WTI Crude Oil Prices 10 Year Daily Chart

In the United States, West Texas Intermediate is the preferred measure and pricing model. As of August 31, 2021, WTI was trading at around $68.50 per barrel, while Brent traded at $72.85. Brent Crude is the benchmark used for the light oil market in Europe, Africa, and the Middle East, originating from oil fields in the North Sea between the Shetland Islands and Norway. West Texas Intermediate is the benchmark for the U.S. light oil market and is sourced from U.S. oil fields. Oil benchmarks describe where the commodity originates, which determines its use and allows investors to track the price of a specific oil type.

Oil producers, refiners, and other market participants often utilize futures contracts to manage their exposure to price volatility. By taking positions in oil futures, they can offset potential losses from adverse price movements in the physical market, providing a form of insurance against price risks. Oil futures are traded on commodities exchanges, such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE).

1. During times of crisis, the spread blows out as political uncertainty leads to surges in Brent Crude prices.
2. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity.
3. Unlike Brent Crude, WTI crude oil is not from any specific oil fields.
4. These exchanges offer electronic trading platforms where traders can execute transactions and manage their positions.

If you check live prices on Saturdays, you will always see the last recorded WTI crude price from the previous Friday. Technological developments and changes in resource distributions along the oil supply chain will also fusion markets review impact crude oil spot prices. The increased focus on renewable energy is already accelerating such changes. Yes, WTI and Brent oil futures are commonly used for hedging purposes by participants in the oil industry.

Freight rate factors

WTI only contains 0.24% sulfur and has an API gravity of approximately 39.6. The oil is primarily refined in the Gulf Coast and Midwest areas of the United States.

Understanding West Texas Intermediate (WTI)

Crude oil is one of the most in-demand commodities, with the two most popularly traded grades of oil being Brent Crude and West Texas Intermediate (WTI). Crude oil prices reflect the market’s volatile and liquid nature, as well as oil being a benchmark for global economic activity. The oil price charts offer live data and comprehensive price action on WTI Crude and Brent Crude patterns. Get information on key pivot points, support and resistance and crude oil news today. We also explain what oil blends are (like Brent and WTI), and ways you can speculate on live crude oil spot prices without having to buy physical barrels.

Today’s Oil Price: Brent Crude & WTI Oil Prices Today

Futures trading involves leverage, meaning that a small change in the futures price can result in significant gains or losses. It requires a deep understanding of the oil market, risk management techniques, and the ability to monitor positions actively. Individual investors should carefully assess their risk tolerance and consider seeking professional alpari broker review advice before engaging in oil futures trading. WTI and Brent oil futures are primarily traded on major futures exchanges, such as the New York Mercantile Exchange (NYMEX) for WTI and the Intercontinental Exchange (ICE) for Brent. These exchanges offer electronic trading platforms where traders can execute transactions and manage their positions.

Brent crude oil opened the year of 2020 amidst an uptrend that began in November 2020 from $38.84 per barrel and continued the rally to $68.72 per barrel until early March 2021. Another factor that can lead to significant differences between Brent Crude and West Texas Intermediate is geopolitical trouble. During times of crisis, the spread blows out as political uncertainty leads to surges in Brent Crude prices. West Texas Intermediate is less affected because it is based in landlocked areas in the United States. If you look at the disconnect between the two benchmarks now, and it has narrowed to about $3 – the market has levelled out.

Compared to today’s price of $91.41 per barrel, the price is up 10.45%. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. West bitmex review Texas Intermediate (WTI) is a trading classification of crude oil and one of the most commonly used benchmarks in oil prices. Theoretically, WTI crude should trade at a premium to Brent crude, given the quality, but this is not always the case.

The current price of WTI crude oil as of April 04, 2024 is $87.01 per barrel. WTI crude had a series of rallies and tumbles to reach a year-high price of $84.06 per barrel in late October 2021. There are two main differences between WTI and Brent, the location from which they are sourced and the quality of the oil. These two factors lead to a price difference between the two termed the ‘spread’ which will change depending on different supply/demand dynamics and geopolitical influences. The Cushing hub delivery system consists of 35 (20 inbound and 15 outbound) pipelines and 16 storage terminals.

That’s the first component of oil prices — the extraction process and machinery required. The Organization of the Petroleum Exporting Countries (OPEC) controls most of the oil production and distribution, often dictating costs for not only oil suppliers but countries as well. Most nations factor oil prices into their budgets, so OPEC has been considered a leading geopolitical force. WTI and Brent oil futures can be suitable for individual investors, but they come with inherent risks.

WTI is the main oil benchmark for North America as it is sourced from the United States, primarily from the Permian Basin. It then travels through pipelines where it is refined in the Midwest and the Gulf of Mexico. The main delivery point for physical exchange and price settlement for WTI is Cushing, Oklahoma. Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years.