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West Texas Intermediate
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West Texas Intermediate

US crude benchmark on NYMEX; managed money net short -23,666 as Iran-conflict premium unwinds.

West Texas Intermediate has used Cushing, Oklahoma, as its delivery point since NYMEX launched the crude futures contract in 1983.

Last refreshed: 22 October 2026 · Appears in 2 active topics

Key Question

With managed money net short at -23,666 contracts, is the oil price sell-off overdone?

Timeline for West Texas Intermediate

#182 21 Oct

Closed at $103.66, its highest since 15 September

Iran Conflict 2026: IEA: Gulf-Asia freight tops $37 a barrel
#179 18 Sept

Mentioned in: Aramco cuts Europe off for October

Iran Conflict 2026
#178 11 Sept

Settled at $100.05, down 2.37 per cent

Iran Conflict 2026: Brent spikes on the strike, then gives it back
#171 12 Aug

Reached $82.40 on 14 August

Iran Conflict 2026: Mentioned in: Iran's wells flat as Iraq adds 665 tb/d
#22 3 Aug

Fell almost 6% intraday to $79.57

European Oil Markets: Brent sheds 4.88% on called-off strike
View full timeline →
Follow European Oil Markets →Follow Iran Conflict 2026 →

Background

West Texas Intermediate is a light, sweet crude-oil benchmark traded through New York Mercantile Exchange futures. Physical delivery settles at Cushing, Oklahoma, an inland hub connected to major storage and pipeline systems. WTI anchors pricing for US crude and influences the input cost behind American fuels.

Its inland delivery point distinguishes it from Brent, which reflects a seaborne market and responds more directly to disruption on shipping routes. The difference between their prices can therefore show whether risk is concentrated in maritime supply or the wider oil market. Commodity Futures Trading Commission positioning data add a second use: they show how speculative investors are placed in US crude. WTI is both a physical delivery contract and a financial reference point.

Common Questions

Reference

What is the difference between Brent crude and WTI?
Both are light sweet crude benchmarks but Brent is the global standard while WTI reflects North American supply and demand. In normal conditions Brent trades $4-5 above WTI. The Iran MOU in May 2026 compressed the spread to $1-2 as WTI caught up when the light-sweet Hormuz risk premium deflated.Source: event
What is NYMEX WTI and who trades it?
NYMEX WTI (also called WTI-Physical in CFTC filings) is the New York Mercantile Exchange contract for West Texas Intermediate crude. It is traded by managed money funds, commodity merchants, and energy producers. The CFTC publishes weekly positioning data showing who holds long or short positions.Source: event
What is the Hormuz risk premium in oil prices?
The Hormuz risk premium is the added cost baked into crude prices reflecting the risk that the strait of Hormuz — through which 21 million barrels/day transit — could be blocked by conflict.
What is the difference between WTI and Brent crude oil?
WTI is the US benchmark for light sweet crude traded on NYMEX; Brent is the international benchmark for North Sea crude. WTI typically trades at a slight discount to Brent.
What is the current CFTC managed money position on WTI crude oil?
For The Week to 28 July 2026, CFTC data show managed money net long 15,740 lots on Brent Last Day (NYMEX code 06765T) and net long 108,307 lots on NYMEX WTI. The prior week-to-21-July figures (Brent net long 14,255; WTI unreported at the time) have both since been published and superseded. The CFTC still publishes no ICE Futures Europe Brent series.Source: CFTC Commitments of Traders
Why is the WTI crude oil price falling in June 2026?
WTI fell to near $74.82 by 17 June 2026 as five consecutive sessions priced the Iran-diplomacy supply story, unwinding the conflict premium built up during the Hormuz closure period. CFTC data showed managed money flushed to net short -23,666 contracts, the book resetting ahead of the ISAB deadline and August MoU double-expiry.Source: CFTC
What happened to WTI crude oil prices in May 2026?
WTI swung dramatically: managed money flipped from net short -4,723 contracts on 28 April to net long +172,580 on 19 May on tight US inventories, then shed over 6% to $90.30 on 24 May when Trump announced the Iran MOU, compressing the Brent-WTI spread to $1-2.Source: event
How high did US petrol prices go during the Iran war?
US average regular gasoline reached $4.54 per gallon in early May 2026, up 47% from the pre-war sub-$3 level, adding roughly $24 per fill-up. North American jet fuel rose 95%. The May MoU partially reversed these gains.Source: event
Why did WTI lag behind Brent when the Hormuz blockade was re-enforced in July 2026?
WTI is priced at Cushing, Oklahoma and is insulated from Strait of Hormuz seaborne transit risk. When the blockade was enforced by force on 14 July, Brent, the direct proxy for Hormuz risk, absorbed the war premium first; by 15 July Brent had reached $84.73 against WTI's $79.60, a $5.13 gap.
How much has US gasoline gone up because of the Iran conflict?
US average regular gasoline reached $4.54 a gallon in early May 2026, up 47% from the pre-conflict baseline of roughly $3.09/gallon.Source: EIA / Lowdown
Why did oil prices crash on 9 May 2026?
WTI fell 15% intraday on 9 May after reports of a US-Iran MOU emerged, as traders repriced a potential de-escalation and removal of the Hormuz risk premium.Source: Lowdown
Source Material
West Texas Intermediate

Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 October 2026. Editorial standards.