West Texas Intermediate
West Texas Intermediate Price
| Date | Price US$ per bbl | Price US $ per MT | Long Tons | US Gallons,$ |
|---|---|---|---|---|
| 2023-02-16 | $75 | 550 | 559 | 1.78 |
| 2023-02-15 | $75 | 550 | 559 | 1.79 |
| 2023-02-14 | $76 | 554 | 563 | 1.8 |
| 2023-02-13 | $77 | 562 | 571 | 1.82 |
| 2023-02-10 | $76 | 559 | 568 | 1.81 |
| 2023-02-09 | $75 | 546 | 555 | 1.77 |
| 2023-02-08 | $75 | 549 | 558 | 1.78 |
| 2023-02-07 | $74 | 540 | 548 | 1.75 |
| 2023-02-06 | $71 | 517 | 526 | 1.68 |
| 2023-02-03 | $73 | 534 | 543 | 1.74 |
| 2023-02-02 | $72 | 530 | 539 | 1.72 |
| 2023-02-01 | $73 | 534 | 543 | 1.74 |
| 2023-01-31 | $75 | 552 | 561 | 1.79 |
| 2023-01-30 | $74 | 545 | 554 | 1.77 |
| 2023-01-27 | $76 | 558 | 567 | 1.81 |
| 2023-01-19 | $77 | 563 | 572 | 1.83 |
| 2023-01-18 | $76 | 557 | 566 | 1.81 |
| 2023-01-17 | $77 | 562 | 571 | 1.83 |
| 2023-01-13 | $76 | 560 | 569 | 1.82 |
| 2023-01-12 | $75 | 549 | 558 | 1.78 |
| 2023-01-11 | $74 | 542 | 550 | 1.76 |
| 2023-01-10 | $72 | 525 | 533 | 1.7 |
| 2023-01-09 | $71 | 521 | 530 | 1.69 |
| 2023-01-06 | $70 | 515 | 523 | 1.67 |
| 2023-01-05 | $70 | 514 | 523 | 1.67 |
| 2023-01-04 | $69 | 508 | 516 | 1.65 |
| 2023-01-03 | $73 | 538 | 547 | 1.75 |
| 2022-12-30 | $77 | 563 | 572 | 1.83 |
| 2022-12-27 | $76 | 557 | 566 | 1.81 |
| 2022-12-22 | $74 | 542 | 551 | 1.76 |
West Texas Intermediate Historical price
- In 2017 maximum price $56 per bbl (2017-12-28)
- In 2018 maximum price $42 per bbl (2018-12-31)
- In 2019 maximum price $58 per bbl (2019-12-31)
- In 2020 maximum price $45 per bbl (2020-12-31)
- In 2021 maximum price $72 per bbl (2021-12-30)
- In 2022 maximum price $77 per bbl (2022-12-30)
- In 2023 maximum price $75 per bbl (2023-02-16)
West Texas Intermediate Crude Oil: Understanding its Importance and Impact on the Global Energy Market
Crude oil, also known as petroleum, is one of the most valuable natural resources in the world. The West Texas Intermediate (WTI) crude oil is a grade of crude oil used as a benchmark in oil pricing and is the underlying commodity of oil futures contracts traded on the New York Mercantile Exchange (NYMEX). In this article, we will delve deeper into the world of West Texas Intermediate crude oil, its importance, and its impact on the global energy market.
What is West Texas Intermediate Crude Oil?
West Texas Intermediate (WTI) is a type of crude oil that is extracted from the Permian Basin in West Texas and southeast New Mexico. It is known for its high quality, low sulfur content, and is considered to be one of the most important benchmark prices for crude oil globally. The WTI crude oil price serves as a benchmark for crude oil prices not just in the United States but also in other parts of the world.
Why is West Texas Intermediate Crude Oil Important?
WTI crude oil is considered to be a benchmark price for crude oil globally because of its high-quality characteristics and low sulfur content, making it an ideal reference point for global crude oil prices. The WTI crude oil price is used as a reference in the pricing of other types of crude oil, such as Brent crude oil. In addition, the WTI crude oil price is also used as a benchmark in the pricing of petroleum products, such as gasoline and diesel.
The Impact of West Texas Intermediate Crude Oil on the Global Energy Market
The WTI crude oil price is one of the most closely watched indicators of the global energy market, as it affects not just the price of crude oil but also the price of petroleum products, such as gasoline and diesel. The fluctuation of WTI crude oil prices can have a significant impact on the global economy, as it affects the cost of transportation and production of goods, which in turn affects inflation.
Furthermore, the WTI crude oil price is also a significant indicator of the global political and economic situation. For instance, events such as natural disasters, geopolitical tensions, and changes in supply and demand can all have an impact on the WTI crude oil price.
In conclusion, West Texas Intermediate crude oil is a critical component of the global energy market and its impact extends far beyond just the price of crude oil. It is an important reference point for global crude oil prices and affects a wide range of industries and the overall global economy. Understanding the significance and impact of WTI crude oil is essential for anyone looking to invest in the energy sector or stay informed about global economic trends.
Frequently Asked Questions (FAQs)
Here are some frequently asked questions related to West Texas Intermediate crude oil:
1. What is the difference between West Texas Intermediate and Brent crude oil?
Brent crude oil is extracted from the North Sea and is a blend of crude oils from different fields. It is considered to be a benchmark for crude oil prices outside of the United States. In contrast, West Texas Intermediate crude oil is extracted from the Permian Basin in West Texas and southeast New Mexico and is considered to be a benchmark for crude oil prices in the United States.
2. What factors affect the price of West Texas Intermediate crude oil?
Several factors can affect the price of WTI crude oil, including global supply and demand, natural disasters, geopolitical tensions, and changes in OPEC production levels. Additionally, fluctuations in the value of the US dollar can also have an impact on the price of WTI crude oil.
3. How is West Texas Intermediate crude oil transported?
WTI crude oil is transported via pipeline, rail, and truck. The majority of WTI crude oil is transported via pipeline, as it is the most cost-effective method of transportation.
4. How is West Texas Intermediate crude oil used?
WTI crude oil is refined into petroleum products, such as gasoline, diesel, and jet fuel, and is used in a variety of industries, including transportation, manufacturing, and agriculture.
5. Is West Texas Intermediate crude oil a sustainable source of energy?
Like all fossil fuels, West Texas Intermediate crude oil is a finite resource and will eventually be depleted. Additionally, the extraction and use of WTI crude oil can have a significant impact on the environment. However, advances in technology and a growing focus on sustainable energy sources may help mitigate these concerns in the future.
Conclusion
West Texas Intermediate crude oil is a critical component of the global energy market, serving as a benchmark price for crude oil prices in the United States and around the world. Understanding the significance and impact of WTI crude oil is essential for investors, businesses, and individuals looking to stay informed about the global economy and energy sector. By considering the FAQs and information in this article, you can gain a better understanding of this essential commodity and its role in the world today.
Sources
To compile this article, we used information from a range of reputable sources, including:
- U.S. Energy Information Administration: https://www.eia.gov/
- Investopedia: https://www.investopedia.com/terms/w/wti.asp
- The Balance: https://www.thebalance.com/west-texas-intermediate-crude-oil-3306320
- Oil Price: https://oilprice.com/oil-price-charts
- MarketWatch: https://www.marketwatch.com/investing/future/crude oil - electronic
We encourage readers to explore these sources to learn more about West Texas Intermediate crude oil and the energy sector in general. By staying informed and knowledgeable, you can make better-informed decisions about investing, business, and personal finance.
