Benchmark guide
Cushing spot
What the Cushing spot series measures and why the Oklahoma delivery hub matters.
Start with location
The EIA series is Cushing, Oklahoma WTI spot, expressed in US dollars per barrel. It is a dated observation for a particular reference location. Prompt oil at a coastal terminal can carry a different price even when the barrels share a grade name.
Storage and delivery
Cushing is a collection point for pipelines and tanks and the delivery location for NYMEX standard WTI. Storage availability, pipeline scheduling and refinery demand can matter for nearby barrels. Reported stocks indicate volumes held, while usable capacity depends on operational and commercial constraints.
Use the right comparison
To compare with Europe Brent, align observation dates and subtract WTI from Brent. To compare with a futures settlement, record the contract month and timestamp as well. An apparent premium can reflect differences in timing or delivery terms.