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KÖMÜR VE PETROL FİYATLARININ DOĞAL GAZ FİYAT OYNAKLIĞINA AKTARIMININ ANALİZİ

Yıl 2022, Cilt: 9 Sayı: 20, 223 - 243, 30.12.2022

Göktuğ Şahin

Öz

Bu çalışma, enerji emtia fiyatlarının karşılıklı bağımlılığının hesaba katılması ile farklı piyasalardaki doğal gaz ile ikame enerji ürünleri arasındaki fiyat oynaklığı aktarımının nedenlerini incelemeyi amaçlamaktadır. Ayrıca, akademik yazın, enerji piyasası aktörleri, uluslararası ticaret tarafları ve politika yapıcılar açısından enerji piyasalarındaki fiyat oynaklığı ve fiyat oynaklığının aktarımının anlaşılmasına katkıda bulunabilmek adına güncel doğal gaz, petrol ve kömür fiyatı verilerinden oluşan sisteme DCC-GARCH modeli uygulanarak ampirik bulgular sunulması amaçlanmıştır. Petrol ve kömürün doğal gaz ile yakın ikâmeler olması sebebiyle ilgili enerji emtialarının fiyatlarında meydana gelen değişimler, doğal gaz fiyatlarını ve oynaklığını etkilemektedir. Bu nedenle çalışmada, National Balancing Point, Henry Hub, Title Transfer Facility, Zeebrugge Hub ve Japan Korean Marker doğal gaz fiyatları içsel fiyat değişkenleri iken Brent Petrol, West Texas Intermediate Petrol ve Newcastle Coal Kömür fiyatları dışsal değişkenler olarak belirlenmiştir. Gerçekleştirilen ampirik analize göre, ikâme olarak kömür fiyatlarının doğal gaz fiyatlarındaki oynaklık açısından daha etkili olduğu ve kömür fiyatları yükseldikçe doğal gaz fiyatlarındaki oynaklığın da arttığı tespit edilmiştir. Ayrıca, ilgili bulguların diğer dışsal değişkenler olan petrol emtialarının fiyatları ile de uyumlu olduğu gözlemlenirken, doğal gazın esas olarak kömür ile yakın ikâme olması sebebiyle bu ilişkinin kömürde daha etkili olduğu sonucuna varılmıştır. Bu durum, doğal gaz piyasalarındaki fiyatlama ve oynaklığa ilişkin fiyat dalgalanmaları açısından bir bakış açısı kaynağı oluşturmaktadır.

Anahtar Kelimeler

Enerji Ekonomisi DCC-GARCH Modeli Doğal Gaz İkâme Enerji Emtiaları Fiyat Oynaklığı

Kaynakça

  • Asche, F., Oglend, A., Osmundsen, P. (2017). Modeling UK natural gas prices when gas prices periodically decouple from the oil price. The Energy Journal, 38(2), pp. 131-148. https://www.jstor.org/stable/44203660
  • Atil, A., Lahiani, A., Nguyen, D. K. (2014). Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices. Energy Policy, 65, pp. 567-573. https://doi.org/10.1016/j.enpol.2013.09.064
  • Basher, S. A. and Sadorsky, P. (2016). Hedging emerging market stock prices with oil, gold, VIX, and bonds: A comparison between DCC, ADCC and GO-GARCH. Energy Economics, 54, pp. 235-247. https://doi.org/10.1016/j.eneco.2015.11.022
  • Batten, J. A., Ciner, C., Lucey, B. M. (2017). The dynamic linkages between crude oil and natural gas markets. Energy Economics, 62, pp. 155-170. https://doi.org/10.1016/j.eneco.2016.10.019
  • Behmiri, N. B., Manera, M., Nicolini, M. (2019). Understanding dynamic conditional correlations between oil, natural gas and non-energy commodity futures markets. The Energy Journal, 40(2), pp. 55-76. https://doi.org/10.5547/01956574.40.2.nbeh
  • Bollerslev, T. (1990). Modeling the coherence in short run nominal exchange rates: A Multivariate Generalized ARCH Model. Review of Economics and Statistics, 72(3), pp. 498-505. https://doi.org/10.2307/2109358
  • Bollerslev, T. (1986). Generalized Autoregressive Conditional Heteroskedasticity. Journal of Econometrics, Vol.31, pp. 307-327. https://doi.org/10.1016/0304-4076(86)90063-1
  • Brigida M. (2014). The switching relationship between natural gas and crude oil prices. Energy Economics, 43, pp. 48-55. https://doi.org/10.1016/j.eneco.2014.01.014
  • Brown, S. P. and Yücel, M. K. (2008). What drives natural gas prices?. Energy Journal, 29(2), pp. 45-60. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol29-No2-3
  • Caporin, M. and Fontini, F. (2017). The long-run oil–natural gas price relationship and the shale gas revolution. Energy Economics, 64, pp. 511-519. https://doi.org/10.1016/j.eneco.2016.07.024
  • Creti, A., Joëts, M., Mignon, V. (2013). On the links between stock and commodity markets' volatility. Energy Economics, 37, pp. 16-28. https://doi.org/10.1016/j.eneco.2013.01.005
  • Egenhofer, C., Chevalier, J. M., Labory, S. (1998). The development of competition in European Gas Markets. Working Party Report No.18, Centre for European Policy Studies.
  • EIA. (2007). Analysis of Price Volatility in Natural Gas Markets. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/naturalgas/articles/ngprivolatilityindex.php
  • EIA. (2014). Benchmarks play an important role in pricing crude oil. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/todayinenergy/detail.php?id=18571
  • EIA. (n.d.). Natural gas explained: Factors affecting natural gas prices. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/energyexplained/natural-gas/factors-affecting-natural-gas-prices.php
  • Emery, G. W. and Liu, Q. (2002). An analysis of the relationship between electricity and natural‐gas futures prices. Journal of Futures Markets: Futures, Options, and Other Derivative Products, 22(2), pp. 95-122. https://doi.org/10.1002/fut.2209
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  • Engle, R. F. (2002). Dynamic conditional correlation: a simple class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models. Journal of Business & Economic Statistics, 20, pp. 339-350. https://doi.org/10.1198/073500102288618487
  • Erdös, P. (2012). Have oil and gas prices got separated?. Energy Policy, 49, pp. 707-718. https://doi.org/10.1016/j.enpol.2012.07.022
  • Ergen, I. and Rizvanoghlu, I. (2016). Asymmetric impacts of fundamentals on the natural gas futures volatility: An augmented GARCH approach. Energy Economics, 56, pp. 64–74. https://doi.org/10.1016/j.eneco.2016.02.022
  • Ewing, B. T., Malik, F., Özfidan, O. (2002). Volatility transmission in the oil and natural gas markets. Energy Economics, 24(6), pp. 525-538. https://doi.org/10.1016/S0140-9883(02)00060-9
  • Geng, J. B., Ji, Q., Fan, Y. (2016). How regional natural gas markets have reacted to oil price shocks before and since the shale gas revolution: A multi-scale perspective. Journal of Natural Gas Science and Engineering, 36, pp. 734-746. https://doi.org/10.1016/j.jngse.2016.11.020
  • Ghouri, S. S. (2006). Forecasting natural gas prices using cointegration technique. OPEC Review, 30(4), pp. 249-269. https://doi.org/10.1111/j.1468-0076.2006.00171.x
  • Giziene, V. and Zalgiryte, L. (2015). The assessment of natural gas pricing. Procedia-Social and Behavioral Sciences, 213, pp. 111-116. https://doi.org/10.1016/j.sbspro.2015.11.412
  • Glosten, L. R., Jagannathan, R., Runkle, D. E. (1993). On the relation between the expected value and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), pp. 1779-1801. https://doi.org/10.1111/j.1540-6261.1993.tb05128.x
  • Hartley, P. R., Medlock III, K. B., Rosthal, J. E. (2008). The relationship of natural gas to oil prices. The Energy Journal, 29(3), pp. 47-65. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol29-No3-3
  • Hartley, P. R. and Medlock III, K. B. (2014). The relationship between crude oil and natural gas prices: The role of the exchange rate. The Energy Journal, 35(2), pp. 25-44 http://dx.doi.org/10.5547/01956574.35.2.2
  • Heather, P. (2012). Continental European gas hubs: Are they fit for purpose?. OIES Paper: NG63, Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2012/06/NG-63.pdf
  • Heather, P. (2015). The evolution of European traded gas hubs. OIES Paper: NG104, Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2016/02/NG-104.pdf
  • Heather, P. (2019). European traded gas hubs: a decade of change. OIES Energy Insight: 55. Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2019/07/European-traded-gas-hubs-a-decade-of-change-Insight-55.pdf
  • Hulshof, D., Van der Maat, J. P., Mulder, M. (2016). Market fundamentals, competition and natural-gas prices. Energy Policy, 94, pp. 480-491. https://doi.org/10.1016/j.enpol.2015.12.016
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  • Ji, Q., Zhang, H. Y., Geng, J. B. (2018). What drives natural gas prices in the United States?: A directed acyclic graph approach. Energy Economics. 69, pp. 79–88. https://doi.org/10.1016/j.eneco.2017.11.002
  • Krichene, N. (2002). World crude oil and natural gas: A demand and supply model. Energy Economics, 24(6), pp. 557-576. https://doi.org/10.1016/S0140-9883(02)00061-0
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AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY

Yıl 2022, Cilt: 9 Sayı: 20, 223 - 243, 30.12.2022

Göktuğ Şahin

Öz

This study aims to analyze the causes of price volatility transmission between natural gas and substitute energy commodities in different markets after accounting the natural gas price interdependency. Besides, it is intended to contribute to the understanding of natural gas price volatility and transmission of price volatility in energy markets and present empirical findings by applying DCC-GARCH model to the system of recent natural gas, oil, and coal price data that would be of use to academic literature as well as energy market participants, international trade parties, and policymakers. The oil and coal are substitutes for natural gas, so as the prices of the substitutes change, they affect the price and volatility of natural gas. Hence, the examination is carried out with National Balancing Point, Henry Hub, Title Transfer Facility, Zeebrugge Hub, and Japan Korean Marker prices as endogenous set of natural gas variables with prices of Brent Oil, West Texas Intermediate Oil, and Newcastle Coal as exogenous variables. Accordingly, coal prices are found to be more effective in terms of natural gas price volatility as a substitute, and the higher the coal prices, the higher the volatility of the natural gas prices. These findings are also compatible with the other exogenous variables of oil prices, but the relationship is more effective in coal prices because natural gas mainly replaces coal as a close substitute. This situation creates a source of perception in terms of pricing and price fluctuations concerning volatility in natural gas markets.

Anahtar Kelimeler

Energy Economics DCC-GARCH Model Natural Gas Energy Commodity Substitutes Price Volatility

Kaynakça

  • Asche, F., Oglend, A., Osmundsen, P. (2017). Modeling UK natural gas prices when gas prices periodically decouple from the oil price. The Energy Journal, 38(2), pp. 131-148. https://www.jstor.org/stable/44203660
  • Atil, A., Lahiani, A., Nguyen, D. K. (2014). Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices. Energy Policy, 65, pp. 567-573. https://doi.org/10.1016/j.enpol.2013.09.064
  • Basher, S. A. and Sadorsky, P. (2016). Hedging emerging market stock prices with oil, gold, VIX, and bonds: A comparison between DCC, ADCC and GO-GARCH. Energy Economics, 54, pp. 235-247. https://doi.org/10.1016/j.eneco.2015.11.022
  • Batten, J. A., Ciner, C., Lucey, B. M. (2017). The dynamic linkages between crude oil and natural gas markets. Energy Economics, 62, pp. 155-170. https://doi.org/10.1016/j.eneco.2016.10.019
  • Behmiri, N. B., Manera, M., Nicolini, M. (2019). Understanding dynamic conditional correlations between oil, natural gas and non-energy commodity futures markets. The Energy Journal, 40(2), pp. 55-76. https://doi.org/10.5547/01956574.40.2.nbeh
  • Bollerslev, T. (1990). Modeling the coherence in short run nominal exchange rates: A Multivariate Generalized ARCH Model. Review of Economics and Statistics, 72(3), pp. 498-505. https://doi.org/10.2307/2109358
  • Bollerslev, T. (1986). Generalized Autoregressive Conditional Heteroskedasticity. Journal of Econometrics, Vol.31, pp. 307-327. https://doi.org/10.1016/0304-4076(86)90063-1
  • Brigida M. (2014). The switching relationship between natural gas and crude oil prices. Energy Economics, 43, pp. 48-55. https://doi.org/10.1016/j.eneco.2014.01.014
  • Brown, S. P. and Yücel, M. K. (2008). What drives natural gas prices?. Energy Journal, 29(2), pp. 45-60. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol29-No2-3
  • Caporin, M. and Fontini, F. (2017). The long-run oil–natural gas price relationship and the shale gas revolution. Energy Economics, 64, pp. 511-519. https://doi.org/10.1016/j.eneco.2016.07.024
  • Creti, A., Joëts, M., Mignon, V. (2013). On the links between stock and commodity markets' volatility. Energy Economics, 37, pp. 16-28. https://doi.org/10.1016/j.eneco.2013.01.005
  • Egenhofer, C., Chevalier, J. M., Labory, S. (1998). The development of competition in European Gas Markets. Working Party Report No.18, Centre for European Policy Studies.
  • EIA. (2007). Analysis of Price Volatility in Natural Gas Markets. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/naturalgas/articles/ngprivolatilityindex.php
  • EIA. (2014). Benchmarks play an important role in pricing crude oil. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/todayinenergy/detail.php?id=18571
  • EIA. (n.d.). Natural gas explained: Factors affecting natural gas prices. Retrieved from U.S. Energy Information Administration: https://www.eia.gov/energyexplained/natural-gas/factors-affecting-natural-gas-prices.php
  • Emery, G. W. and Liu, Q. (2002). An analysis of the relationship between electricity and natural‐gas futures prices. Journal of Futures Markets: Futures, Options, and Other Derivative Products, 22(2), pp. 95-122. https://doi.org/10.1002/fut.2209
  • Energy Market Price. https://energymarketprice.com
  • Engle, R. F. (1982). Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50, pp. 987-1007. https://doi.org/10.2307/1912773
  • Engle, R. F. (2002). Dynamic conditional correlation: a simple class of Multivariate Generalized Autoregressive Conditional Heteroskedasticity Models. Journal of Business & Economic Statistics, 20, pp. 339-350. https://doi.org/10.1198/073500102288618487
  • Erdös, P. (2012). Have oil and gas prices got separated?. Energy Policy, 49, pp. 707-718. https://doi.org/10.1016/j.enpol.2012.07.022
  • Ergen, I. and Rizvanoghlu, I. (2016). Asymmetric impacts of fundamentals on the natural gas futures volatility: An augmented GARCH approach. Energy Economics, 56, pp. 64–74. https://doi.org/10.1016/j.eneco.2016.02.022
  • Ewing, B. T., Malik, F., Özfidan, O. (2002). Volatility transmission in the oil and natural gas markets. Energy Economics, 24(6), pp. 525-538. https://doi.org/10.1016/S0140-9883(02)00060-9
  • Geng, J. B., Ji, Q., Fan, Y. (2016). How regional natural gas markets have reacted to oil price shocks before and since the shale gas revolution: A multi-scale perspective. Journal of Natural Gas Science and Engineering, 36, pp. 734-746. https://doi.org/10.1016/j.jngse.2016.11.020
  • Ghouri, S. S. (2006). Forecasting natural gas prices using cointegration technique. OPEC Review, 30(4), pp. 249-269. https://doi.org/10.1111/j.1468-0076.2006.00171.x
  • Giziene, V. and Zalgiryte, L. (2015). The assessment of natural gas pricing. Procedia-Social and Behavioral Sciences, 213, pp. 111-116. https://doi.org/10.1016/j.sbspro.2015.11.412
  • Glosten, L. R., Jagannathan, R., Runkle, D. E. (1993). On the relation between the expected value and the volatility of the nominal excess return on stocks. The Journal of Finance, 48(5), pp. 1779-1801. https://doi.org/10.1111/j.1540-6261.1993.tb05128.x
  • Hartley, P. R., Medlock III, K. B., Rosthal, J. E. (2008). The relationship of natural gas to oil prices. The Energy Journal, 29(3), pp. 47-65. https://doi.org/10.5547/ISSN0195-6574-EJ-Vol29-No3-3
  • Hartley, P. R. and Medlock III, K. B. (2014). The relationship between crude oil and natural gas prices: The role of the exchange rate. The Energy Journal, 35(2), pp. 25-44 http://dx.doi.org/10.5547/01956574.35.2.2
  • Heather, P. (2012). Continental European gas hubs: Are they fit for purpose?. OIES Paper: NG63, Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2012/06/NG-63.pdf
  • Heather, P. (2015). The evolution of European traded gas hubs. OIES Paper: NG104, Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2016/02/NG-104.pdf
  • Heather, P. (2019). European traded gas hubs: a decade of change. OIES Energy Insight: 55. Retrieved from The Oxford Institute for Energy Studies: https://www.oxfordenergy.org/wpcms/wp-content/uploads/2019/07/European-traded-gas-hubs-a-decade-of-change-Insight-55.pdf
  • Hulshof, D., Van der Maat, J. P., Mulder, M. (2016). Market fundamentals, competition and natural-gas prices. Energy Policy, 94, pp. 480-491. https://doi.org/10.1016/j.enpol.2015.12.016
  • ICE. (n.d.) New Castle Coal Futures. Retrieved from The Intercontinental Exchange: https://www.theice.com/products/1137/globalCOAL-Newcastle-Coal-Futures
  • IM. (n.d.). Newcastle Coal. Retrieved from Index Mundi: https://www.indexmundi.com/commodities/glossary/newcastle-coal
  • Jadidzadeh, A. and Serletis, A. (2017). How does the US natural gas market react to demand and supply shocks in the crude oil market?. Energy Economics, 63, pp. 66-74. https://doi.org/10.1016/j.eneco.2017.01.007
  • Ji, Q., Geng, J. B., Fan, Y. (2014). Separated influence of crude oil prices on regional natural gas import prices. Energy Policy, 70, pp. 96-105. https://doi.org/10.1016/j.enpol.2014.03.019
  • Ji, Q., Zhang, H. Y., Geng, J. B. (2018). What drives natural gas prices in the United States?: A directed acyclic graph approach. Energy Economics. 69, pp. 79–88. https://doi.org/10.1016/j.eneco.2017.11.002
  • Krichene, N. (2002). World crude oil and natural gas: A demand and supply model. Energy Economics, 24(6), pp. 557-576. https://doi.org/10.1016/S0140-9883(02)00061-0
  • Lin, B. and Li, J. (2015). The spillover effects across natural gas and oil markets: Based on the VEC-MGARCH framework. Applied Energy, 155, pp. 229-241. https://doi.org/10.3934/GF.2019.1.30
  • Lin, B. and Wesseh Jr, P. K. (2013). What causes price volatility and regime shifts in the natural gas market. Energy, 55, pp. 553-563. https://doi.org/10.1016/j.energy.2013.03.082 Lorenzo Cappiello, L., Engle, R. F., Sheppard, K. (2006). Asymmetric dynamics in the correlations of global equity and bond returns. Journal of Financial Econometrics, 4(4), pp. 537-572, https://doi.org/10.1093/jjfinec/nbl005
  • Manzoor, D., and Seiflou, S. (2011). Are crude oil, gas and coal prices co-integrated?. Iranian Economic Review, 15(28), pp. 29-51. https://doi.org/10.22059/IER.2011.32713
  • Mohammadi H. (2011). Long-run relations and short-run dynamics among coal, natural gas and oil prices. Applied Economics, 43(2), pp. 129-137. https://doi.org/10.1080/00036840802446606
  • Mu X. (2007). Weather, storage, and natural gas price dynamics: Fundamentals and volatility. Energy Economics, 29(1), pp. 46-63. https://doi.org/10.1016/j.eneco.2006.04.003
  • Neumann A. (2009). Linking natural gas markets-is LNG doing its job?. The Energy Journal, 30, pp. 187-199. https://www.jstor.org/stable/41323203
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  • Shi, X. and Variam, H. M. P. (2016). Gas and LNG trading hubs, hub indexation and destination flexibility in East Asia. Energy Policy, 96, pp. 587-596. https://doi.org/10.1016/j.enpol.2016.06.032
  • SP. (n.d.). Platts JKM (Japan Korea Marker) LNG Price Assessment. Retrieved from S&P Global: https://www.spglobal.com/commodityinsights/en/our-methodology/price-assessments/lng/jkm-japan-korea-marker-gas-price-assessments
  • Stern, J. P. (1984). International Gas Trade in Europe: The Policies of Exporting and Importing Countries. Gower Publishing Company Limited, London, United Kingdom, November 1984.
  • Tse, Y. K. and Tsui, A. K. C. (2002). A Multivariate Generalized Autoregressive Conditional Heteroscedasticity Model with time-varying correlations. Journal of Business & Economic Statistics, 20(3), pp. 351-362. https://doi.org/10.1198/073500102288618496
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  • Villar, J. A. and Joutz, F. L. (2006). The relationship between crude oil and natural gas prices. Energy Information Administration, Office of Oil and Gas, 1, pp. 1-43.
  • Wiggins, S. and Etienne, X. L. (2017). Turbulent times: Uncovering the origins of US natural gas price fluctuations since deregulation. Energy Economics, 64, pp. 196-205. https://doi.org/10.1016/j.eneco.2017.03.015
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Toplam 64 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Tüm Sayı
Yazarlar

Göktuğ Şahin 0000-0001-9925-9132

Yayımlanma Tarihi 30 Aralık 2022
Gönderilme Tarihi 18 Ağustos 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 9 Sayı: 20

Kaynak Göster

APA Şahin, G. (2022). AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY. Akademik Hassasiyetler, 9(20), 223-243.
AMA Şahin G. AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY. Akademik Hassasiyetler. Aralık 2022;9(20):223-243.
Chicago Şahin, Göktuğ. “AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY”. Akademik Hassasiyetler 9, sy. 20 (Aralık 2022): 223-43.
EndNote Şahin G (01 Aralık 2022) AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY. Akademik Hassasiyetler 9 20 223–243.
IEEE G. Şahin, “AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY”, Akademik Hassasiyetler, c. 9, sy. 20, ss. 223–243, 2022.
ISNAD Şahin, Göktuğ. “AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY”. Akademik Hassasiyetler 9/20 (Aralık 2022), 223-243.
JAMA Şahin G. AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY. Akademik Hassasiyetler. 2022;9:223–243.
MLA Şahin, Göktuğ. “AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY”. Akademik Hassasiyetler, c. 9, sy. 20, 2022, ss. 223-4.
Vancouver Şahin G. AN ANALYSIS OF COAL AND OIL PRICE TRANSMISSION TO NATURAL GAS PRICE VOLATILITY. Akademik Hassasiyetler. 2022;9(20):223-4.
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