Commodity market may include interest rates, environmental instruments, swaps, or freight contracts. Source: International Trade Centre Energy commodities include crude oil particularly West Texas Intermediate (WTI) crude oil and Brent crude oil, natural gas, heating oil, ethanol and purified terephthalic acid. Hedging is a common practice for these commodities. For many years, West Texas Intermediate (WTI) crude oil, a light, sweet crude oil, was the world’s most-traded commodity. WTI is a grade used as a benchmark in oil pricing. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts. WTI is often referenced in news reports on oil prices, alongside
Value-form thing or expressed by the relationship between things. Yet it often seems more like value is the thing which creates the social relationship. To understand the real causal relationships, not just economic calculation, but also an historical and sociological understanding of the subject was needed. In vulgar Marxist economics, the commodity is simply a combination of use-value and exchange-value. That is not Marx's own argument. As he explains in "Capital, Volume III", in an overall sense business competition among producers centres precisely on the discrepancies between the socially established "values" of commodities in production and their particular "exchange-values" manifested in