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Jun 1, 2023 · As WTI proved its worth, volumes ramped up even more, topping two million contracts per month by the end of the 1980s. The crude futures contract was barely three years old when it faced a big test.
May 12, 2023 · The 40-Year Story of a Crude Oil Benchmark. At a Glance. Amid a volatile environment for crude oil in 1983, commodity traders in New York began trading what is now the global oil price benchmark. WTI Crude Oil futures have remained resilient in setting the price for oil through wars and economic downturns. Today, the price of oil is no mystery.
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend, and Dubai Crude. Other well-known blends include the OPEC Reference Basket used by OPEC, Tapis Crude which is traded in Singapore, Western Canadian ...
Since launching 40 years ago, WTI crude oil futures have gone from a nascent contract to a reliable global price benchmark, setting the agenda for the entire commodity suite. In that time, U.S. exports have gone from virtually zero to a current rate of over 4 million barrels per day.
Apr 3, 2023 · The creation of the WTI Crude Oil futures contract 40 years ago was a leap of faith. Not everyone believed it would succeed, let alone become the key global benchmark that it is today.
May 1, 2023 · Since launching 40 years ago, WTI crude oil futures have gone from a nascent contract to a reliable global price benchmark, setting the agenda for the entire commodity suite. In that time, U.S ...
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When did WTI become a benchmark?
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In 1983, US WTI became a benchmark after it was selected as the main reference grade for the new NYMEX crude oil futures contract and evolved as the global marker. Dubai and Oman developed as key price links for oil sales to Asia. The benchmark status of Brent and WTI was supported by their highly liquid electronic futures exchanges.
