Serletis, Apostolos; Shahmoradi, Asghar - In: OPEC Energy Review 30 (2006) 1, pp. 19-26
This paper tests the theory of storage in North American natural gas markets, using the Fama and French (1988) indirect test. In particular, we test the theory's prediction that when inventory is high, large inventory responses to shocks imply roughly equal changes in spot and futures prices,...