Crude Oil (WTI)
West Texas Intermediate is the primary benchmark for North American crude oil pricing. WTI is a light sweet crude with an API gravity of around 39.6 and sulfur content below 0.24%, making it ideal for gasoline refining. It is delivered and priced at Cushing, Oklahoma.
- WTI Midland
- WTI Cushing
- Light Sweet
- FOB
- CIF
- DAP
Crude Oil (WTI), in brief.
- Common origins
- United States
- Canada
- Mexico
- Colombia
- Brazil
- Common destinations
- China
- South Korea
- India
- Japan
- Taiwan
- Grades and specifications
- WTI Midland
- WTI Cushing
- Light Sweet
- Incoterms
- FOB
- CIF
- DAP
- Unit of measure
- Barrels
What moves Crude Oil (WTI) pricing
WTI is the NYMEX-traded benchmark settling at Cushing, Oklahoma. The forward curve reflects pipeline takeaway capacity from the Permian (Wink-to-Webster, Cactus II, EPIC), refinery utilization on the Gulf Coast, and Cushing inventory levels reported weekly by EIA. The WTI-Brent spread is the single most-watched arbitrage indicator: when it widens beyond freight + handling (typically $5-8/bbl), US barrels move East. The MEH (Magellan East Houston) and HOU (Houston) pricing locations have grown into independent benchmarks for waterborne WTI cargoes.
How Crude Oil (WTI) cargoes are priced and settled
WTI FOB Houston (or MEH) cargoes typically run 500,000-700,000 barrels for VLCC reverse-lightering operations, or full VLCC cargoes of ~2 million barrels loaded via SPM at Corpus Christi or LOOP. Pricing references CMA (calendar-month average) of NYMEX WTI plus or minus a differential. The differential captures pipeline cost, quality adjustment, and Gulf Coast freight to the loadport.
Crude Oil (WTI) specifications and dispute practice
WTI is light sweet (API ~39.6, sulfur <0.24%). Disputes commonly arise around mercaptans, hydrogen sulfide, and TAN. The shift from purely pipeline-traded WTI to seaborne cargo trade has introduced new specs covering vapor pressure (Reid Vapor Pressure under 9.5 psi for some buyers) and metal contaminants relevant to Asian refiners.
Where Crude Oil (WTI) comes from and where it goes
Permian production reaches the Gulf Coast via pipeline, then loads at Corpus Christi (the dominant US crude export terminal), Houston, Beaumont, and LOOP. Top destinations are South Korea, Netherlands, China, India, and Taiwan. The 2015 export ban repeal turned the US from net importer to the world's largest crude exporter by 2023, with seaborne WTI now setting marginal Asian refining economics alongside Brent.
Who trades Crude Oil (WTI)?
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Related market pages.
- Crude Oil (Brent)Brent crude is the leading global price benchmark for Atlantic basin crude oils. Extracted from the North Sea, it serves as the reference price for approximately two-thirds of the world's internationally traded crude oil supplies. Brent is a light, sweet crude prized for its relatively low sulfur content and ease of refining.
- Diesel/GasoilDiesel and gasoil are middle-distillate refined products used extensively in transportation, heating, and industrial power generation. European gasoil (EN 590) is a key benchmark traded on ICE, while ultra-low sulfur diesel (ULSD) dominates markets with strict emissions regulations.
- Fuel OilFuel oil is a heavy residual product of crude oil refining, used primarily in marine bunkering, power generation, and industrial heating. The IMO 2020 regulation shifted demand toward very-low-sulfur fuel oil (VLSFO), while high-sulfur fuel oil (HSFO) remains traded for scrubber-equipped vessels.
- Jet Fuel (Aviation)Jet fuel, primarily Jet A-1, is a kerosene-type aviation turbine fuel meeting stringent international specifications for flash point, freeze point, and thermal stability. Global demand exceeds 300 million metric tons annually, driven by commercial and military aviation.
- LPGLiquefied Petroleum Gas is a versatile hydrocarbon fuel comprising propane and butane, used in residential cooking, heating, petrochemical feedstock, and automotive fuel. LPG is transported in pressurized vessels and traded on both spot and term-contract bases from major Middle Eastern and US producers.
- LNGLiquefied Natural Gas is natural gas cooled to -162 degrees Celsius for efficient long-distance transport by specialized tankers. Global LNG trade has surged as nations diversify energy supplies. Major pricing hubs include the JKM (Japan-Korea Marker) and Henry Hub-linked contracts.
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