Changes in the network structure of energy markets and financial markets under the different shocks of the Russia-Ukraine conflict and COVID-19

Fuyao Li, Mu Tong and Shuhao Guan

PLOS ONE, 2025, vol. 20, issue 4, 1-27

Abstract: Employing the quantile coherency method, we analyze the different impacts of the Russia-Ukraine conflict and the global shock caused by COVID-19 on energy and stock markets, highlighting how market behaviors varied under these two crises. The findings reveal that natural gas performed better than oil during the pandemic and the Russia-Ukraine conflict in the short and medium term. In contrast, oil outperforms natural gas over the long term.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0318291

DOI: 10.1371/journal.pone.0318291

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