West Texas Intermediate
a.k.a. WTI, US crude, Texas light sweet
The main US benchmark grade of crude oil, priced for delivery at Cushing, Oklahoma.
West Texas Intermediate (WTI) is a light, low-sulphur ("sweet") crude produced in the US, and the benchmark for American oil prices. Its main futures contract trades in New York, with delivery at a storage hub in Cushing, Oklahoma.
In April 2020, with lockdowns gutting demand and storage tanks nearly full, the expiring WTI contract briefly traded below zero: sellers paid buyers to take the oil away. It is usually priced a little differently from Brent, the international benchmark.
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