Energy theme.
Energy commodities underpin the global economy. Brent crude is the world benchmark, pricing roughly 75% of seaborne oil. WTI is the North American benchmark, driven by US shale economics. Natural gas prices are highly regional: US Henry Hub, European TTF, and Asian JKM move on different supply and demand dynamics. OPEC+ production decisions, US shale growth, geopolitical risk premia, and weather are the dominant drivers. The energy transition is adding structural complexity without yet reducing demand.
Energy commodities
The global oil benchmark. 75% of oil trades at a Brent differential.
Brent Crude hub →The US benchmark. Shale producers and NYMEX traders move this daily.
WTI Crude hub →Heats homes, powers peaker plants, and runs LNG export terminals.
Natural Gas hub →Crack spread drives refinery margins. US demand is the bellwether.
Gasoline (RBOB) hub →Diesel and jet fuel in one benchmark. IMO 2020 made it the global refinery target.
Heating Oil (ULSD) hub →