WTI Crude Oil Price Today

About WTI Crude Oil

West Texas Intermediate (WTI) is a light, sweet crude oil that serves as the primary pricing benchmark for oil in the United States. It is traded on the New York Mercantile Exchange (NYMEX) under the futures ticker CL=F. WTI has a lower sulfur content and higher API gravity than Brent crude, making it easier and cheaper to refine into gasoline and diesel.

The WTI delivery point is in Cushing, Oklahoma, a major oil storage hub where several pipelines converge. The price at Cushing is influenced by local supply and demand dynamics as well as broader global factors. The US shale revolution has made WTI increasingly relevant as US production has grown to over 13 million barrels per day.

The spread between WTI and Brent crude oil (the Brent-WTI spread) is closely watched by traders. Historically, WTI traded at a premium to Brent, but since around 2010, Brent has typically been more expensive due to pipeline bottlenecks in the US and stronger international demand for the Brent benchmark.

Key Market Drivers

WTI prices are influenced by the weekly EIA crude oil inventory report, published every Wednesday. A larger-than-expected inventory build suggests weak demand and pushes prices lower, while a drawdown indicates strong demand and supports higher prices. The API (American Petroleum Institute) report on Tuesday evening provides an early indication.

US refinery utilization rates, particularly during the summer driving season and winter heating season, affect WTI demand. OPEC+ production decisions and geopolitical events in major oil-producing regions also drive price movements.