Editing Commodity market (section)

===Energy===
Energy commodities include [[crude oil]] particularly [[West Texas Intermediate]] (WTI) crude oil and [[Brent Crude|Brent crude oil]], [[natural gas]], [[heating oil]], [[ethanol]] and [[purified terephthalic acid]]. [[fuel hedging|Hedging]] is a common practice for these commodities.

====Crude oil and natural gas====
{{See also|Chronology of world oil market events}}

For many years, [[West Texas Intermediate]] (WTI) crude oil, a [[Light crude oil|light, sweet crude oil]], was the world's most-traded commodity. WTI is a grade used as a [[benchmark (crude oil)|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 [[Brent Crude]]. WTI is lighter and sweeter than Brent and considerably lighter and sweeter than Dubai or Oman.<ref>[[Marius Vassiliou]] (2009). Historical Dictionary of the Petroleum Industry. Lanham, MD: Scarecrow Press. {{ISBN|0-8108-5993-9}}.</ref>

From April through October 2012, Brent futures contracts exceeded those for WTI, the longest streak since at least 1995.<ref name=BrentWTI2012>
{{cite news
|url=https://www.bloomberg.com/news/2012-11-26/brent-poised-to-oust-wti-as-most-traded-oil-futures.html
|publisher=Bloomberg
|title=Brent Poised to Depose WTI as Most-Traded Oil Futures
|first=Grant
|last=Smith
|date=26 November 2012
}}</ref>

Crude oil can be light or [[Heavy crude oil|heavy]]. Oil was the first form of energy to be widely traded. Some commodity market speculation is directly related to the stability of certain states, e.g., [[Iraq]], [[Bahrain]], [[Iran]], [[Venezuela]] and many others. Most commodities markets are not so tied to the politics of volatile regions.

Oil and gasoline are traded in units of 1,000 barrels (42,000 US gallons). WTI crude oil is traded through [[NYMEX]] under [[Ticker symbol|trading symbol]] CL and through [[Intercontinental Exchange]] (ICE) under trading symbol WBS. Brent crude oil is traded in through Intercontinental Exchange under trading symbol BRN and on the [[Chicago Mercantile Exchange|CME]] under trading symbol BZ. [[Gulf Coast Gasoline]] is traded through NYMEX  with the trading symbol of LR. [[Gasoline]] (reformulated gasoline blendstock for oxygen blending or RBOB) is traded through NYMEX via trading symbol RB. [[Propane]] is traded through NYMEX, a subsidiary of Intercontinental Exchange since early 2013, via trading symbol PN.

Natural gas is traded through NYMEX in units of 10,000 million BTU with the trading symbol of NG. [[Heating oil]] is traded through NYMEX under trading symbol HO.

====Others====
[[Purified terephthalic acid]] (PTA) is traded through ZCE in units of 5 tons with the trading symbol of TA. [[Ethanol]] is traded at [[Chicago Board of Trade|CBOT]] in units of 29,000 U.S. gal under trading symbols AC (Open Auction) and ZE (Electronic).