Prices · crude oil
Oil prices: WTI history and what moved it.
The U.S. benchmark for crude oil, daily from 1986, with the supply, shipping, and OPEC+ decisions behind each big move. West Virginia produces far less oil than gas, but oil and natural gas liquids can be a meaningful share of a statement in some counties.
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How to read this chart against your royalty statement
- Oil is a global price. WTI follows world supply and demand, shipping routes, and OPEC+ decisions. Weather in Appalachia has little effect on it, which is why oil and gas on the same statement can move in opposite directions.
- Appalachian oil sells at a discount. Crude and condensate from West Virginia wells is priced off WTI with a deduction for quality and the trucking or pipeline cost to a refinery. The discount varies by operator and by month.
- Liquids are priced differently again. Ethane, propane, and other natural gas liquids are settled against their own indexes, usually at Mont Belvieu, Texas. A statement line labeled NGL does not follow WTI directly.
- Lags apply here too. Oil royalties also arrive one to two months after production. Read the monthly average for the production month, not the daily spike.
Questions owners ask
My statement shows oil, condensate, and NGL lines. Which chart applies?
Only crude and condensate follow WTI, and at a discount. NGL lines follow liquids indexes that this page does not chart yet; the plan adds them when a licensed series is in place.
Does a higher oil price raise the value of my gas minerals?
Not directly. Buyers value an interest on the forward curves for the products the wells actually produce. A written offer from us states the price assumptions it used.