Previous Issue
Volume 6, June
 
 

Gases, Volume 6, Issue 3 (September 2026) – 1 article

  • Issues are regarded as officially published after their release is announced to the table of contents alert mailing list.
  • You may sign up for e-mail alerts to receive table of contents of newly released issues.
  • PDF is the official format for papers published in both, html and pdf forms. To view the papers in pdf format, click on the "PDF Full-text" link, and use the free Adobe Reader to open them.
Order results
Result details
Section
Select all
Export citation of selected articles as:
22 pages, 4745 KB  
Article
Fragmentation and Vulnerability in the Global Natural Gas Market for a Sample of 59 Countries: A Combined Approach of Econometric Modeling and Hierarchical Clustering
by Ana Lorena Jiménez-Preciado, Francisco Venegas-Martínez and Luis Enrique García-Pérez
Gases 2026, 6(3), 30; https://doi.org/10.3390/gases6030030 (registering DOI) - 23 Jun 2026
Abstract
This article aims to examine how the natural gas market evolved following the price shocks observed between 2020 and 2024, paying particular attention to market integration and the persistence of these shocks. The proposed analysis uses daily price data for the Title Transfer [...] Read more.
This article aims to examine how the natural gas market evolved following the price shocks observed between 2020 and 2024, paying particular attention to market integration and the persistence of these shocks. The proposed analysis uses daily price data for the Title Transfer Facility (TTF), the main European benchmark traded on the Intercontinental Exchange and quoted in EUR/MWh, as well as Henry Hub (HH), the United States benchmark. These series are combined with a country panel on natural gas production, consumption, and gross domestic product for 59 economies, subject to data availability. The cointegration results show that TTF and HH prices moved together in 2019, but this relationship broke down in 2020 and did not return to its previous pattern in the following years. Granger causality tests point to a one-directional transmission from Henry Hub to Europe. Moreover, GARCH estimates indicate that TTF reacts almost twice as strongly to daily shocks as HH, while volatility remains persistent in both markets. Fixed-effects estimates place the TTF price elasticity of import spending close to 0.5, providing evidence consistent with a causal link between higher natural gas prices and higher domestic energy expenditure. Finally, the clustering analysis complements the econometric modeling by identifying four groups of countries defined by gas import dependency and gas intensity. This classification also offers implications for the global natural gas market since it points to the need for cluster-specific policy approaches rather than a single solution applied to every country. Full article
(This article belongs to the Section Natural Gas)
Show Figures

Graphical abstract

Previous Issue
Back to TopTop