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
Commodity pathway diversion commoditization, sacralization, and terminal commoditization. While singularization and commodity pathway diversion have stark similarities, and Kopytoff's singularization categories can be seen in Appadurai's description of types of commodity pathway diversions, Appadurai critiques placing singularization and commoditization in direct opposition because, as he argues, diversion (singularization) and commoditization are fluidly occupied positions in the use life of an object. Appadurai defines enclaved commodities as "objects whose commodity potential is carefully hedged." These objects are diverted from the commodity pathway to protect whatever value or symbolic power the object may transfer as a commodity. Appadurai suggests that in societies where "what is