Ortado\u011fu\u2019daki \u00e7at\u0131\u015fma petrol ve do\u011fal gaz fiyatlar\u0131n\u0131 y\u00fckseltti. Enerji maliyetlerindeki art\u0131\u015f\u0131n, Avrupa\u2019da \u00e7imento, beton ve tu\u011fla gibi in\u015faat malzemelerinin maliyetlerini art\u0131rmas\u0131 bekleniyor.<\/p>\n
\u00dcreticilerin petrol ve do\u011fal gaza maruziyeti 2022\u2019deki seviyelere benzer g\u00f6r\u00fcl\u00fcyor. Enerji fiyatlar\u0131 y\u00fcksek kal\u0131rsa, \u00fcreticilerin bu artan maliyetleri in\u015faat \u015firketlerine yans\u0131tmas\u0131 olas\u0131.<\/p>\n
Maliyetlerin fiyatlara yans\u0131t\u0131lmas\u0131 (\u015firketlerin artan giderleri sat\u0131\u015f fiyat\u0131na eklemesi) in\u015faat sekt\u00f6r\u00fcnde k\u00e2r marjlar\u0131n\u0131 (sat\u0131\u015ftan kalan k\u00e2r pay\u0131n\u0131) d\u00fc\u015f\u00fcrebilir. Ayr\u0131ca toplam in\u015faat maliyetini art\u0131rarak in\u015faat faaliyetini yava\u015flatabilir.<\/p>\n
2010-2020 d\u00f6neminde sekt\u00f6r, \u0131s\u0131nmada petrol kullan\u0131m\u0131n\u0131 b\u00fcy\u00fck \u00f6l\u00e7\u00fcde azaltt\u0131. Son be\u015f y\u0131lda petrol kullan\u0131m\u0131nda ek bir d\u00fc\u015f\u00fc\u015f g\u00f6r\u00fclmedi.<\/p>\n
2020-2025 aras\u0131nda \u015firketler a\u011f\u0131rl\u0131kl\u0131 olarak k\u00f6m\u00fcr kullan\u0131m\u0131n\u0131 azaltt\u0131. Gaz kullan\u0131m\u0131 ise son 15 y\u0131ld\u0131r yakla\u015f\u0131k ayn\u0131 seviyede.<\/p>\n
\u0130n\u015faat ruhsatlar\u0131 (yeni proje i\u00e7in resmi izin) son d\u00f6nemde artt\u0131. Daha uzun s\u00fcrecek bir toparlanma, daha istikrarl\u0131 enerji piyasalar\u0131 ve daha az enerji t\u00fcketen \u00fcretim y\u00f6ntemleriyle ili\u015fkilendiriliyor.<\/p>\n
Makalenin, bir yapay zek\u00e2 arac\u0131yla haz\u0131rlan\u0131p bir edit\u00f6r taraf\u0131ndan kontrol edildi\u011fi belirtiliyor.<\/p>\n
Ortado\u011fu\u2019daki gerilimlerin Brent petrol\u00fcn\u00fc (uluslararas\u0131 ham petrol fiyat g\u00f6stergesi) yeniden varil ba\u015f\u0131na 95 dolara yakla\u015ft\u0131rmas\u0131, enerjiye ba\u011f\u0131ml\u0131 sekt\u00f6rleri do\u011frudan etkiliyor. Bu tablo, 2022\u2019de g\u00f6rd\u00fc\u011f\u00fcm\u00fcz bask\u0131lara benziyor; o d\u00f6nemde y\u00fcksek enerji fiyatlar\u0131 \u00fcreticiler taraf\u0131ndan h\u0131zla fiyatlara yans\u0131t\u0131lm\u0131\u015ft\u0131. Do\u011fal gaz ve petrole y\u00fcksek ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 olan Avrupa in\u015faat malzemeleri sekt\u00f6r\u00fc, bu yeni fiyat \u015fokuna daha a\u00e7\u0131k.<\/p>\n
Geriye bak\u0131ld\u0131\u011f\u0131nda, 2020-2025 d\u00f6neminde in\u015faat malzemesi \u015firketlerinin petrol ve gaz ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltmada s\u0131n\u0131rl\u0131 ilerleme kaydetti\u011fi g\u00f6r\u00fcl\u00fcyor. K\u00f6m\u00fcr kullan\u0131m\u0131 kademeli olarak b\u0131rak\u0131l\u0131rken, gaz ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 15 y\u0131l\u0131 a\u015fk\u0131n s\u00fcredir ayn\u0131 kald\u0131; bu da \u015firketleri k\u0131r\u0131lgan b\u0131rak\u0131yor. STOXX Europe 600 Construction & Materials endeksinin (Avrupa\u2019da ilgili \u015firketleri takip eden borsa endeksi) son \u00e7eyrekte genel piyasan\u0131n yakla\u015f\u0131k %5 gerisinde kalmas\u0131, bu riskin fiyatlara yans\u0131d\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
\u00d6n\u00fcm\u00fczdeki haftalarda, k\u00e2r marjlar\u0131 bask\u0131 alt\u0131na girerken bu sekt\u00f6rde d\u00fc\u015f\u00fc\u015f riskine g\u00f6re pozisyon almak g\u00fcndeme gelebilir. HeidelbergCement veya Saint-Gobain gibi \u015firketlerde put opsiyonu (fiyat d\u00fc\u015f\u00fc\u015f\u00fcnden kazan\u00e7 sa\u011flamaya yarayan opsiyon s\u00f6zle\u015fmesi) almak, beklenen k\u00e2r zay\u0131fl\u0131\u011f\u0131ndan yararlanmaya y\u00f6nelik do\u011frudan bir strateji olabilir. Bu g\u00f6r\u00fc\u015f, Eurostat\u2019\u0131n \u015eubat 2026 verileriyle de destekleniyor: \u0130n\u015faat malzemelerinde sanayi \u00fcretici fiyatlar\u0131 (\u00dcFE: \u00fcreticinin sat\u0131\u015f fiyatlar\u0131ndaki de\u011fi\u015fimi \u00f6l\u00e7er) %1,2 artt\u0131; bu da maliyet enflasyonunun ba\u015flad\u0131\u011f\u0131na i\u015faret ediyor.<\/p>\n
Ayn\u0131 zamanda bu durum, \u201c\u00e7ift y\u00f6nl\u00fc i\u015flem\u201d (pair trade: bir varl\u0131kta al\u0131m, ili\u015fkili di\u011ferinde sat\u0131m yaparak g\u00f6reli getiriyi hedefleme) i\u00e7in enerji sekt\u00f6r\u00fcnde al\u0131m y\u00f6n\u00fcnde f\u0131rsat yaratabilir. \u00dcreticileri s\u0131k\u0131\u015ft\u0131ran y\u00fcksek petrol ve gaz fiyatlar\u0131, enerji \u015firketlerinin gelirlerini art\u0131rabilir. B\u00fcy\u00fck Avrupa enerji \u015firketlerinde call opsiyonu (fiyat y\u00fckseli\u015finden kazan\u00e7 sa\u011flamaya yarayan opsiyon) veya Avrupa do\u011fal gaz\u0131na ba\u011fl\u0131 vadeli i\u015flem s\u00f6zle\u015fmeleri (futures: ileri tarihte al\u0131m-sat\u0131m fiyat\u0131n\u0131 bug\u00fcnden sabitleyen s\u00f6zle\u015fme) enerji maliyetlerinin y\u00fcksek kalmas\u0131na kar\u015f\u0131 korunma sa\u011flayabilir ya da bu durumdan kazan\u00e7 hedefleyebilir.<\/p>\n
2025 sonlar\u0131nda g\u00f6r\u00fclen s\u0131n\u0131rl\u0131 ruhsat art\u0131\u015f\u0131 umut verse de k\u0131r\u0131lgan g\u00f6r\u00fcn\u00fcyor. Son raporlar, Almanya ve Fransa\u2019da yeni ruhsatlarda duraksamaya i\u015faret ediyor; bu da daha y\u00fcksek beklenen in\u015faat maliyetlerinin talebi \u015fimdiden zay\u0131flatt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Sekt\u00f6rde artan belirsizlik, ima edilen oynakl\u0131\u011f\u0131n (implied volatility: opsiyon fiyatlar\u0131n\u0131n ima etti\u011fi beklenen dalgalanma) y\u00fckselmesine yol a\u00e7abilir. Bu nedenle straddle (hem al\u0131m hem sat\u0131m opsiyonu birlikte al\u0131narak b\u00fcy\u00fck fiyat hareketinden yararlanmay\u0131 hedefleyen strateji) gibi fiyat dalgalanmas\u0131ndan faydalanan opsiyon stratejileri \u00f6ne \u00e7\u0131kabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ortado\u011fu gerilimi Brent\u2019i 95 dolara yakla\u015ft\u0131rd\u0131: Avrupa \u00e7imento-beton hatt\u0131nda maliyet \u015foku kap\u0131da. 2022 benzeri fiyat yans\u0131tmas\u0131 marjlar\u0131 eritebilir; ruhsat ivmesi k\u0131r\u0131lgan, opsiyonlu korunma \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-44136","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=44136"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/44136\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=44136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=44136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=44136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}