The short answer
What you need to know
Brent and West Texas Intermediate are crude oil reference benchmarks. Their prices help describe a market, but the series, location, period and product basis must be understood before a buyer uses the numbers.
- EIA’s 2025 annual spot averages were USD 69.14 per barrel for Brent Europe and USD 65.39 for WTI at Cushing.
- A historical annual average is neither a live price nor an executable offer.
- A crude benchmark is not the same product or delivery basis as a finished-fuel cargo.
First identify the number you are looking at
EIA’s historical series distinguish Brent in Europe from WTI at Cushing, Oklahoma. The table here uses annual averages of spot prices, not futures settlement prices, intraday screens or a supplier’s cargo quotation.
EIA explains that crude benchmarks are reference prices. Adjustments, called differentials, reflect quality, transport, supply and demand. Always check the series name, unit and period before using a reference price.
Before interpreting a price change, check which series changed, over what period and whether the prices being compared use the same basis.
Sources: U.S. EIA: Petroleum spot prices — annual series · U.S. EIA: Crude oil benchmarks provide pricing references
A real-data comparison: 2024 and 2025
EIA calculates these annual series as unweighted averages of daily closing spot prices. Values below are in US dollars per barrel. The spread column is our subtraction of the two published annual values, rounded to two decimal places.
Both annual averages were lower in 2025 than in 2024. That observation describes these two periods; it does not identify one cause, predict the next year or establish what a buyer should have paid for a particular cargo.
| Year | Brent Europe | WTI, Cushing | Brent minus WTI |
|---|---|---|---|
| 2024 | 80.52 | 76.63 | 3.89 |
| 2025 | 69.14 | 65.39 | 3.75 |
Check how each benchmark is calculated
Avoid treating every price labelled “Brent” as one identical instrument. A physical assessment and an exchange-traded futures contract have different definitions and timing. Read the publisher’s methodology for the exact series used in a contract or comparison.
Methodologies can also evolve. S&P Global’s Dated Brent documentation explains the inclusion of WTI Midland from June 2023. That is a useful warning against relying on an old description of a benchmark’s composition. It does not mean the EIA series in this table should be silently relabelled as a different assessment.
For an enquiry, ask the seller to name the exact reference and publisher if a pricing formula uses one. “Brent plus a premium” leaves too much unstated when there are multiple possible observations and averaging windows.
Sources: S&P Global Commodity Insights: Dated Brent and WTI Midland methodology FAQ (PDF) · U.S. EIA: Crude oil benchmarks provide pricing references
What to ask about a quotation
A purchase of finished fuel needs its own specification and commercial terms. Crude oil, diesel and marine gas oil are different products. Their prices should not be assumed to move by the same amount; any comparison needs a clear basis.
If an offer is formula-based, ask which reference observations enter the formula, what averaging dates apply, which differential is added and how the result is converted into the contract unit. If an offer is fixed, ask for the validity period and what delivery costs it includes.
When reviewing a quotation, check the reference alongside the product, quantity, destination and delivery dates. Separate confirmed charges from estimates. These are purchasing checks, not a trading strategy or market forecast.
Sources: U.S. EIA: Crude oil benchmarks provide pricing references · S&P Global Commodity Insights: Dated Brent and WTI Midland methodology FAQ (PDF)
Put it into practice
Your buyer checklist
Use these questions when speaking with your supplier and technical advisers.
- Record the reference publisher, series, unit, location and observation period.
- Distinguish spot data, futures prices and physical price assessments.
- For a formula, define the averaging window, differential and conversions.
- Check the actual cargo specification and delivery terms separately.
- Use historical averages as context, not as current or offered prices.
Sources & scope
Historical market education, not investment advice, a forecast or a cargo offer. EIA annual spot series are reproduced as cited; spreads are calculated from the displayed values. No live feed is implied; the site publishes no price series.
Source check: . Written with AI assistance using the sources below. This guide has not had an independent technical or legal review. The buyer checklist contains practical suggestions, not additional regulatory requirements.
- Petroleum spot prices — annual seriesU.S. EIA
- Crude oil benchmarks provide pricing referencesU.S. EIA
- Dated Brent and WTI Midland methodology FAQ (PDF)S&P Global Commodity Insights
