Oil & Energy Markets: Brent, WTI and Natural Gas

Why oil matters so much

Crude oil is the foundational input for transportation, agriculture, plastics, pharmaceuticals and virtually every industrial process. That's why a move in the oil price ripples into inflation and energy bills. From airfares to the cost of cheese at the supermarket, oil sits in the background.

Brent vs WTI: what's the difference?

• Brent (North Sea): The global benchmark. Most oil from Europe, Africa and the Middle East is priced off Brent.
• WTI (West Texas Intermediate): The US benchmark. Usually trades a few dollars below Brent and reflects US domestic dynamics.

Both are "light" and "sweet" (low sulfur) — meaning they're cheap to refine.

What moves oil?

• OPEC+ production decisions: Saudi Arabia, Russia and other big producers cutting or adding supply can move the market instantly.
• Global demand: Growth in China and the US economies drives oil demand directly.
• Geopolitical risk: Middle East tensions, the Russia-Ukraine war and Hormuz Strait risks.
• Inventories: The weekly US crude oil inventory report (EIA) is one of the biggest market movers.
• Dollar strength: Oil is priced in dollars, so a stronger dollar makes oil more expensive in other currencies.

Natural gas

Natural gas is used in power generation, industry and residential heating. Unlike oil, it's a regional market: US Henry Hub, European TTF and Asian JKM prices can differ dramatically. LNG (liquefied natural gas) exports have partly bridged those gaps, but a truly global gas market still doesn't exist.

Why track energy prices?

• They directly shape inflation expectations.
• They set margins for airlines, shipping, chemicals and plastics.
• They influence central-bank interest-rate decisions.
• They shape currencies and budgets of oil-exporting nations.

Live prices

Track Brent, WTI and natural gas prices live on the NexPrices Commodities screen.