© 2017

Natural Gas: A Commercial Perspective


  • Examines the natural gas business throughout the entire value chain, focusing on economically relevant principles and market drivers

  • Provides hands-on commercial expertise on natural gas commodity, transportation capacity and storage capacity agreements, including a comprehensive description of flexibility

  • Presents general principles as well as the latest regulatory and market developments

  • Discusses trading principles and products, unbundling, fundamental changes in price structures, the basics and impact of LNG transportation and trading, and the internationalization of the natural gas market

  • Includes a wealth of real-world examples and case studies


Table of contents

  1. Front Matter
    Pages i-xvi
  2. Andrej Pustišek, Michael Karasz
    Pages 1-2
  3. Andrej Pustišek, Michael Karasz
    Pages 3-9
  4. Andrej Pustišek, Michael Karasz
    Pages 11-24
  5. Andrej Pustišek, Michael Karasz
    Pages 25-58
  6. Andrej Pustišek, Michael Karasz
    Pages 59-92
  7. Andrej Pustišek, Michael Karasz
    Pages 93-147
  8. Andrej Pustišek, Michael Karasz
    Pages 149-177
  9. Andrej Pustišek, Michael Karasz
    Pages 179-198
  10. Andrej Pustišek, Michael Karasz
    Pages 199-205
  11. Andrej Pustišek, Michael Karasz
    Pages 207-208
  12. Back Matter
    Pages 209-243

About this book


This book discusses and explains the economics of each stage of the natural gas value chain, including the economic impact of restrictions, rules and decisions that are ostensibly technical in nature, as well as commercially relevant contractual stipulations. Each chapter features several real-world examples illustrating the essential points. 

Natural gas is broadly considered the (leading) conventional source of primary energy. Complementing renewable energies’ utilization and offering a highly flexible yet relatively clean fuel, the worldwide natural gas markets are expected to grow. Despite the fact that Europe – where a degree of stagnation in natural gas consumption is being observed and is expected to continue – is not following this trend, international natural gas markets are becoming increasingly interdependent. Therefore, any analysis and discussion of natural gas markets at each level has to have an international rather than national focus.


Natural Gas Business Natural Gas Economy Natural Gas Transportation Natural Gas Storage Natural Gas Trading Natural Gas Sales Natural Gas Distribution LNG Natural Gas as Primary Energy Fuel Natural Gas Contracts

Authors and affiliations

  1. 1.Karlsruhe Institute of Technology (KIT)University of Applied Sciences Karlsruhe Institute of Technology (KIT)StuttgartGermany
  2. 2.The Energy House GmbHLeipzigGermany

About the authors

Andrej Pustišek teaches energy economics at the University of Applied Science, Stuttgart, Germany and at the University of Karlsruhe (KIT), Germany, owns a consulting companys providing services to international natural gas and energy companies, inter alia, in arbitration proceedings, and lectures international courses on natural gas. He studied Geophysics and Economy in Vienna, Cologne and Münster. He holds a Ph.D. in Geophysics and a Ph.D. in Economy. In 1990, he started in international natural gas purchasing of Wintershall, Kassel, Germany. As of 1993 he headed different departments of WINGAS, Kassel, Germany (a Gazprom and BASF joint venture). From 2002 to 2012, he worked for E.ON Ruhrgas, Essen, Germany; first as Senior Vice President International Natural Gas Sales and from 2008 as Senior Vice President Portfolio Management.

Michael Karasz is managing director of THE ENERGY HOUSE GmbH a company he founded in 2011. He holds master degrees in Geology and Business Administration from the University of Cologne, Germany. His long-lasting involvement in the natural gas business started in the early 90’s at WINGAS, Kassel, Germany (a Gazprom and BASF joint venture). As of 1998 he held different senior management positions (inter alia, natural gas purchasing and portfolio management) both, in Germany and Central & Eastern Europe with E.ON, EEX, RWE, and Bayerngas. In these positions he successfully negotiated and concluded complex long-term purchase, transportation, storage, and sales agreements. He has extensive expertise in preparing and successfully executing international arbitration proceedings.

Bibliographic information

Industry Sectors
Oil, Gas & Geosciences