New Delhi, August 3: Global crude oil prices witnessed a sharp decline in early trade on Monday, with both benchmark contracts falling more than 5%, reflecting growing concerns over weakening global demand and cautious market sentiment. Brent crude slipped below $84 per barrel, while West Texas Intermediate (WTI) crude dropped below $80 per barrel, marking one of the steepest single-day declines in recent weeks.
According to the latest market data, WTI crude was trading at $79.84 per barrel, down 5.71% or $4.83, while Brent crude fell 5.03% to $83.51 per barrel, losing $4.42 during the session.
The broader energy complex also traded lower. Gasoline declined 3.40% to $3.01 per gallon, while Heating Oil dropped 2.14% to $4.01 per gallon. EU Natural Gas prices also fell 4.44%, whereas Natural Gas (Henry Hub) bucked the trend, rising 0.99% to $2.77 per MMBtu. UK Gas gained 1.27%, reflecting regional supply dynamics.
Key Energy Market Performance
| Commodity | Price | Daily Change |
|---|---|---|
| WTI Crude Oil | $79.84/bbl | -5.71% |
| Brent Crude | $83.51/bbl | -5.03% |
| Natural Gas | $2.77/MMBtu | +0.99% |
| Gasoline | $3.01/gal | -3.40% |
| Heating Oil | $4.01/gal | -2.14% |
| EU Gas | €56.45/MWh | -4.44% |
| UK Gas | 144.28 GBp/thm | +1.27% |
Oil Still Up Strongly Over Longer Periods
Despite Monday's sharp correction, crude oil continues to post substantial gains over longer timeframes.
- WTI Crude remains 16.54% higher over the past month, 39.13% higher year-to-date, and 20.51% higher than a year ago.
- Brent Crude is still up 16.09% over the last month, 37.34% year-to-date, and 21.54% year-on-year.
The data indicates that while short-term volatility has intensified, the broader trend for crude oil remains positive compared with the beginning of the year.
Energy Market Remains Volatile
Natural gas markets presented a mixed picture. US natural gas prices edged higher during the session, while European gas prices weakened. UK gas prices recovered modestly after recent declines.
Market participants are expected to closely monitor upcoming economic data, global supply developments, and geopolitical events, which could influence the direction of energy prices in the coming sessions.
Disclaimer: Commodity prices are subject to rapid market fluctuations. Prices mentioned are based on the latest available market data at the time of publication and may change during trading hours.
