WTI Crude
WTI Crude Price
| Date | Price US$ per bbl | Price US $ per MT | Long Tons | US Gallons,$ |
|---|---|---|---|---|
| 2023-02-18 | $76 | 560 | 569 | 1.82 |
| 2023-02-16 | $79 | 577 | 587 | 1.87 |
| 2023-02-15 | $79 | 576 | 585 | 1.87 |
| 2023-02-14 | $79 | 580 | 589 | 1.88 |
| 2023-02-13 | $80 | 587 | 597 | 1.91 |
| 2023-02-10 | $80 | 584 | 594 | 1.9 |
| 2023-02-09 | $78 | 572 | 582 | 1.86 |
| 2023-02-08 | $78 | 575 | 585 | 1.87 |
| 2023-02-07 | $77 | 565 | 575 | 1.84 |
| 2023-02-06 | $74 | 543 | 552 | 1.76 |
| 2023-02-06 | $74 | 544 | 553 | 1.77 |
| 2023-02-06 | $74 | 545 | 554 | 1.77 |
| 2023-02-06 | $74 | 544 | 553 | 1.77 |
| 2023-02-06 | $74 | 544 | 553 | 1.77 |
| 2023-02-06 | $74 | 543 | 552 | 1.76 |
| 2023-02-06 | $74 | 543 | 552 | 1.76 |
| 2023-02-06 | $74 | 542 | 550 | 1.76 |
| 2023-02-06 | $74 | 542 | 551 | 1.76 |
| 2023-02-06 | $74 | 543 | 552 | 1.76 |
| 2023-02-06 | $74 | 543 | 552 | 1.76 |
| 2023-02-06 | $74 | 542 | 551 | 1.76 |
| 2023-02-06 | $74 | 541 | 550 | 1.76 |
| 2023-02-06 | $74 | 542 | 551 | 1.76 |
| 2023-02-06 | $74 | 541 | 550 | 1.76 |
| 2023-02-06 | $74 | 541 | 550 | 1.76 |
| 2023-02-06 | $74 | 541 | 550 | 1.76 |
| 2023-02-06 | $74 | 540 | 549 | 1.75 |
| 2023-02-06 | $74 | 540 | 549 | 1.75 |
| 2023-02-06 | $74 | 540 | 549 | 1.75 |
| 2023-02-06 | $74 | 539 | 548 | 1.75 |
WTI Crude Historical price
- In 2017 maximum price $60 per bbl (2017-12-28)
- In 2018 maximum price $45 per bbl (2018-12-28)
- In 2019 maximum price $62 per bbl (2019-12-30)
- In 2020 maximum price $48 per bbl (2020-12-30)
- In 2021 maximum price $75 per bbl (2021-12-31)
- In 2022 maximum price $78 per bbl (2022-12-29)
- In 2023 maximum price $76 per bbl (2023-02-18)
WTI Crude Oil: Understanding the Market and its Influences
Crude oil is a crucial component of the global energy market and a major indicator of economic growth and stability. The West Texas Intermediate (WTI) crude oil benchmark is used to price nearly two-thirds of the world's oil supplies and serves as a key reference for the industry. In this article, we will explore the market dynamics of WTI crude oil, its major influences, and how it impacts the global economy.
H2: Understanding the WTI Crude Oil Market WTI crude oil is a light, sweet crude oil that is primarily extracted in the Permian Basin of West Texas. It is favored by refiners due to its low sulfur content and ease of refining into gasoline, diesel, and other products. The WTI benchmark serves as a benchmark for crude oil prices in the North American market and is widely used as a reference for international crude oil prices.
H2: Factors That Influence WTI Crude Oil Prices The price of WTI crude oil is influenced by a variety of factors, including global supply and demand, geopolitical tensions, natural disasters, and economic conditions.
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Supply and Demand: The balance between supply and demand is one of the most significant factors that influence WTI crude oil prices. If demand for oil is high, prices will generally rise. Conversely, if supply is greater than demand, prices will generally fall.
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Geopolitical Tensions: Political instability and conflict in oil-producing countries can disrupt supply, leading to higher prices. For example, the ongoing conflict in the Middle East has a significant impact on crude oil prices.
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Natural Disasters: Natural disasters, such as hurricanes and earthquakes, can disrupt oil production and transportation, leading to price spikes.
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Economic Conditions: The health of the global economy also plays a role in WTI crude oil prices. A strong economy generally leads to higher demand for oil and higher prices, while a weak economy reduces demand and pushes prices down.
H2: The Impact of WTI Crude Oil on the Global Economy WTI crude oil prices have a significant impact on the global economy, affecting everything from the cost of gasoline to the price of consumer goods. Higher crude oil prices result in higher fuel costs for consumers and businesses, reducing disposable income and slowing economic growth. On the other hand, lower crude oil prices can stimulate economic growth by increasing consumer spending and reducing the cost of doing business.
In conclusion, WTI crude oil is a critical component of the global energy market, and its price is influenced by a variety of factors, including supply and demand, geopolitical tensions, natural disasters, and economic conditions. Understanding the market dynamics of WTI crude oil and its major influences is essential for anyone who wants to stay informed about the state of the global economy.
List:
- Understanding the WTI Crude Oil Market
- Factors That Influence WTI Crude Oil Prices
- Supply and Demand
- Geopolitical Tensions
- Natural Disasters
- Economic Conditions
- The Impact of WTI Crude Oil on the Global Economy
FAQs on WTI Crude Oil
What is WTI Crude Oil? WTI crude oil is a light, sweet crude oil that is primarily extracted in the Permian Basin of West Texas. It serves as a benchmark for crude oil prices in the North American market and is widely used as a reference for international crude oil prices.
How is WTI Crude Oil priced? The price of WTI crude oil is determined by the global supply and demand, geopolitical tensions, natural disasters, and economic conditions. The balance between supply and demand is one of the most significant factors that influence WTI crude oil prices.
Why is WTI Crude Oil considered important? WTI crude oil is considered important because it is a crucial component of the global energy market and a major indicator of economic growth and stability. Its price is widely used as a reference for international crude oil prices and has a significant impact on the global economy.
How does geopolitical tension impact WTI Crude Oil prices? Geopolitical tensions, such as conflict in oil-producing countries, can disrupt supply, leading to higher crude oil prices. Political instability in these countries can result in supply disruptions and price spikes.
What is the impact of natural disasters on WTI Crude Oil prices? Natural disasters, such as hurricanes and earthquakes, can disrupt oil production and transportation, leading to price spikes. This is because the infrastructure and equipment used for oil production and transportation can be damaged or destroyed during these events, causing supply disruptions and higher prices.
Further Resources and Information on WTI Crude Oil
For further information on WTI crude oil, its prices, and market trends, interested parties can visit the following reliable and informative sources:
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The United States Energy Information Administration (EIA): The EIA is a government agency that provides reliable and comprehensive data on energy markets, including crude oil.
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The West Texas Intermediate (WTI) page on Investopedia: This page provides a detailed overview of WTI crude oil, its history, and its role in the global energy market.
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The Crude Oil Price Today page on Markets Insider: This page provides up-to-date information on WTI crude oil prices, including charts, analysis, and news.
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The Crude Oil Price Report on Platts: Platts is a leading provider of energy and commodities information and provides daily reports on WTI crude oil prices, including market analysis and news.
By staying informed with these resources, individuals can stay up-to-date on the latest trends and developments in the WTI crude oil market.
