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WTI
Short for: West Texas Intermediate, TI, DSW, MEH
WTI is a light sweet crude oil produced in the interior of the US.
For many years, WTI was considered a global benchmark crude. This role has largely been displaced by Brent, but WTI remains an important regional benchmark for North America.
There are three major locations where WTI prices are quoted:
- Midland - This is the price point closest to the actual production of WTI. It is one of the main gathering points for WTI in West Texas before it is sent by pipeline to the Gulf Coast, Cushing, or nearby refineries
- Cushing - Cushing is an intermediate transportation point where pipelines from producing regions (West Texas, Canada, Oklahoma) and to refining regions (Gulf Coast and Midwest) meet. The Cushing blend of WTI is also called Domestic Sweet Blend (DSW)
- Houston (Magellan East) - At this location on the Gulf Coast, crude arrives by pipeline from Cushing and Midland, and it is shipped by pipe to Gulf Coast refiners or exported by tanker to the international market. WTI blends in Houston are also called MEH
WTI (and similar US domestic crudes) are primarily consumed by US refiners across the Gulf Coast and Midwest regions. WTI is also exported to the international market, largely through the ports of Corpus Christi and Houston.
