13004-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  3. Kuper, Gerard & Mulder, Machiel, 2013. "Cross-border infrastructure constraints, regulatory measures and economic integration of the Dutch - German gas market," Research Report 13001-EEF, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
  4. Holmes, Mark J. & Otero, Jesús & Panagiotidis, Theodore, 2013. "On the dynamics of gasoline market integration in the United States: Evidence from a pair-wise approach," Energy Economics, Elsevier, vol. 36(C), pages 503-510.
  5. Arano, Kathleen & Velikova, Marieta, 2010. "Estimating the long-run equilibrium relationship: The case of city-gate and residential natural gas prices," Energy Economics, Elsevier, vol. 32(4), pages 901-907, July.
  6. Nepal, R. & Jamasb, T., 2011. "Market Integration, Efficiency, and Interconnectors: The Irish Single Electricity Market," Cambridge Working Papers in Economics 1144, Faculty of Economics, University of Cambridge.
  7. Hervé OTT, 2012. "Fertilizer markets and its interplay with commodity and food prices," JRC-IPTS Working Papers JRC73043, Institute for Prospective and Technological Studies, Joint Research Centre.
  8. Rajcaniova, Miroslava & Drabik, Dusan & Ciaian, Pavel, 2013. "How policies affect international biofuel price linkages," Energy Policy, Elsevier, vol. 59(C), pages 857-865.
  9. Mohammadi, Hassan, 2011. "Market integration and price transmission in the U.S. natural gas market: From the wellhead to end use markets," Energy Economics, Elsevier, vol. 33(2), pages 227-235, March.

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