• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 5 hours The United States produced more crude oil than any nation, at any time.
  • 9 hours China deletes leaked stats showing plunging birth rate for 2023
  • 5 days Bad news for e-cars keeps coming
  • 11 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

WTI Crude Oil Futures And News

The current price of West Texas Intermediate (WTI) crude oil today is $78.45 per barrel. Live charts, historical data, futures contracts, and breaking news on WTI prices can be found below.

WTI Jul 2024
78.45
-0.17 (-0.22%)
Open
77.96
Day Range
77.73 - 79.15
Volume
217.3K
5 Day
+0.91%
1 Month
-0.18%
3 Month
-1.48%
YTD
+8.26%
1 Year
+12.95%

Futures Contracts

Contract
Last
Change
Open
High
Low
Date
78.45
-0.17
77.96
79.15
77.73
14/06
78.05
-0.21
77.65
78.8
77.42
14/06
77.55
-0.27
77.3
78.38
77.08
14/06
76.98
-0.33
76.83
77.86
76.63
14/06
76.41
-0.37
76.32
77.32
76.15
14/06
75.87
-0.38
75.81
76.81
75.65
14/06
75.37
-0.38
75.36
76.31
75.15
14/06
74.91
-0.4
75
75.86
74.7
14/06
74.48
-0.41
74.54
75.43
74.34
14/06
74.07
-0.41
74.87
75.01
74.04
14/06
73.68
-0.42
73.9
74.62
73.56
14/06
73.31
-0.42
73.42
74.26
73.09
14/06
72.94
-0.41
73.42
73.42
72.94
14/06
72.59
-0.41
72.5
72.94
72.29
14/06
72.26
-0.42
72.26
72.91
72.26
14/06
71.95
-0.42
71.95
71.95
71.95
14/06
71.68
-0.4
72.21
72.21
71.68
14/06
71.41
-0.4
71.58
72.3
71.21
14/06
71.1
-0.4
71.65
71.65
71.1
14/06
70.8
-0.39
71.34
71.34
70.8
14/06
70.51
-0.39
70.51
71.11
70.51
14/06
70.24
-0.38
70.79
70.79
70.24
14/06
70.02
-0.37
70.02
70.02
70.02
14/06
69.8
-0.37
70.07
70.56
69.7
14/06
69.54
-0.36
69.54
69.54
69.54
14/06
69.29
-0.36
69.29
69.29
69.29
14/06
69.06
-0.36
69.06
69.61
69.06
14/06
68.86
-0.35
68.86
68.86
68.86
14/06
68.69
-0.35
68.69
68.69
68.69
14/06
68.51
-0.34
68.77
69.27
68.35
14/06
68.29
-0.33
68.29
68.29
68.29
14/06
68.1
-0.33
68.1
68.1
68.1
14/06
67.9
-0.32
67.9
68.31
67.9
14/06
67.73
-0.31
67.73
67.73
67.73
14/06
67.57
-0.31
67.57
67.57
67.57
14/06
67.43
-0.3
67.75
68.05
67.43
14/06
67.24
-0.29
67.24
67.24
67.24
14/06
67.03
-0.3
67.03
67.03
67.03
14/06
66.89
-0.3
66.89
66.89
66.89
14/06
66.78
-0.29
66.78
66.78
66.78
14/06
66.65
-0.27
66.65
66.65
66.65
14/06
66.56
-0.26
66.83
66.91
66.56
14/06
66.4
-0.26
66.4
66.4
66.4
14/06
66.25
-0.25
66.25
66.25
66.25
14/06
66.13
-0.25
66.13
66.13
66.13
14/06
66.03
-0.24
66.03
66.03
66.03
14/06
65.9
-0.24
65.9
65.9
65.9
14/06
65.81
-0.23
65.81
65.81
65.81
14/06
65.68
-0.22
65.68
65.68
65.68
14/06
65.56
-0.21
65.56
65.56
65.56
14/06
65.48
-0.21
65.48
65.48
65.48
14/06
65.41
-0.2
65.41
65.41
65.41
14/06
65.31
-0.19
65.31
65.31
65.31
14/06
65.23
-0.18
65.23
65.23
65.23
14/06
65.09
-0.18
65.09
65.09
65.09
14/06
65
-0.18
65
65
65
14/06
64.92
-0.18
64.92
64.92
64.92
14/06
64.85
-0.18
64.85
64.85
64.85
14/06
64.79
-0.18
64.79
64.79
64.79
14/06
64.71
-0.18
64.71
64.71
64.71
14/06
64.62
-0.18
64.62
64.62
64.62
14/06
64.54
-0.18
64.54
64.54
64.54
14/06
64.49
-0.18
64.49
64.49
64.49
14/06
64.45
-0.18
64.45
64.45
64.45
14/06
64.39
-0.18
64.39
64.39
64.39
14/06
64.34
-0.18
64.34
64.34
64.34
14/06
64.26
-0.18
64.26
64.26
64.26
14/06
64.21
-0.18
64.21
64.21
64.21
14/06
64.16
-0.18
64.16
64.16
64.16
14/06
64.1
-0.18
64.1
64.1
64.1
14/06
64.04
-0.18
64.04
64.04
64.04
14/06
63.98
-0.18
63.98
63.98
63.98
14/06
63.91
-0.18
63.91
63.91
63.91
14/06
63.87
-0.18
63.87
63.87
63.87
14/06
63.84
-0.18
63.84
63.84
63.84
14/06
63.81
-0.18
63.81
63.81
63.81
14/06
63.79
-0.18
63.79
63.79
63.79
14/06
63.77
-0.18
63.77
63.77
63.77
14/06
63.71
-0.18
63.71
63.71
63.71
14/06
63.67
-0.18
63.67
63.67
63.67
14/06
63.62
-0.18
63.62
63.62
63.62
14/06
63.58
-0.18
63.58
63.58
63.58
14/06
63.55
-0.18
63.55
63.55
63.55
14/06
63.55
-0.18
63.55
63.55
63.55
14/06
63.53
-0.18
63.53
63.53
63.53
14/06
63.52
-0.18
63.52
63.52
63.52
14/06
63.52
-0.18
63.52
63.52
63.52
14/06
63.52
-0.18
63.52
63.52
63.52
14/06
63.52
-0.18
63.52
63.52
63.52
14/06
63.54
-0.18
63.54
63.54
63.54
14/06
63.5
-0.18
63.5
63.5
63.5
14/06
63.46
-0.18
63.46
63.46
63.46
14/06
63.44
-0.18
63.44
63.44
63.44
14/06
63.43
-0.18
63.43
63.43
63.43
14/06
63.37
-0.18
63.37
63.37
63.37
14/06
63.37
-0.18
63.37
63.37
63.37
14/06
63.39
-0.18
63.39
63.39
63.39
14/06
63.41
-0.18
63.41
63.41
63.41
14/06
63.4
-0.18
63.4
63.4
63.4
14/06
63.33
-0.18
63.33
63.33
63.33
14/06
63.29
-0.18
63.29
63.29
63.29
14/06
63.22
-0.18
63.22
63.22
63.22
14/06
63.16
-0.18
63.16
63.16
63.16
14/06
63.15
-0.18
63.15
63.15
63.15
14/06
63.14
-0.18
63.14
63.14
63.14
14/06
63.13
-0.18
63.13
63.13
63.13
14/06
63.16
-0.18
63.16
63.16
63.16
14/06
63.14
-0.18
63.14
63.14
63.14
14/06
63.16
-0.18
63.16
63.16
63.16
14/06
63.19
-0.18
63.19
63.19
63.19
14/06
63.2
-0.18
63.2
63.2
63.2
14/06
63.23
-0.18
63.23
63.23
63.23
14/06
63.2
-0.18
63.2
63.2
63.2
14/06
63.17
-0.18
63.17
63.17
63.17
14/06
63.1
-0.18
63.1
63.1
63.1
14/06
63.12
-0.18
63.12
63.12
63.12
14/06
63.08
-0.18
63.08
63.08
63.08
14/06
63.07
-0.18
63.07
63.07
63.07
14/06
63.11
-0.18
63.11
63.11
63.11
14/06
63.09
-0.18
63.09
63.09
63.09
14/06

Latest WTI Crude Oil news and articles

OPEC’s Trillion-Dollar Bet Against U.S. Shale

Jun 14, 2024 at 17:00 | Robert Rapier

Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In…

U.S. Crude Is Dominating Global Oil Markets

Jun 13, 2024 at 19:00 | Alex Kimani

A couple of years ago, British oil and gas supermajor BP Plc (NYS:BP) lamented that the North Sea crude price Dated…

Oil Drops on Inventory Build

Jun 12, 2024 at 09:38 | Irina Slav

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 3.7…

U.S. Crude Production Growth Challenges OPEC+ Control Over Prices

Jun 12, 2024 at 16:00 | Robert Rapier

The OPEC+ alliance, which includes Saudi Arabia and Russia, two of the world’s Top 3 oil producing countries,…

U.S. Oil, Gas Activity Declines

Jun 07, 2024 at 12:17 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States fell this week, according to…

Growth in U.S. Oil and Gas Output Slows Down

Jun 09, 2024 at 16:00 | Tsvetana Paraskova

Oil and gas production in the United States hit record highs at the end of 2023 but has since trended…

Hopes of Fed Cut Jolts Oil Prices

Jun 07, 2024 at 09:00 | Michael Kern

Brent crude jumped above $80 per barrel again on Friday morning following the ECB…

Oil Price Outlook More Bullish Than Selloff Suggests: Fund Manager

Jun 07, 2024 at 05:00 | Irina Slav

The selloff triggered by te OPEC+ announcement it may roll back some production cuts was unjustified and the…

Oil Prices Set for Third Weekly Loss in a Row

Jun 07, 2024 at 01:00 | Irina Slav

Crude oil prices were on course to end the week with the third consecutive loss after OPEC+’s latest…

Oil Under Pressure As EIA Confirms Rising Crude, Fuel Inventories

Jun 05, 2024 at 09:38 | Irina Slav

Crude oil prices moved lower today, after the U.S. Energy Information Administration reported an estimated inventory build of 1.2…

What Does OPEC’s Strategy Shift Mean for the Oil Market?

Jun 05, 2024 at 09:00 | ZeroHedge

By John Kemp, senior energy analyst Oil futures prices have fallen to the lowest level for…

Why Oil Markets Reacted Negatively to the OPEC+ Announcement

Jun 04, 2024 at 18:00 | Irina Slav

On Sunday, the Organisation of Petroleum Exporting Countries and their partners in OPEC+ agreed to extend a set of production…

Oil Prices Fall as Bearish Sentiment Builds

Jun 04, 2024 at 05:58 | Michael Kern

Oil prices are under pressure as bearish sentiment builds due to OPEC+ underwhelming the market with its commitment to extend…

Oil Prices Shed Over 3% As Market Digests OPEC+ Move

Jun 03, 2024 at 11:16 | Tom Kool

Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below…

China Secures Key Strategic Iraqi Gas Field

Jun 03, 2024 at 17:00 | Simon Watkins

The awarding last week of the exploration and production (E&P) contract for Iraq’s second biggest gas field to a Chinese…

U.S. Oil, Gas Drillers Stuck In A Rut

May 31, 2024 at 12:19 | Julianne Geiger

The total number of active drilling rigs for oil and gas in the United States saw no change this week,…

76% of Small Offshore Oil Companies at Risk

May 31, 2024 at 10:00 | ZeroHedge

Authored by Pete McGinnis via RealClearPolicy, In June 2023, the Bureau of Ocean Energy Management…

Oil Slides as EIA Reports Crude Inventory Decline, Fuel Builds

May 30, 2024 at 10:57 | Irina Slav

Crude oil prices sunk following the Energy Information Administration’s report of an estimated…

Europe Seeks to End Reliance on Russian Energy

May 29, 2024 at 17:00 | Alex Kimani

Over the past two years, Europe has rapidly distanced itself from Russia’s energy commodities in protest to Russia’s war in…

Global Oil Market on Edge Ahead of OPEC+ Meeting

May 28, 2024 at 09:00 | ZeroHedge

By Jake Lloyd-Smith, Bloomberg Markets Live reporter and strategist The global oil market is in OPEC+ walk-up mode.…

What are Oil Futures?


Oil futures are financial contracts that allow participants to buy or sell a specific quantity of oil at a predetermined price on a future date. These contracts serve as an agreement between the buyer and the seller to facilitate the delivery of oil or the cash settlement of the contract at the expiration date.

Oil futures are traded on commodities exchanges, such as the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE). These exchanges provide a platform for participants to buy or sell oil futures contracts.

The Specifics of Oil Futures


Contract Specifications: Each oil futures contract specifies the quantity of oil (usually measured in barrels) and the month in which the oil will be delivered to the buyer (e.g., January, February, etc.).

Long and Short Positions: Traders can take either a long position (buying) or a short position (selling) in the oil futures market. Long positions profit from rising oil prices, while short positions profit from falling prices.

Price Speculation: Traders analyze various factors like supply and demand, geopolitical events, and economic indicators to predict future oil prices. Speculators who trade oil futures before the delivery date will not come into contact with either the seller or the oil.

Margin Requirements: To trade oil futures, participants must deposit an initial margin, which is a fraction of the contract's total value. This margin acts as collateral to cover potential losses.

Trading and Settlement: Oil futures are typically traded electronically. If a trader holds a contract until its expiration, they must either settle it by physical delivery of the oil or offset their position by taking an opposing trade before the contract's last trading day. While WTI contracts must be settled by physical delivery, Brent contracts can be settled financially due to technicalities in how the ICE Brent futures are set up.

Front Month Contract: When you hear terms like ‘the current price of oil’ or ‘oil is trading at $X today’, these statements refer to the front month contract. The front month contract is the oil futures contract with an expiration date closest to the current date. In late May, the front month contract will be for July.

Rollover: When the rollover date approaches, traders who wish to maintain their exposure to oil while avoiding the physical delivery of oil will close their positions in the expiring contract and simultaneously open positions in the next contract month. This process is known as rolling over the futures contract.

Brent vs. WTI Crude Oil Futures:


Brent and West Texas Intermediate (WTI) are the two most widely traded crude oil benchmarks, the key differences between them being:

1. Geographic Location: Brent crude oil is extracted from oil fields in the North Sea, off the coast of Europe, while WTI is sourced from the United States, primarily from Texas, Louisiana, and North Dakota.

2. Composition: Brent crude oil is a blend of oil from multiple fields, making it a mixture of various qualities. WTI is a lighter and sweeter crude oil with a lower sulfur content, making it easier to refine.

3. Pricing and Global Impact: Brent crude oil is considered the global benchmark and influences oil prices in Europe, Africa, and the Middle East. WTI, on the other hand, primarily affects prices in North America. However, both benchmarks impact the overall global oil market.

While Brent and WTI have distinct characteristics, their prices are interconnected. Global events, supply and demand factors, and market sentiment can cause prices to converge or diverge between the two benchmarks.

FAQs

+

What are WTI and Brent oil futures?

WTI (West Texas Intermediate) and Brent are two major benchmarks for crude oil prices. WTI represents oil extracted in the United States, primarily from wells in Texas, while Brent represents oil extracted from the North Sea, primarily in the United Kingdom. WTI and Brent oil futures are financial contracts that allow participants to speculate on the future price of crude oil.

+

How do WTI and Brent oil futures work?

WTI and Brent oil futures are standardized contracts traded on futures exchanges. Each contract represents a specific quantity (typically 1,000 barrels) of oil to be delivered at a specified future date. Traders can buy or sell these contracts, aiming to profit from price fluctuations. The futures price reflects market expectations for the future value of oil.

+

What factors influence the prices of WTI and Brent oil futures?

Various factors influence the prices of WTI and Brent oil futures, including global supply and demand dynamics, geopolitical events, production cuts or increases by major oil-producing countries, economic growth, currency fluctuations, and weather conditions. Additionally, factors specific to each benchmark, such as infrastructure constraints or political stability in the respective regions, can affect their prices.

+

How are WTI and Brent oil futures priced?

The pricing of WTI and Brent oil futures is based on the underlying spot prices of the respective crude oils. Spot prices represent the current market value of oil for immediate delivery. Futures prices are determined by market participants' expectations of future supply, demand fundamentals, conditions, storage costs, interest rates, and other relevant factors. The relationship between the futures and spot prices is influenced by market sentiment and the cost of carrying oil inventories.

+

What is the difference between WTI and Brent oil futures?

There are two main differences between WTI and Brent, the location from which they are sourced and the quality of the oil. These two factors lead to a price difference between the two termed the ‘spread’ which will change depending on different supply/demand dynamics and geopolitical influences.

Location: WTI is primarily produced and delivered in the United States, while Brent represents oil from the North Sea region.

Quality: WTI is considered a "light sweet" crude oil, which is easier to refine, while Brent is a blend of crude oils, including both "light sweet" and "heavy sour" grades.

+

Who trades WTI and Brent oil futures?

A wide range of participants trade WTI and Brent oil futures, including oil producers, refiners, physical traders, financial institutions, hedge funds, and individual investors. These contracts provide an avenue for market participants to manage their exposure to crude oil price movements or speculate on future price changes.

+

Where can one trade WTI and Brent oil futures?

WTI and Brent oil futures are primarily traded on major futures exchanges, such as the New York Mercantile Exchange (NYMEX) for WTI and the Intercontinental Exchange (ICE) for Brent. These exchanges offer electronic trading platforms where traders can execute transactions and manage their positions.

+

Are WTI and Brent oil futures suitable for individual investors?

WTI and Brent oil futures can be suitable for individual investors, but they come with inherent risks. Futures trading involves leverage, meaning that a small change in the futures price can result in significant gains or losses. It requires a deep understanding of the oil market, risk management techniques, and the ability to monitor positions actively. Individual investors should carefully assess their risk tolerance and consider seeking professional advice before engaging in oil futures trading.

+

How are WTI and Brent oil futures settled?

WTI futures contracts are typically settled through physical delivery. If a trader holds a contract until expiration and does not offset or roll over the position, they must provide or take delivery of the actual crude oil. Brent futures, on the other hand, can be settled financially. The final settlement price is determined by the average of daily spot prices over a specific period, and cash is exchanged based on the price difference between the futures contract and the spot price.

+

Can WTI and Brent oil futures be used for hedging purposes?

Yes, WTI and Brent oil futures are commonly used for hedging purposes by participants in the oil industry. Oil producers, refiners, and other market participants often utilize futures contracts to manage their exposure to price volatility. By taking positions in oil futures, they can offset potential losses from adverse price movements in the physical market, providing a form of insurance against price risks.



Oilprice - The No. 1 Source for Oil & Energy News