Unlock the True Value of Crude with Argus Refinery Gate Values (RGVs)
Overview
Argus Refinery Gate Values (RGVs) represent the optimal value of a crude oil grade based on the market prices of refined products (it can produce, dictated by the crude assay) minus the cost of processing and feedstocks. They are calculated using Argus' proprietary refinery model, which simulates operations to optimise product yields.
RGVs help stakeholders understand where a crude is most profitably refined, enabling smarter decisions across the supply chain.
The Argus Refinery Gate Values (RGVs) give a clearer picture of the potential value a refiner might extract from a specific crude slate. However, RGVs become truly powerful when combined with crude prices (from the Argus Crude Report) and freight rates (from the Argus Tanker Freight Report). Together, these three data sets enable you to calculate indicated refining margins, offering a more complete and actionable view than traditional market indicators such as crack spreads or netbacks.
In essence, RGVs are one part of a three-piece puzzle - crude, freight, and RGVs - that together unlock deeper insights into refining economics across different configurations and regions.
How to calculate refining margins:
RGV – (Crude Price + Freight Cost) = Indicative Refining Margin
Why Argus RGVs Matter
- Comprehensive Coverage:
Daily values for over 190 crude grades across five global refining regions (USGC, USWC, NWE, Med, Singapore) using simple and complex refinery models. - Data-Driven Decisions:
Built on Argus’ proprietary crude assays, refined product prices, freight rates, and the PIMS refining model. - Daily Market Insight:
1900 daily RGVs help producers, refiners, and traders identify the most lucrative opportunities.
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Key features
Daily RGVs
Argus produces 1,850 daily RGVs, calculated from 185 crudes
Five regions
Argus RGVs cover NWE, USGC, USWC, Singapore, and the Med
Two refining models
RGVs are available in simple and complex refining models based on the Aspen PIMS model.
Data access
RGVs are delivered as a data feed or accessed using Argus Workspaces
Historical data
RGVs data is available from January 2025
Customers that benefit
Refiners
Compare various grades to see which offers the best return.
- Maximise returns: Compare different crude grades to identify the best margin using Argus Crude, Tanker Freight and RGVs data feeds.
- Refining efficiency: Use RGVs to analyse refining processes and improve profitability.
- Comprehensive coverage: Benefit from Argus’ extensive RGVs data across multiple refining configurations and regions.
Oil producers
Decide where to target your crude.
- Maximise profitability: Take your share of the margin by identifying the most lucrative markets for your crude.
- Strategic targeting: Determine the best destinations for your crude based on comprehensive Argus RGVs, plus crude and freight data.
- Stay competitive: Adjust your strategies by comparing your crude’s RGVs with those of competitors’ grades.
National Oil Companies
Decide where to target your crude.
- Competitive pricing: Adjust your official selling prices based on RGV comparisons with competitors.
- Market positioning: Use RGVs with Argus Crude and Tanker freight rates to strategically position your crude in the global market.
- Value illiquid crudes: Compare RGV values of crudes rarely seen in the open market with those that are to aid with valuations of difficult-to-price grades.
Product specifications
The complex model has more units enabled e.g. FCC/ Hydrocracker/ delayed coker, thus able to produce more valuable product yields (gasoline, diesel, jet) and ultimately increasing the yield value/ RGV.
