WTI Oil Price
LIVELive West Texas Intermediate crude oil price per barrel
About WTI Crude Oil Price
WTI (West Texas Intermediate) crude oil is the primary US oil pricing benchmark, representing light sweet crude extracted from wells in Texas, Louisiana, and North Dakota. The WTI oil price is quoted in USD per barrel and serves as the basis for futures contracts traded on NYMEX. WTI crude oil price reflects US-specific supply and demand dynamics, including shale oil production levels, Cushing Oklahoma inventory levels, refinery demand, pipeline capacity, and seasonal consumption patterns. The WTI chart is closely watched by traders, with weekly inventory data from the EIA driving significant price volatility.
WTI Oil Quick Facts
Understanding WTI Oil Price
Why WTI Matters: The WTI crude oil price serves as the benchmark for oil produced and consumed in the United States. Unlike Brent crude (the international benchmark), WTI oil price specifically reflects North American market conditions. The WTI chart shows prices for delivery at Cushing, Oklahoma, a major pipeline hub and storage facility.
WTI Price Drivers: The WTI oil price responds to US crude production (especially shale output), refinery utilization rates, gasoline demand during summer driving season, heating oil demand in winter, and weekly inventory changes reported by the EIA. The WTI crude oil price can diverge from Brent based on US-specific factors like pipeline bottlenecks or regional refinery outages.
Cushing Inventories: Storage levels at Cushing, Oklahoma directly impact the WTI oil price. When inventories build rapidly, the WTI crude oil price often weakens as physical supply overwhelms local demand. When storage levels decline, the WTI chart typically shows price strength as supplies tighten.
WTI vs Brent Spread: The WTI oil price traditionally traded at a small premium to Brent crude, but reversed to a discount after 2011 when US shale production surged. The spread between WTI and Brent crude can range from parity to $10+ per barrel, reflecting transportation costs, quality differences, and regional supply-demand balances visible on the WTI chart.