Kapusuzoglu Ayhan, Xi Liang, Karacaer Ulusoy Merve

The aim of this study is to analyse the short and long-term interactions between the natural gas markets in the context of Europe, Japan and the US that are the main constituents of natural gas consumption in the world and between the natural gas and oil markets. Within the framework of this study co-integration test is performed and the variable groups that have long-term relationships with each other are presented. Finally, the pairwise Granger causality test is performed in order to examine the short-term causality relationships and the results of uni-directional, bi-directional and non-casual relationships are found.