By Volodymyr Kravchenko Updated
WTI ยท US crude ยท Cushing
WTI Crude Oil
West Texas Intermediate โ the US crude benchmark, its drivers, and how it relates to Brent.
WTI (West Texas Intermediate) is the main US crude oil benchmark, and the NYMEX futures contract is delivered at Cushing, Oklahoma. It trades closely with Brent, but US-specific factors such as inventories, Cushing storage and export capacity can pull it away and move the BrentโWTI spread. The EIA publishes US inventory data every Wednesday.
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Price history
Oil's biggest moments
Six turning points. Tap a card to see what happened.
-
1973 ร4in months The first oil shock How did one embargo quadruple the price?
The Arab oil embargo of 1973โ74 roughly quadrupled the posted price of crude, from about $3 to about $12 a barrel, and made oil a geopolitical weapon.
What moves oil prices -
Jul 2008 $147a barrel The all-time high Has oil ever hit $200?
WTI traded at $147.27 intraday on 11 July 2008 and Brent near $147.50. That is still the nominal record: oil has never reached $200.
The $200 question -
Dec 2008 <$40five months later The crash How far can oil fall in five months?
After the financial crisis hit, crude fell from above $140 to below $40 a barrel by December 2008, one of the fastest collapses on record.
Gas at $40 oil -
2011โ13 $100+three years The $100 plateau Can oil stay above $100 for years?
Brent averaged more than $100 a barrel in 2011, 2012 and 2013, the longest stretch at that level so far.
What $110 oil means at the pump -
20 Apr 2020 โ$37.63WTI settlement Oil below zero Why would anyone pay you to take oil?
With storage at Cushing, Oklahoma filling up during lockdowns, the expiring May WTI futures contract settled at โ$37.63. Sellers paid buyers to take delivery.
Watch Cushing stocks weekly -
Mar 2022 $139Brent intraday The war spike How close did Brent get to the record?
After Russia's invasion of Ukraine, Brent touched about $139 on 7 March 2022, within $9 of the 2008 high.
Brent: drivers and chart
Nominal prices, not adjusted for inflation. Sources: EIA, ICE, CME, as cited in our Brent explainer.
What moves WTI crude oil
US inventories and the weekly report
The EIA's Weekly Petroleum Status Report covers crude stocks, Cushing, refinery inputs, gasoline and distillate, imports, exports and production. The market usually reacts to how the numbers compare with expectations.
Cushing storage
Because WTI futures are delivered at Cushing, storage there matters. In April 2020 limited storage and low liquidity before expiry contributed to negative front-month prices.
OPEC and global supply
The EIA notes that OPEC countries produce about 35% of the world's crude and account for about 50% of internationally traded oil, so OPEC decisions matter for WTI as well as Brent.
Expectations and the US dollar
Oil prices reflect expected future supply and demand as well as current conditions (EIA). As a dollar-priced commodity it is also exposed to dollar moves, usually as a background factor.
How WTI crude oil relates to other markets
These are tendencies observed in market data, not rules. They can weaken or reverse, especially during risk events.
- Brent Crude streams tend to move closely together; the EIA notes persistent differentials between grades.
- US Dollar Index (DXY) A dollar-priced commodity: a background factor rather than the main driver.
- Gold (XAU/USD) Both react to the dollar, inflation and risk sentiment, but the link is variable.
Where to check the current state
Marlin does not print prices or levels here, because they go stale. Use the live chart above and these official sources. Sources last checked .
What could change this view
- A sustained change in Cushing stocks or export capacity would alter the US-specific part of the WTI story.
- A change in OPEC output decisions would affect both benchmarks and can shift the spread.
- Contract expiry and rollover periods can create price behaviour that is unrelated to the underlying market.
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Frequently asked questions
What is WTI crude oil?
WTI (West Texas Intermediate) is the main US crude benchmark. Its futures contract is delivered at Cushing, Oklahoma.
Why does WTI react to EIA data?
The weekly EIA report shows US crude stocks, Cushing inventories, refinery activity, imports, exports and production. Oil often moves on how the report compares with expectations.
When is the EIA report released?
Normally on Wednesdays after 10:30 a.m. Eastern time; some holiday weeks are delayed by one day. Check the EIA schedule.
Why did WTI go negative in 2020?
On 20 April 2020 front-month futures traded below zero: limited available storage at Cushing and low liquidity before expiry left holders unable to find buyers, per the EIA.
How this page was prepared
Facts are quoted from EIA pages; the 2020 storage figure is dated and marked VERIFY CURRENT DATA. Relationships are Marlin analysis, described as tendencies. No prices are shown. Anything that could not be verified against a current official source is marked VERIFY CURRENT DATA. Read the full methodology and editorial policy.
Sources (5)
ShowHide
Official or primary sources used for the facts above. Figures and terms change, so check the source before acting on them.
- U.S. Energy Information Administration โ Weekly Petroleum Status ReportWeekly US supply data: stocks, refinery inputs, imports, exports and production.Accessed
- U.S. Energy Information Administration โ Weekly Petroleum Status Report โ release scheduleNormal release: Wednesday after 10:30 a.m. ET; some holiday weeks are delayed by one day.Accessed
- U.S. Energy Information Administration โ Low liquidity and limited available storage pushed WTI crude oil futures prices below zeroCushing, Oklahoma is the WTI futures delivery point; describes 20 April 2020.Accessed
- U.S. Energy Information Administration โ OPEC โ supply and pricesOPEC's role in supply and what drives crude prices.Accessed
- U.S. Energy Information Administration โ Crude oil prices โ what drives themCrude streams move closely together, with persistent differentials between grades.Accessed
This content is provided for educational purposes only and is not investment advice. Trading involves risk, and past performance does not guarantee future results. Affiliate relationships may exist. Always conduct your own independent research before making financial decisions.
Quick question
If oil hit this price, what would you pay at the pump?
US average regular gasoline, EIA cost model. Arithmetic, not a forecast.
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