West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. The price of WTI is often referenced in news reports on oil prices, alongside the price of Brent crude from the North Sea. Other important oil markers include the Dubai Crude and the OPEC Reference Basket. WTI is lighter and sweeter than Brent, and considerably lighter and sweeter than Dubai.
Read more about West Texas Intermediate: Characteristics, Pricing
Famous quotes containing the words west, texas and/or intermediate:
“Go on, high ship, since now, upon the shore,
The snake has left its skin upon the floor.
Key West sank downward under massive clouds
And silvers and greens spread over the sea. The moon
Is at the mast-head and the past is dead.”
—Wallace Stevens (1879–1955)
“During the cattle drives, Texas cowboy music came into national significance. Its practical purpose is well known—it was used primarily to keep the herds quiet at night, for often a ballad sung loudly and continuously enough might prevent a stampede. However, the cowboy also sang because he liked to sing.... In this music of the range and trail is “the grayness of the prairies, the mournful minor note of a Texas norther, and a rhythm that fits the gait of the cowboy’s pony.””
—Administration in the State of Texa, U.S. public relief program (1935-1943)
“Complete courage and absolute cowardice are extremes that very few men fall into. The vast middle space contains all the intermediate kinds and degrees of courage; and these differ as much from one another as men’s faces or their humors do.”
—François, Duc De La Rochefoucauld (1613–1680)