Crude Oil (WTI) (CL) perpetual market

West Texas Intermediate, known as WTI and traded under the CL symbol, is the main US benchmark for crude oil, priced per barrel. It is a light, sweet grade, meaning low density and low sulfur, that is prized by refiners for producing gasoline and diesel. WTI is physically delivered at Cushing, Oklahoma, a major pipeline hub, which historically tied its price to US inland supply and storage conditions; a shortage of storage there in 2020 briefly pushed its futures price below zero for the first time in history. WTI typically trades at a modest discount to the international Brent benchmark, and the spread between them reflects US production, export capacity and transport costs. As the reference price for American oil, WTI is central to US energy markets and, through fuel prices, feeds directly into inflation and the broader economy.