“Hey Greg, What’s the Current Price on WTI, Brent Crude, and Natural Gas for October 27, 2024?”
Check our pricing tools for the latest numbers.
West Texas Intermediate (WTI) crude oil is a high-quality, light, and sweet grade of crude oil. It serves as one of the main global oil benchmarks, along with Brent crude. WTI is primarily sourced from inland Texas and is easily refined. It is the underlying commodity for the New York Mercantile Exchange’s oil futures contract. WTI is compared to Brent crude, which is the benchmark for two-thirds of the world’s oil contracts based on oil extracted in the North Sea.
WTI is delivered and settled at the Cushing hub in Oklahoma, which is a major oil storage and transportation hub. It has significant storage capacity and serves as a crucial point for oil exchange and pricing. While WTI is considered a high-quality oil, its price can trade at a discount to Brent crude due to market dynamics, including increased production from the shale boom in the U.S. and transportation costs when competing in Brent crude’s market.
Brent crude, also known as Brent blend, is one of the three major oil benchmarks used in trading oil contracts, futures, and derivatives. The other two benchmarks are West Texas Intermediate (WTI) and Dubai/Oman. Oil benchmarks are important for traders to identify the specific type of oil being traded, as different oils have varying values based on their use in different industries and transportation considerations.
Brent crude is the most widely traded oil benchmark and is sourced primarily from oilfields in the North Sea, including Brent, Forties, Oseberg, and Ekofisk (collectively known as BFOE). It is a highly desirable oil type due to its sweet and light characteristics, making it easy to refine into diesel fuel and gasoline. Additionally, its production at sea allows for relatively straightforward transportation, further contributing to its popularity in trading.
Natural gas is a fossil fuel composed primarily of methane, along with other compounds such as natural gas liquids (NGLs), carbon dioxide, and water vapor. It is used as a fuel and in the production of materials and chemicals. Natural gas is formed over millions of years from the remains of plants and animals that were buried and subjected to pressure and heat, resulting in the transformation of carbon and hydrogen-rich material into coal, oil, and natural gas.
Natural gas deposits can be found in different types of geologic formations, including conventional reservoirs, shale formations, and coal deposits.
The natural gas industry plays a significant role in the energy supply of the United States, with most of the natural gas consumed being produced domestically. Some natural gas is also imported from Canada, Mexico, and other countries as liquefied natural gas.
More About Current Oil Prices
Geopolitical Uncertainty Pushes Oil Prices to New Heights: Analyzing the Surge
For direct participation investors in the oil and gas industry, these geopolitical events create a unique set of opportunities.
Horizon of Supply Chain Solutions
These issues highlighted the vulnerabilities in oil and gas supply chains, revealing a pressing need for modernization.
Oil Prices Hold Steady Amid US Inventory Drop and Libya Supply Concerns
For direct participation investors and prospective investors, the recent rise in oil prices presents a notable opportunity.
Betting on the Future
This expanded version highlights the durability of oil as a resource and the vast opportunities available for investors in the oil and natural gas sector.
BP Reverses Decision to Cut Oil and Gas Production
The energy industry is at a pivotal moment, and BP’s strategic direction reinforces the essential role of fossil fuels in ensuring a stable, secure energy future.
5 Invest-smart Tips for those New to the Oil and Gas Industry
The right strategies and a clear understanding of the market, even those new to oil and gas can find success.