Browsing by Subject "Crude oil"
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Item Restricted 1979 İstanbul tanker patlaması(Bilkent University, 2018) Yılmaz, Gonca; Caner, Elif; Günay, Bilge; Beşik, Şevval; Kaner, Zeynep Hazal14 Kasım 1979’da, boğaz geçişlerinin geceleri yasak olması nedeniyle Romen bandıralı Independenta adlı tanker gemisi Haydarpaşa açıklarında demirlendi ve ertesi günün sabah sularında durmakta olan Romen tankerine, Yunan badıralı Evriali adlı tanker gemisi çarptı. Bu çarpışma sonrası Independenta’nın taşıdığı ham petrolün infilak etmesiyle birçok patlama meydana geldi. Bu patlamalar sonucu, etrafa tonlarca petrol yayıldı, yakında bulunan binaların camlar patladı, İstanbul’da ulaşımda azami derecede aksaklıklar yaşandı. İstanbul’daki halk, büyük hasar görmemesine rağmen, bir ay süren bu yangından oldukça etkilendi.Item Open Access Dynamic risk spillovers between gold, oil prices and conventional, sustainability and Islamic equity aggregates and sectors with portfolio implications(Elsevier B.V., 2017) Mensi, W.; Hammoudeh, S.; Al-Jarrah, I. M. W.; Sensoy A.; Kang, S. H.This paper investigates the time-varying equicorrelations and risk spillovers between crude oil, gold and the Dow Jones conventional, sustainability and Islamic stock index aggregates and 10 associated disaggregated Islamic sector stock indexes (basic materials, consumer services, consumer goods, energy, financials, health care, technology, industrials, telecommunications and utilities), using the multivariate DECO-FIAPARCH model and the spillover index of Diebold and Yilmaz (2012). We also conduct a risk management analysis at the sector level for commodity-Islamic stock sector index portfolios, using different risk exposure measures. For comparison purposes, we add the aggregate conventional Dow Jones global index and the Dow Jones sustainability world index. The results show evidence of time-varying risk spillovers between these markets. Moreover, there are increases in the correlations among the markets in the aftermath of the 2008–2009 GFC. Further, the oil, gold, energy, financial, technology and telecommunications sectors are net receivers of risk spillovers, while the sustainability and conventional aggregate DJIM indexes as well as the remaining Islamic stock sectors are net contributors of risk spillovers. Finally, we provide evidence that gold offers better portfolio diversification benefits and downside risk reductions than oil. © 2017 Elsevier B.V.Item Open Access Impact of COVID-19 outbreak on asymmetric multifractality of gold and oil prices(Elsevier, 2020) Mensi, W.; Şensoy, Ahmet; Vo, X. V.; Kang, S. H.This paper examines the impacts of COVID-19 on the multifractality of gold and oil prices based on upward and downward trends. We apply the Asymmetric Multifractal Detrended Fluctuation Analysis (A-MF-DFA) approach to 15-min interval intraday data. The results show strong evidence of asymmetric multifractality that increases as the fractality scale increases. Moreover, multifractality is especially higher in the downside (upside) trend for Brent oil (gold), and this excess asymmetry has been more accentuated during the COVID-19 outbreak. Before the outbreak, the gold (oil) market was more inefficient during downward (upward) trends. During the COVID-19 outbreak period, we see that the results have changed. More precisely, we find that gold (oil) is more inefficient during upward (downward) trends. Gold and oil markets have been inefficient, particularly during the outbreak. The efficiency of gold and oil markets is sensitive to scales, market trends, and to the pandemic outbreak, highlighting the investor sentiment effect.Item Open Access The US shale oil production, market forces and the US export ban(Emerald, 2021-07-26) Taneri, İlayda; Doğan, N.; Berument, M. HakanPurpose – The purpose of this paper is to use the novel data from the primary vision to determine the main financial and economic drivers of this revolutionary shale oil production and how these drivers changed after 2016 when the US removed its oil-exporting ban. Design/methodology/approach – In this paper, the authors use the vector autoregressive model to assess the dynamic relationships among the Frac Count (FSCN) from the primary vision and the set of financial/macro-economic variables and how this dynamic relationship is altered with the effects of the US export ban before and after the lifting of the export ban. Findings – The empirical evidence reveals that a positive shock to New York Mercantile Exchange, Standard and Poor’s 500, rig count, West Texas Intermediate or the US ending oil stocks increase the FSCN but higher interest rates and oil production decrease the FSCN. After the US became one of the major oil producers, it removed its crude export ban in December 2015. The empirical evidence suggests that the shale oil industry gets more integrated with the financial system and becomes more efficient in its production process in the post-2016 era after the export ban was removed. Originality/value – The purpose of this paper is to use the novel data from the primary vision to determine the main financial and economic drivers of this revolutionary shale oil production and how these drivers changed after 2016 when the US removed its oil-exporting ban.