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 of object pathways is necessary for Gawa men to control circulation and, in turn, shell value. According to Munn, "kula shells may arrive on path, or are obtained from partners or non-partners in off-path transactions and later put on a path or used to make new paths.", suggesting that diversion is an integral part of the commodity pathway because it is a means of "making new paths." In "The Cultural Biography of Things: Commoditization as a Process", Igor Kopytoff argues that, while commodities are often thought of in Marxian terms as things which are produced and then exist, in fact,