What Is WTI Crude Oil?
Figures from EIA data; latest published observations: WTI Oct 20, 2026, Brent Oct 20, 2026.
West Texas Intermediate, or WTI, is a light, sweet U.S. crude oil priced at Cushing, Oklahoma, and the benchmark against which other U.S. crudes, such as Mars from the Gulf of Mexico and Bakken from North Dakota, are priced. [EIA] The EIA describes WTI at Cushing, Oklahoma, as North America's most closely observed crude oil price benchmark and the underlying commodity of the NYMEX crude oil futures contract. [EIA] The latest published EIA spot price for WTI is $107.89 per barrel, observed on Oct 20, 2026.
Light, sweet crude
WTI is a light crude, meaning it has a low density, and a sweet crude, meaning it is low in sulfur. [EIA] Prices of light, sweet grades differ persistently from those of heavier, higher-sulfur crudes, which are lower in quality. [EIA]
Priced at Cushing, Oklahoma
Cushing is a pipeline and storage hub in central Oklahoma. It is the delivery point for the NYMEX WTI crude oil futures contract. [EIA] Because it is priced inland, WTI is affected by pipeline capacity out of the center of the continent; the EIA has reported that limited capacity can lower inland benchmarks such as WTI relative to prices elsewhere. [EIA]
The most extreme example came in April 2020. Low liquidity and limited available storage at Cushing pushed the expiring NYMEX WTI futures contract below zero for the first time since trading began in 1983. [EIA] EIA's spot price fell to −$36.98 on Apr 20, 2020, the lowest in its daily record.
WTI by the numbers
- Highest published daily spot price: $145.31 on Jul 3, 2008. Adjusted to September 2026 dollars (CPI-U), the highest is $222.59 on Jul 3, 2008.
- Past 52 weeks: low $55.44 (Dec 16, 2025), high $114.58 (Apr 7, 2026), average $80.91.
- EIA daily records start on Jan 2, 1986 and include 10,276 published observations.
Spot price and futures price
The prices on this site are EIA spot prices for physical oil at Cushing. Financial news usually quotes the front-month futures price. The two track each other closely but are not identical, especially around contract expiry. See the WTI price page for full daily, monthly and annual history.