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 "equivalent" form of value, so that B is effectively "the value-form" of (expresses the value of) A. If we ask "how much is X quantity of commodity A worth?" the answer is "Y quantity of commodity B". This simple equation, expressing a simple "value proportion" between products, however permits several possibilities of differences in valuation emerging within the circulation of products: These possible changes in valuation enable us to understand already that what any particular product will trade for is delimited by what "other" products will trade for, quite independently of how much the buyer would like to pay, or