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Breaking News:

OPEC Lifts Production in February

WTI Crude Oil Futures And News

The current price of West Texas Intermediate (WTI) crude oil today is $79.97 per barrel. Live charts, historical data, futures contracts, and breaking news on WTI prices can be found below.

WTI Apr 2024
79.97
+1.71 (+2.19%)
Open
78.28
Day Range
78.05 - 80.85
Volume
334.6K
5 Day
+4.68%
1 Month
+7.42%
3 Month
+7.12%
YTD
+9.95%
1 Year
+8.18%

Futures Contracts

Contract
Last
Change
Open
High
Low
Date
79.97
+1.71
78.28
80.85
78.05
01/03
79.09
+1.64
77.49
79.87
77.3
01/03
78.33
+1.52
76.86
79.02
76.69
01/03
77.59
+1.41
76.25
78.23
76.1
01/03
76.84
+1.31
75.6
77.41
75.48
01/03
76.09
+1.23
74.94
76.63
74.84
01/03
75.37
+1.14
74.5
75.9
74.23
01/03
74.72
+1.05
73.7
75.15
73.7
01/03
74.11
+0.98
73.22
74.64
73.09
01/03
73.52
+0.9
72.72
74.05
72.6
01/03
72.99
+0.84
72.78
73.43
72.75
01/03
72.52
+0.78
72.45
72.99
72.37
01/03
72.09
+0.74
72.09
72.1
72.09
01/03
71.71
+0.7
71.98
71.98
71.32
01/03
71.35
+0.67
70.9
71.84
70.66
01/03
70.95
+0.63
70.95
70.95
70.95
01/03
70.56
+0.59
70.56
70.56
70.56
01/03
70.22
+0.55
70.22
70.41
70.22
01/03
69.9
+0.5
69.9
69.9
69.9
01/03
69.6
+0.45
69.6
69.6
69.6
01/03
69.31
+0.43
69.06
69.81
68.86
01/03
68.98
+0.41
68.98
68.98
68.98
01/03
68.65
+0.38
68.65
68.65
68.65
01/03
68.34
+0.35
68.34
68.61
68.34
01/03
68.05
+0.32
68.05
68.05
68.05
01/03
67.81
+0.3
67.81
67.81
67.81
01/03
67.59
+0.28
67.68
67.85
67.59
01/03
67.33
+0.26
67.33
67.33
67.33
01/03
67.1
+0.24
67.1
67.1
67.1
01/03
66.88
+0.21
66.88
67.11
66.88
01/03
66.69
+0.19
66.69
66.69
66.69
01/03
66.5
+0.15
66.5
66.5
66.5
01/03
66.33
+0.14
66.35
66.76
66.13
01/03
66.12
+0.13
66.12
66.12
66.12
01/03
65.95
+0.13
65.95
65.95
65.95
01/03
65.78
+0.12
65.78
65.78
65.78
01/03
65.62
+0.11
65.62
65.62
65.62
01/03
65.43
+0.05
65.43
65.43
65.43
01/03
65.28
+0.03
65.28
65.28
65.28
01/03
65.1
+0.01
65.1
65.1
65.1
01/03
64.98
+0
64.98
64.98
64.98
01/03
64.89
-0.02
64.89
64.89
64.89
01/03
64.83
-0.04
64.83
64.83
64.83
01/03
64.73
-0.05
64.73
64.73
64.73
01/03
64.63
-0.06
64.9
64.9
64.63
01/03
64.46
-0.07
64.46
64.46
64.46
01/03
64.35
-0.08
64.35
64.35
64.35
01/03
64.24
-0.1
64.24
64.24
64.24
01/03
64.16
-0.11
64.16
64.16
64.16
01/03
64.14
-0.12
64.14
64.14
64.14
01/03
64.1
-0.13
64.1
64.1
64.1
01/03
64.02
-0.14
64.02
64.02
64.02
01/03
63.94
-0.15
63.94
63.94
63.94
01/03
63.91
-0.17
63.91
63.91
63.91
01/03
63.9
-0.18
63.9
63.9
63.9
01/03
63.88
-0.19
63.88
63.88
63.88
01/03
63.86
-0.2
63.86
63.86
63.86
01/03
63.79
-0.2
63.79
63.79
63.79
01/03
63.75
-0.21
63.75
63.75
63.75
01/03
63.74
-0.21
63.74
63.74
63.74
01/03
63.72
-0.21
63.72
63.72
63.72
01/03
63.7
-0.22
63.7
63.7
63.7
01/03
63.7
-0.22
63.7
63.7
63.7
01/03
63.72
-0.22
63.72
63.72
63.72
01/03
63.68
-0.23
63.68
63.68
63.68
01/03
63.67
-0.23
63.67
63.67
63.67
01/03
63.68
-0.23
63.68
63.68
63.68
01/03
63.7
-0.24
63.7
63.7
63.7
01/03
63.73
-0.24
63.73
63.73
63.73
01/03
63.75
-0.24
63.75
63.75
63.75
01/03
63.73
-0.24
63.73
63.73
63.73
01/03
63.68
-0.24
63.68
63.68
63.68
01/03
63.67
-0.24
63.67
63.67
63.67
01/03
63.68
-0.24
63.68
63.68
63.68
01/03
63.71
-0.24
63.71
63.71
63.71
01/03
63.72
-0.24
63.72
63.72
63.72
01/03
63.71
-0.24
63.71
63.71
63.71
01/03
63.74
-0.24
63.74
63.74
63.74
01/03
63.73
-0.24
63.73
63.73
63.73
01/03
63.77
-0.24
63.77
63.77
63.77
01/03
63.82
-0.24
63.82
63.82
63.82
01/03
63.76
-0.24
63.76
63.76
63.76
01/03
63.72
-0.24
63.72
63.72
63.72
01/03
63.74
-0.24
63.74
63.74
63.74
01/03
63.78
-0.24
63.78
63.78
63.78
01/03
63.78
-0.24
63.78
63.78
63.78
01/03
63.78
-0.24
63.78
63.78
63.78
01/03
63.84
-0.24
63.84
63.84
63.84
01/03
63.9
-0.24
63.9
63.9
63.9
01/03
63.9
-0.24
63.9
63.9
63.9
01/03
63.93
-0.24
63.93
63.93
63.93
01/03
63.97
-0.24
63.97
63.97
63.97
01/03
64.02
-0.24
64.02
64.02
64.02
01/03
63.99
-0.24
63.99
63.99
63.99
01/03
63.97
-0.24
63.97
63.97
63.97
01/03
63.97
-0.24
63.97
63.97
63.97
01/03
63.98
-0.24
63.98
63.98
63.98
01/03
63.94
-0.24
63.94
63.94
63.94
01/03
63.96
-0.24
63.96
63.96
63.96
01/03
64.03
-0.24
64.03
64.03
64.03
01/03
64.08
-0.24
64.08
64.08
64.08
01/03
64.1
-0.24
64.1
64.1
64.1
01/03
64.09
-0.24
64.09
64.09
64.09
01/03
64.07
-0.24
64.07
64.07
64.07
01/03
64.25
-0.24
64.25
64.25
64.25
01/03
64.04
-0.24
64.04
64.04
64.04
01/03
64.05
-0.24
64.05
64.05
64.05
01/03
64.07
-0.24
64.07
64.07
64.07
01/03
64.08
-0.24
64.08
64.08
64.08
01/03
64.15
-0.24
64.15
64.15
64.15
01/03
64.21
-0.24
64.21
64.21
64.21
01/03
64.17
-0.24
64.17
64.17
64.17
01/03
64.24
-0.24
64.24
64.24
64.24
01/03
64.28
-0.24
64.28
64.28
64.28
01/03
64.32
-0.24
64.32
64.32
64.32
01/03
64.33
-0.24
64.33
64.33
64.33
01/03
64.48
-0.24
64.48
64.48
64.48
01/03
64.39
+0
64.39
64.39
64.39
01/03
64.42
+0
64.42
64.42
64.42
01/03
64.4
+0
64.4
64.4
64.4
01/03

Latest WTI Crude Oil news and articles

U.S. Oil Drilling Gets Another Bump As WTI Soars To $80

Mar 01, 2024 at 12:19 | Julianne Geiger

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

WTI Soars Past $80 per Barrel as Oil Market Tightens

Mar 01, 2024 at 10:00 | Julianne Geiger

The price of a WTI barrel soared to heights not seen since November as the market braces…

EIA Confirms Moderate Crude Build, Products Draw

Feb 28, 2024 at 09:36 | Irina Slav

Crude oil prices went lower today, after the U.S. Energy Information Administration reported an estimated inventory increase of 4.2…

Meet the Man Using AI To Revive An Oil & Gas Play Supermajors Left For Dead

Feb 27, 2024 at 18:01 | James Stafford

A North American company is gearing up to drill two of the potentially most important wells for a new phase…

Oil Rises Ahead of Weekly Inventory Data

Feb 27, 2024 at 11:30 | Tom Kool

Oil prices continue to trade in a very narrow bandwidth with ICE Brent still hovering around the…

Short Sellers in Trouble As Physical Oil Market Defies Data

Feb 27, 2024 at 11:00 | ZeroHedge

Something odd is taking place in the oil market. While on one hand "data" dissembled by Biden's Dept…

U.S. Oil Drilling Sees 6-Rig Gain

Feb 23, 2024 at 12:09 | Julianne Geiger

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

The Top 10 Producers Leading A Global Shale Bonanza

Feb 23, 2024 at 18:00 | Robert Rapier

The U.S. is the global leader in the production of natural gas and oil derived from shale formations.…

Standard Chartered Sees Oversupplied Gas Markets, Tightening Oil

Feb 22, 2024 at 18:00 | Alex Kimani

Last year, the month of January recorded an oil mega-surplus of 3.4 mb/d, the third biggest surplus in the first…

EIA Confirms Crude Build, Surprises with Products Draw

Feb 22, 2024 at 10:10 | Irina Slav

Crude oil prices moved slightly higher today, after the Energy Information Administration reported an inventory increase of 3.5…

U.S. Drillers Pump The Brakes

Feb 16, 2024 at 12:16 | Julianne Geiger

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

Oil Prices in Limbo as Geopolitical Risks Fail to Offset Bearish Sentiment

Feb 16, 2024 at 07:00 | Irina Slav

This week, Crude oil prices got stuck between a pessimistic demand outlook from the International Energy Agency and…

Product Draws Not Enough to Offset Huge Crude Build

Feb 14, 2024 at 09:35 | Irina Slav

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

Another Mega-Merger Is Brewing in the U.S. Shale Patch

Feb 14, 2024 at 19:00 | David Messler

The merger and acquisition deals are coming in the shale patch, at a rate almost too fast to document. Last…

Oil Prices Set to Rise as Global Stock Refills Ramp Up

Feb 14, 2024 at 08:00 | Tsvetana Paraskova

China’s rebuilding of oil inventories and higher crude purchases elsewhere for fear of escalating shipping disruptions in the Red Sea…

How Fracking Helped the U.S. Become the World’s Top Oil Producer

Feb 12, 2024 at 15:00 | ZeroHedge

Over the last decade, the United States has established itself as the world’s top producer of

Oil Markets Are Much Tighter Than Oil Prices Suggest

Feb 11, 2024 at 18:00 | Alex Kimani

Oil prices have continued trading in a narrow range in the new year with fears about weak fundamentals and the…

U.S. Oil Drilling Activity Stalls

Feb 09, 2024 at 12:15 | Julianne Geiger

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

Oil Gains 2% as Israel Rejects Gaza Ceasefire Deal, US Gas Inventory Plummets

Feb 08, 2024 at 10:22 | Charles Kennedy

Crude oil prices have ticked up over 2% in the aftermath of the rejection of a ceasefire in Gaza, with…

Oil Jumps Despite Crude Inventory Build

Feb 07, 2024 at 09:34 | Irina Slav

Crude oil prices rose today shortly after the Energy Information Administration reported an inventory increase of 5.5 million…

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.



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