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

Author

Listed:
  • Fuyao Li
  • Mu Tong
  • Shuhao Guan

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.

Suggested Citation

  • Fuyao Li & Mu Tong & Shuhao Guan, 2025. "Changes in the network structure of energy markets and financial markets under the different shocks of the Russia-Ukraine conflict and COVID-19," PLOS ONE, Public Library of Science, vol. 20(4), pages 1-27, April.
    • Handle: RePEc:plo:pone00:0318291
    DOI: 10.1371/journal.pone.0318291
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    References listed on IDEAS

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    1. Sander Akkermans & Juan Luis Martín-Ortega & Ioannis Sebos & María José López-Blanco, 2023. "Exploring long-term mitigation pathways for a net zero Tajikistan," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 28(3), pages 1-26, March.
    2. Fabio Ghironi & Daisoon Kim & Galip Kemal Ozhan, 2024. "International Economic Sanctions and Third-Country Effects," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 611-652, June.
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    Cited by:

    1. Mohammed Amine Mouffok & Omar Mouffok & Wassila Bouabdallah, 2025. "The impact of commodity prices on developed and emerging financial markets during COVID-19 pandemic and Russia–Ukraine war: evidence from the Dynamic ARDL approach," SN Business & Economics, Springer, vol. 5(7), pages 1-26, July.

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