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EN
This paper deals with the development of the crude oil and natural gas market in the world and especially in the EU. The analysis of the mentioned energy commodities are based on time serious statistical data and legislative documents and treaties adjusting the energy market. In this paper we analyze how the natural gas and crude oil as the two energy sources that are on the one hand most important in the energy mix and on the other hand least available within the very territory of EU itself therefore meaning the largest threat to the energy security of EU countries. We focus on analyzing of development of the worlds crude oil and natural gas development as the economic environment developed during last 20 year. Then we characterize what has EU done as the reaction on this development and finally we analyze the impact on EU in terms of supply and demand for natural gas and crude oil in first decade of 21st century. We found that, in 2009, the 66 % of EU natural gas imports were from four countries (Russia, Algeria, Norway and Nigeria) and the EU crude oil imports reached about 87 %.
PL
Celem artykułu jest wskazanie przesłanek istnienia zależności długookresowej pomiędzy cenami metali szlachetnych a cenami ropy naftowej na rynku światowym oraz zbadanie istnienia długookresowej zależności między cenami metali szlachetnych a cenami ropy naftowej oraz między cenami produktów strukturyzowanych notowanych na GPW w Warszawie, dla których instrumentem bazowym są ceny analizowanych surowców. Badanie przeprowadzono bazując na analizie kointegracji. Wykorzystano miesięczne dane dotyczące cen surowców z okresu 01.2006-11.2017 oraz dzienne kursy produktów strukturyzowanych z okresu 09.07.2008-30.11.2017. Uzyskane wyniki sugerują występowanie długookresowych relacji z uwzględnieniem wpływu kursu walutowego.
EN
The aim of the article is to examine the existence of a long-term relationship between the prices of precious metals and crude oil prices and between the prices of ETP available on the Warsaw Stock Exchange for which the prices of crude oil and precious metals prices are base instruments. Using monthly data on world precious metal prices and crude oil prices during the period January 2006-November 2017 and the daily data on the prices of selected ETP during the period 9.07.2008-30.11.2017 the cointegration tests were conducted. The results suggest the existence of a long-term relationship when the exchange rate is included.
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