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Overview

Canadian crude producers for decades sold more than 90pc of their export supplies to US buyers. This resulted in logistical bottlenecks in crude pipelines to the US, and left Canadian market participants unable to take advantage of higher prices in Asian markets.

State-owned pipeline operator Trans Mountain began operations on its 540,000 b/d Trans Mountain Expansion (TMX) pipeline from Edmonton to Vancouver’s Westridge docks in May 2024. It is able to send out 34 Aframax cargoes/month of Canadian crude, almost all of which go to Asia-Pacific or the US west coast . The pipeline has removed bottlenecks on lines to the US Gulf coast and resulted in a narrowing of the price discount of western Canadian heavy crude to the calendar month average of Nymex WTI at Cushing, Oklahoma.

Argus publishes daily price assessments for Canada’s Cold Lake crude, which has a low total acid number (TAN), and for Canadian high-TAN crude, shipped through TMX and sold on a fob basis at Westridge docks. Argus also publishes daily price assessments for high-TAN TMX crude on a delivered basis at the Chinese coast. These prices are used widely by industry in negotiating physical cargo trades, for internal accounting and for strategic purposes.

Argus provides detailed market analysis and explanations of the factors that affect price changes each day, and our suite of crude market services offers proprietary daily freight assessments for routes to Asia-Pacific and the US west coast, forward curve prices, weekly logistics updates across North America, and commentary on global crude market trade flows and trends.

Argus has been a trusted source for crude market pricing and market analysis globally for decades, and all of the US Gulf coast crude market derivatives contracts with significant liquidity are settled on Argus spot physical price assessments. We are also a leader in covering daily prices in delivered crude markets at the Chinese coast. Our methodologies are known for their transparency and relevance, supported by the expertise of our market teams. Our WCS Houston price is precisely hedgeable using financial contracts settling on the Argus physical WCS Houston price, and used together these assessments give a clear idea of available arbitrages on different routes from western Canada to the US Gulf coast, US west coast and Asia-Pacific.

Argus has covered domestic Canadian crude markets from our Calgary office since 2010. Argus’ Calgary office also has full-time reporters covering LPG, natural gas, biofuels and environmental markets, as well as sales staff and a Canada country manager.

Latest crude news

Browse the latest crude news and analysis, including freight news

News
28/08/26

Hormuz traffic Thursday flat from day earlier

Hormuz traffic Thursday flat from day earlier

New York, 28 August (Argus) — Commercial vessel traffic through the strait of Hormuz on Thursday remained constrained despite assertions by US officials that the waterway was open to commercial traffic and free of mines. A total of 12 vessels transited the strait of Hormuz on 27 August, the same number as a day before , according to data from maritime security firm Windward. The traffic was equally split between inbound and outbound movements, including four tankers inbound on the northern Iranian lane, three outbound tankers on the southern lane and one outbound on the northern lane. This puts commercial vessel traffic through the waterway just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the strait closed. Admiral Brad Cooper, commander of the US Central Command (Centcom), which oversees US forces in the Mideast, said in a video post late on 27 August that internationally recognized transit lanes in the center of the strait are free of Iranian mines and that "today, international shipping lanes are open and momentum is building". No vessels were detected by Windward as transiting via the center lane on that day. Traffic since the start of the US-Iran war has been largely bifurcated between the northern and southern lanes. Prior to the war, ships transited the strait through the centermost lane via an established Transit Separation Scheme (TSS) route. The TSS was proposed by Oman and Iran and adopted by the IMO in 1968, designating shipping lanes for maritime traffic to reduce collisions and improve safety. Following the outbreak of the US-Iran war, the middle TSS lanes were reportedly mined by Iranian forces, rendering traffic through them highly dangerous. A combination of factors are likely to make vessels easier to target if they are transiting in the center of the strait compared with transits closer to the coastline, said Joshua Tallis, research program director at the Center for Naval Analyses (CNA). This includes a more complicated sensor environment closer to the coast and proximity to missile defense systems. US officials continue to double down on claims that the US had been supporting significant flows of oil through the waterway. Centcom's Cooper said US forces have assisted nearly 1,500 commercial vessels through the strait by providing coordinated protection, with a total of 750mn bl of crude oil destined for global markets "over the past several months". In the three months before the war started crude flows averaged 700mn bl a month, Vortexa data show. In a late Thursday social media post US Treasury secretary Scott Bessent echoed claims by other US officials that in the last 14 days the US has guided 130mn bl out of the strait of Hormuz. That figure, which approximates to 9.3mn b/d, is in line with the 9mn-10mn b/d claimed by other US officials including US president Donald Trump, but far below the 3.5mn-3.7mn b/d average that can be corroborated by available satellite imagery and vessel tracking information. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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ExxonMobil Rotterdam refinery limited since outage

28/08/26
News
28/08/26

ExxonMobil Rotterdam refinery limited since outage

London, 28 August (Argus) — ExxonMobil's 200,200 b/d Rotterdam refinery is still producing less than normal volumes in late August, following a power outage earlier in the month, according to several market sources. ExxonMobil declined to comment. A source said output was disrupted at least for diesel and residual fuel oil. Another said they had been "waiting ages" to load from the refinery and then told to load from a different location. Another said there had been no barge loadings for "a while" but operations could restart by the end of August. Another said they expected the issue to persist into September. The refinery was affected by a power outage on 13 August. Dutch emergency services said all processes stopped at the site , which was related to a fire at a transformer substation in the Maasvlakte district of Rotterdam port. By Jide Tijani and Benedict George Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Japan’s Eneos to keep Middle East as main crude source

28/08/26
News
28/08/26

Japan’s Eneos to keep Middle East as main crude source

Tokyo, 28 August (Argus) — The Middle East will continue to be Japanese refiner Eneos Holdings' main crude source, but dependence on the strait of Hormuz could be lowered depending on the cost and risk balance, executive vice president and chief financial officer Soichiro Tanaka said in an interview with Argus . "The Middle East will remain a crude source with a significant share, although its share may decline from past levels," Tanaka said. The firm will return to Middle Eastern crude to some extent as the situation stabilises, given its economic advantages and the firm's experience of processing Middle Eastern crude as its main crude supply. Nationwide, Japan has started discussions to diversify crude oil sourcing, including a scheme to raise funds from refiners and importers to support diversification. "If it becomes an economically viable framework and offers greater overall value in various respects, we will choose to make use of it," Tanaka said. The framework will have influence on Japan's future dependence on the Middle East for crude, but "Middle Eastern crude will not drastically decrease," he said. Japan sourced 94pc of its crude imports from the Middle East in 2025, and most of the volumes passed through the strait of Hormuz. To reduce geopolitical risk, Japan is also considering financial measures to support construction and enhancement of alternative supply facilities in the Middle East, such as pipelines bypassing the strait. Reducing reliance on the strait "depends not only on buyers but also on suppliers' measures such as pipeline construction," Tanaka said. "Hopefully, it will settle at the point where risk and cost are best balanced, but that is beyond our control," he added. Currently the disruption at the Bab el-Mandeb strait is affecting Eneos' crude procurement, but the level is limited and Eneos can still meet domestic supply, he said. "Some adjustments have been necessary, but there is no supply shortage. It is a matter of timing and a temporary structural fluctuation." Exploring overseas potential Eneos as a group aims to raise its overseas revenue to around 50pc in the April 2030-March 2031 fiscal year. As part of this strategy, the company has announced plans to acquire petroleum assets in southeast Asia and Australia from Chevron, including its 50pc share of Singapore Refining Company's export-oriented 290,000 b/d refinery, as well as terminals and supply networks in southeast Asia and Australia. The firm has not fully utilised its capacity to conduct trading, and there is potential here, Tanaka said. The acquisition of assets in southeast Asia will provide a return in trading backed by assets, he reiterated, highlighting the expected growth in demand for petroleum in the region. The growth in southeast Asia's demand for petroleum could also be a key driver for the Japanese refiner to seek a broader market to absorb Japan's expected surplus of refining capacity, since Japanese demand is on a downtrend. "We are not considering any immediate action. But over time, refining capacity will be somewhat excessive relative to domestic demand. On the other hand, demand will continue to grow in southeast Asia," Tanaka said. "We will determine the future refining capacity based on how much overseas markets such as southeast Asia grow and whether supply from domestic refineries can be used there." "It is a matter of how we balance between the future outlook and marginal refineries, so it is an issue that we need to assess on an ongoing basis," Tanaka said. Eneos has around 1.64mn b/d of refining capacity in Japan, accounting for the largest share in the country's overall capacity around 3.11mm b/d. "There are no specific projects under consideration, but we are looking at whether there is still room to expand further in the downstream business in southeast Asia," Tanaka said. Eneos is also exploring the possibility of expanding overseas business in other sectors. The company has also recently announced the plans to acquire US-based chemical producer TPC Group . "The US market is attractive given the competitiveness of ethane crackers and feedstock," Tanaka said. Eneos is also focusing on southeast Asia as the "core area" for upstream business including the LNG sector and aims to expand it, Tanaka said. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Hormuz traffic constrained despite Oman-Iran talks

27/08/26
News
27/08/26

Hormuz traffic constrained despite Oman-Iran talks

New York, 27 August (Argus) — Commercial vessel traffic through the strait of Hormuz remained severely constrained on 26 August with Iran continuing to attack vessels in the waterway while joint Iranian-Omani talks on managing ship traffic continue. A total of 12 vessels transited through the strait of Hormuz on 26 August, split between seven outbound transits — including five tankers — and five inbound transits, including two tankers, according to data from maritime security firm Windward. The transits occurred mostly on the northern Iranian-preferred lane. This puts vessel traffic through the strait just under 10pc of the normal traffic levels prior to the 28 February US-Israel attack on Iran that prompted Iran to declare the waterway closed. Iran attacked Kuwait's state-owned oil products tanker the Al Salam II on 26 August while it was attempting to exit the strait of Hormuz, data from the UK Maritime Trade Organization (UKMTO) shows, likely through the US-assisted southern traffic lane. Two Indian-flagged cargo vessels exited the strait on the southern lane, and the tanker Sela exited through an unconfirmed lane, with all remaining transits taking place on the northern lane. Windward tracked a US Treasury-sanctioned medium range product tanker crossing the strait of Hormuz outbound, loaded with an estimated 185,000 bl of Iranian fuel oil, Kpler data shows, with the vessel signaling Oman as its next destination. The tanker is flying a false Nicaraguan flag, data from the International Maritime Organization shows, which is illegal under international law. Data from vessel information firm TankerTrackers.com shows that around 3.7mn b/d have been getting through the strait of Hormuz on average over the last seven days, while data from vessel tracking firm Vortexa places the monthly average for August for the strait around 3.5mn b/d — both significantly lower than the 10mn b/d claimed by US officials . Prior to the joint US-Israeli attacks on Iran which prompted Iran to declare the strait of Hormuz closed, around 23mn b/d of crude, refined products and natural gas flowed through the narrow waterway on average, data from Vortexa show. The US Central Command, which oversees US forces in the Middle East, claimed in a UKMTO notice that the US facilitated 37 vessel transits through the strait of Hormuz on 25-26 August, a figure which was much lower than publicly available information shows and that could not be corroborated independently. Centcom did not respond to request for comment from Argus to provide additional details on the transits. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Libya NOC $1bn funding facility yet to be used

27/08/26
News
27/08/26

Libya NOC $1bn funding facility yet to be used

London, 27 August (Argus) — Libya's state-owned NOC has yet to draw on a $1bn revolving credit facility intended to finance projects that could raise crude production by 250,000-270,000 b/d, a source with direct knowledge of the arrangement told Argus . Implementation has stalled over how the funding would be provided and the due diligence requirements attached to the facility, the source said. Under the arrangement agreed in February, state-owned Libyan Foreign Bank (LFB) would issue letters of credit to upstream contractors working on NOC projects and later recover the funding from oil revenues. But NOC wants part of the facility transferred directly to the company in cash rather than used to issue letters of credit to contractors, the source said. The proposed projects involve eight NOC affiliates, including Agoco, Waha Oil and Sirte Oil. They could add 250,000-270,000 b/d within 18 months, the source said. This would cover a substantial part of the increase needed to meet NOC's longstanding target of raising crude production to 2mn b/d from around 1.4mn b/d. Due diligence requirements have also contributed to the delay, according to the source. These include checks on companies and banks involved in the proposed projects. "They don't want anybody else digging into these companies. They've spent six months trying to manoeuvre around these controls," the source said. NOC was contacted for comment on the claims concerning its request for direct funding and the due diligence requirements. NOC chairman Masoud Suleiman met LFB chairman Mohammed Ali Addarrat earlier this month. The meeting focused on financing mechanisms for several proposed NOC projects, including infrastructure development and increased storage capacity, NOC said. The facility would represent a departure from NOC's usual funding model, under which contractors are paid using funds allocated by Libya's central government. NOC has repeatedly fallen behind on payments, making contractors including SLB and Halliburton reluctant to take on new work until outstanding debts are repaid, according to the source. The head of a Libyan contracting firm said LFB wanted a clear "paper trail" to ensure the money was spent on the agreed projects. "NOC has a recent track record of using money in other areas or to pay off debt as it's struggling to keep up with payments to services companies and contractors," he said. If NOC cannot persuade LFB to provide cash directly, it may have to "bite the bullet" and accept the bank's conditions, he added. Emergency funding The credit facility could also reduce NOC's reliance on irregular state funding. Libya's oil export revenues are deposited in an NOC account at LFB before being transferred to the central bank. The central bank, which owns LFB, is responsible for allocating funds to NOC for operating and development through the state budget. But years of political division between rival eastern and western authorities have left NOC without a formal budget, forcing it to rely on sporadic emergency funding from the central bank. "NOC received around something like $12bn from the central bank in emergency funding between 2022 and 2025," said Jalel Harchaoui, a Libya specialist at the UK's Royal United Services Institute. "This is a serious sum, but it is not clear how this money was spent." Oil revenues deposited at LFB totalled $15.8bn in the first seven months of this year, according to the Libyan Audit Bureau. NOC periodically transfers most of its dollar revenues to the central bank but retains a working balance at LFB, giving it limited control over part of the proceeds. It draws on that account to pay for oil product imports. A direct transfer from the credit facility would give NOC greater control over the funding. It would echo a 2024 proposal by former NOC chairman Farhat ben Gudara for the company to draw directly on its oil earnings and set its own budget, bypassing the state budget and central bank funding process. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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