Spot Price
The current market price at which a commodity can be bought or sold for immediate delivery.
The spot price is the price agreed upon for immediate delivery and payment of a commodity. In practice, "immediate" means within the standard settlement window for the physical market — two business days for most commodities.
Spot prices are the reference benchmark from which futures prices are derived. The difference between spot and futures price at any given maturity reflects the cost of carry — storage, insurance, financing — adjusted for the convenience yield of holding the physical good.
Traders track spot prices via index benchmarks: WTI for US crude, Brent for global crude, COMEX for gold and copper, NYMEX Henry Hub for natural gas.