Özet:

Purpose - Determining the factors affecting stock prices is an important subject of research in the financial perspective. The aim of this study is to determine the relationship between oil and natural gas prices and the stock prices of companies operating in the industrial sector. Method - In accordance with the purpose of the study for the period January 2010 to December 2019 the monthly U.S. dollar price of crude oil, Brent oil and natural gas with the stock price of the U.S. dollar of 111 companies listed in the Stock Exchange and data can be accessed without interruption, the panel integration test was carried out using the stock price of the U.S. dollar. Three separate models have been created where the stock price variables dependent, respectively, the price of crude oil, Brent oil and natural gas variables independently. The long-term and short-term causality relationship with the panel vector error correction model for the models identified integration has been studied. Results - The results of the analysis have determined the matching relationship between oil prices and stock prices. There is no long-term relationship between natural gas prices and stock prices. The panel vector error correction model has also been achieved as a result of the rise in oil prices increasing stock prices. Debate - The study found that the increase in oil prices, which is a cost element for industrial enterprises, increased the share price. The increase in oil prices can result in the increase in production, the revenue transfer by the parties due to the rise in oil prices can be assessed as investment in capital markets or the increase in net cash income by enterprises that increase their sales prices parallel to the rise in oil prices.