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CME analysis says surging US crude exports have made WTI a bigger influence on global pricing, with WTI now referencing about 24 million barrels per day of global volume. US crude production averaged 12.3 million barrels per day by May 2019, double the level of a decade earlier.
WTI's growing role as a global benchmark affects how export-linked energy costs are priced, though it does not by itself move prices.
cmegroup.comauthors/paul-wightman,authors/chad-britnell,authors/dan-brusstarJun 18, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
