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Abstract This paper examines the role of fundamentals and speculators for the price of natural gas market in Europe expressed in TTF front month index. The Granger causality test is used to investigate the relationship between variables determining supply and demand factors as well as activities of speculators expressed in futures TTF contracts held on ICE exchange, data reported by the European Securities and Markets Authority - ESMA. Existence of unidirectional granger causality was revealed running from prices of oil, temperatures towards prices of natural gas, bidirectional causality was found with prices of coal and emission allowance. No Granger causality was found between storages, PMI, positioning of speculators and natural gas price. Granger causality running from storages to speculators was identified. We concluded this indicates the market positioning of speculators is driven by fundamental factors and it is not the main factor driving the price of natural gas. Downloads Download data is not yet available. Downloads FULL TEXT Published 2023-05-17 How to Cite Obadi, S. M., & Korcek, M. (2023). Examining the Drivers of Natural Gas Price in Europe - Focus on the Role of Speculators. International Journal of Energy Economics and Policy, 13(3), 356–366. https://doi.org/10.32479/ijeep.14109 More Citation Formats ACM ACS APA ABNT Chicago Harvard IEEE MLA Turabian Vancouver Download Citation Endnote/Zotero/Mendeley (RIS) BibTeX Issue Vol. 13 No. 3 (2023) Section Articles License Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication. Most read articles by the same author(s) Saleh Mothana Obadi, Matej Korcek, Driving Fundamentals of Natural Gas Price in Europe , International Journal of Energy Economics and Policy: Vol. 10 No. 6 (2020) Saleh Mothana Obadi, Matej Korcek, Quantifying the Energy Security of Selected EU Countries , International Journal of Energy Economics and Policy: Vol. 10 No. 2 (2020) Saleh Mothana Obadi, Kristina Gardonova, How does the Production of Unconventional Resources of Energy Influence Energy Security: Empirical Approach , International Journal of Energy Economics and Policy: Vol. 9 No. 5 (2019) Saleh Mothana Obadi, Matej Korecek, The Crude Oil Price and Speculations: Investigation Using Granger Causality Test , International Journal of Energy Economics and Policy: Vol. 8 No. 3 (2018) Saleh Mothana Obadi, Matej Korcek, EU Energy Security - Multidimensional Analysis of 2005-2014 Development , International Journal of Energy Economics and Policy: Vol. 7 No. 2 (2017) Saleh Mothana Obadi, Matej Korček, Investigation of Driving Forces of Energy Consumption in EU 28 Countries , International Journal of Energy Economics and Policy: Vol. 5 No. 2 (2015) Saleh Mothana Obadi, Sona Othmanová, Mariam Abdová, What are the Causes of High Crude Oil Price? Causality Investigation , International Journal of Energy Economics and Policy: Vol. 3 (2013): Special Issue For "International Conference on Energy Economics and Policy, 16-18 May 2013, Nevsehir, Turkey" Make a Submission Make a Submission Dergi Kapağı

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