The price of WTI crude oil is used as a benchmark for pricing other crude oils produced in the United States and crude oil imported from Canada, Mexico, and South America. WTI crude oil futures on the New York Mercantile Exchange (NYMEX) are settled by physical delivery of crude oil at Cushing if held to expiry, unless other arrangements have been made in advance.
On April 20, 2020, with little crude oil storage available, front-month (nearest-expiry) WTI crude oil futures traded at a negative price for the first time since trading began in 1983.