Crude oil is a naturally occurring, unrefined petroleum liquid composed of hydrocarbon deposits and other organic materials found in geological formations beneath the Earth's surface. It is extracted via drilling and serves as the primary raw material for the petroleum refining industry, where it is processed into fuels such as gasoline, diesel, jet fuel, and heating oil, as well as petrochemical feedstocks including naphtha, ethylene, and propylene, and other products such as lubricants, asphalt, and waxes. Crude oil varies widely in composition, color, viscosity, and density depending on its geographic origin and geological source. It is classified primarily by API gravity (a measure of density relative to water) and sulfur content, which together determine its commercial value and refining complexity. Major benchmark crudes include West Texas Intermediate (WTI), Brent Blend, and Dubai/Oman.
Analysts Sentiment
Bullish
52.7%
Neutral
18.9%
Bearish
28.4%
Data source: UN Comtrade monthly trade statistics (https://comtradeapi.un.org/public/v1/preview/C/M/HS?period=202606&cmdCode=270900&partnerCode=0&flowCode=X&includeDesc=true) | Last updated: 2026-09-24
Latest published month (2026-06) — Sentiment: Bullish
The most recent published customs observation for HS 270900 is 2026-06 at USD 576/ton, -5.6% against the previous month and +21.2% against 2025-07.
Reported volume across the fixed 10-economy panel was 656,643,692 tonnes over the window, 54,720,308 tonnes a month on average, and the three-month trend is +26.6%.
Next 1–3 Months — Outlook
This page is refreshed from public customs statistics rather than paid price assessments, so the next revision rolls in each newly published month for HS 270900. The direction shown is a reading of published customs unit values, not a forecast.
Key Market Impact
Customs unit values for this heading are the single most checkable price signal available without a subscription: they combine the product mix actually crossing borders, the average contract level behind those shipments, and freight-relevant volume. Buyers and sellers using this page should treat them as the trade-weighted baseline for the heading, and read the coverage note above before applying them to a single grade.
| Property | Typical Value / Range | Unit | Grade / Benchmark |
|---|---|---|---|
| API Gravity (Light Sweet) | 38 – 45 | °API | WTI, Brent |
| API Gravity (Medium) | 22 – 38 | °API | Dubai, Basrah Medium |
| API Gravity (Heavy) | 10 – 22 | °API | Maya, Merey |
| API Gravity (Extra Heavy / Bitumen) | < 10 | °API | Canadian Oil Sands Bitumen |
| Sulfur Content (Sweet) | < 0.5 | wt% | WTI, Brent, Bonny Light |
| Sulfur Content (Sour) | 0.5 – 2.0 | wt% | Dubai, Arab Light |
| Sulfur Content (High Sour) | > 2.0 | wt% | Maya, Basrah Heavy |
| Viscosity (Light) | 2 – 10 | cSt at 40°C | WTI, Brent |
| Viscosity (Heavy) | 100 – 10,000+ | cSt at 40°C | Merey, Athabasca Bitumen |
| Pour Point | -60 to +30 | °C | Varies by origin |
| Total Acid Number (TAN) | 0.05 – 3.0+ | mg KOH/g | Low: WTI; High: Doba, Duri |
| Water and Sediment (BS&W) | < 0.5 (pipeline spec) | vol% | All export grades |
| Salt Content | < 10 (pipeline spec) | PTB (lbs/1000 bbl) | All export grades |
| Reid Vapor Pressure (RVP) | 2 – 14 | psi | Varies; light crudes higher |
| Nickel + Vanadium (metals) | 1 – 500+ | ppm | Low: Brent; High: Maya, Merey |
Data Sources
Price, volume and capacity figures on this page are computed from the public sources listed below; no subscription assessment data is used or redistributed.
- UN Comtrade monthly public trade statistics — HS 270900, exports, by month (2025-07 to 2026-06): 2025-07, 2025-08, 2025-09, 2025-10, 2025-11, 2025-12, 2026-01, 2026-02, 2026-03, 2026-04, 2026-05, 2026-06
- Fixed reporting panel for this series: AUS, BRA, CAN, DNK, DEU, MYS, MEX, POL, GBR, USA. The exact API calls are the per-month links above.
- Capacity / output figures: JODI-Oil World Database, 2025 annual file (crude oil production), annual totals built from monthly kilotonnes — https://www.jodidata.org/_resources/files/downloads/oil-data/annual-csv/primary/2025.csv. Download page: jodidata.org/oil/database/data-downloads.aspx. A country is included only if it filed a numeric figure in all 12 months of 2025 (63 countries qualified); the Global row is the sum of those reporting countries, not a world estimate.
How About the Price?
Key Influence Events
Data source: UN Comtrade monthly trade statistics (https://comtradeapi.un.org/public/v1/preview/C/M/HS?period=202606&cmdCode=270900&partnerCode=0&flowCode=X&includeDesc=true) | Last updated: 2026-09-24
Price Trajectory, latest 12 months (2025-07 to 2026-06)
The monthly customs export unit value for HS 270900 moved from USD 475/ton in 2025-07 to USD 576/ton in 2026-06 (+21.2% across the window). The window high was USD 610/ton in 2026-05 and the low USD 435/ton in 2026-01. Three-month averages put the latest quarter +26.6% against the previous one, which is classified here as bullish.
The same panel reported USD 327,595.5 million of export value on 656,643,692 tonnes over the twelve months, an average of 54,720,308 tonnes a month. These are customs returns for the stated HS heading, so they capture the traded mix of that heading rather than a single quoted grade.
Supply-side factors
- Fixed reporting panel of 10 economies: AUS, BRA, CAN, DNK, DEU, MYS, MEX, POL, GBR, USA. The panel is constant in every month of the window, so month-to-month movement is not a composition effect.
- Monthly unit value range over the window: USD 435 to USD 610/ton.
- Latest month, 2026-06: USD 576/ton, -5.6% against the previous month, on 60,230,357 tonnes.
Demand-side factors
- Global crude oil demand collapsed in early 2020 due to COVID-19 pandemic, leading to historic price drops (2020 Q1–Q2).
- Demand recovery through 2020 and 2021 supported gradual price rebound absent major disruption events.
- Increased insurance premiums and rerouting costs from Red Sea disruptions elevated crude oil logistics costs, constraining effective demand (2023–2025).
- Geopolitical risk premium from Iran-U.S. tensions and Strait of Hormuz closure heightened market volatility and demand uncertainty (2026 Q1–Q2).
Related market pages on this site: Diesel, Naphtha, Gasoline, Bitumen market analysis.
Basis: these are customs unit values for the stated HS heading, not quoted spot, contract or assessed prices, and no paid price assessment is used or redistributed on this page. Every figure can be re-checked at the API links listed at the end of this page.
Top Countries Production Capacity
Who are the Top Players?
Our Analysis are Happy
"Global volatility doesn't have to be a risk for your business. We monitor feedstock shifts and geopolitical trends daily to help you anticipate price movements before they hit the market."
Theo James
"Data is only as good as its source. We go beyond the numbers to ensure that the product grade you select matches your specific application, reducing waste and optimizing your operational efficiency."
Emilia Munro
"Timing is everything in petrochemical procurement. Our goal is to align your purchasing cycles with market troughs, effectively lowering your cost basis and maximizing your margins."
Branden Griffiths
we’re here to all your questions
Everything you need to know about our market analysis, product quality, and procurement process.
How much for a custom market analysis?
Costs vary based on the scope. Please contact our sales team for a custom quote.
Do you offer trade credit or bulk pricing?
Yes, we offer flexible payment terms and volume-based pricing for corporate accounts.
Do you provide product quality documentation?
Yes, every delivery includes a Certificate of Analysis (COA) and safety documentation (MSDS).
Can you help me select the right product specification?
Certainly. Our technical experts are available to guide you to the ideal grade for your specific application.