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 fetishism there is no outside interference. The Ancient Greek philosopher Aristotle (384–322 BC), in the "Nicomachean Ethics", noted such "market behaviour", and said that the increased value of a commodity was relative to the buyer's demand for the commodity. In the 19th century, Marx's contemporary Menger proposed the "Theory of Subjective Wants", wherein the behaviour of the market is explainable only in terms of the subjective wants of the buyer and the seller. The market expanded because the intensity of the buyers' want increased desires; if the market contracted, it was because of the buyers' decreased desires. That "market freedom" might