Energy Complex
The collective term for energy-related commodities — crude oil, natural gas, refined products (gasoline, heating oil, diesel) — and the markets and instruments around them.
The energy complex groups all hydrocarbon energy commodities and their derivatives: crude oil (WTI, Brent), natural gas, RBOB gasoline, heating oil (diesel), jet fuel, and propane. It also encompasses related markets like carbon credits and liquefied natural gas (LNG).
Energy is the largest single commodity sector by traded volume and notional value. It is driven by OPEC production decisions, US shale output, seasonal demand, macroeconomic growth expectations, and geopolitical risk premiums.
Energy trades 24 hours a day on global exchanges, with the most liquid hours around US open and close. The sector is the primary driver of headline inflation and a key input cost for nearly every industry.