Argus WTI Houston
The US Gulf coast has emerged as the global epicentre of crude price discovery
WTI Houston: the Heart of Global Oil Markets
Argus can help you to discover US Gulf coast’s pivotal role in shaping the global oil landscape. As a central production hub, this region contributes 12% of the world's oil production, with over 9 million daily barrels, including offshore production. Home to 10% of global refining capacity, PADD 3 boasts over 50 complex refineries and a CDU capacity of 10 million barrels per day.
US Gulf Coast role in global oil
World's oil production
12% of the world's oil production, with over 9 million daily barrels, including offshore production.
Global refining capacity
Home to 10% of global refining capacity, PADD 3 boasts over 50 complex refineries and a CDU capacity of 10 million barrels per day.
Global oil volumes
With WTI crude being exported to over 70 countries, this region is a cornerstone of global oil exports, accounting for 10% of global oil volumes.
Argus WTI Houston: Your Benchmark for Price Transparency
Argus WTI Houston is at the forefront of price transparency, ensuring fair and accurate pricing within the global oil market. With WTI crude being exported to over 70 countries, this region is a cornerstone of global oil exports, accounting for 10% of global oil volumes.
A Global Waterborne Crude, Underpinned by a Liquid Pipeline Market
In most major markets, crude oil is transported by water. However, the WTI Houston and Midland markets are unique, with oil travelling first by pipeline in rateable transactions. This high volume of daily transactions provides numerous points of price discovery throughout the day, expertly captured by our team of crude oil market reporters. Cargoes at the US Gulf Coast are priced at a differential to the pipeline market, benefiting from the underlying price dynamics of the highly liquid and transparent US pipeline market.
Understanding the WTI Supply Chain
Understanding the WTI supply chain and the drivers of its price formation is imperative for anyone buying, selling, or trading crude oil globally. The Gulf Coast stands out with its ability to process heavy crude, housing over 60% of global coking capacity. This region produces and consumes a significant amount of oil, creating a unique market with integrated production and refining capabilities.
WTI and Argus: A Deeply Rooted Relationship
Argus WTI assessments at Midland and Houston have been the standard physical benchmarks for US crude and settlement indexes for a robust derivatives market for two decades. These prices are assessed as differentials to the Argus WTI formula basis, based on the Nymex light sweet crude futures contract — one of the world’s most actively traded oil futures. Argus WTI Houston and Argus WTI Midland collectively form the basis of the world’s third-largest crude oil derivatives market, after Nymex light sweet and Ice Brent. Our rich, deep, and trusted coverage of the US crude oil market is unrivalled, making Argus the clear choice for trading companies seeking to manage WTI positions in both physical and paper markets.
Latest crude oil news
Browse the latest market moving news on the global crude oil industry.
TotalEnergies ‘satisfied’ with French court ruling
TotalEnergies ‘satisfied’ with French court ruling
London, 26 June (Argus) — TotalEnergies said it responded "with satisfaction" to a 25 June ruling by the Paris Judicial Court ordering the French firm to submit a new, expanded climate plan. The court ordered TotalEnergies to submit within six months a plan setting out the climate risks linked to its scope 3 emissions and measures to address them. Scope 3 greenhouse gas (GHG) emissions — end-use emissions from the combustion of its products such as gasoline — typically represent 85-95pc of an oil and gas producer's total GHG emissions. TotalEnergies "will therefore supplement its vigilance plan", the company said. The firm said it will draw from its sustainability report, "in which it describes the actions implemented to support its customers in reducing their emissions, notably by developing electricity and biofuel production and sales activities". It "aims to" cut the carbon intensity of energy products sold by 25pc by 2030, from a 2015 baseline. It had reduced that carbon intensity by 18pc by the end of 2025, it added. The case was brought by the City of Paris and French non-governmental organisations Notre Affaire a Tous, Sherpa and France Nature Environment, which challenged TotalEnergies' oil and gas expansion strategy. The court did not make any further judgments in the case, and referred it to a hearing on 21 January 2027. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Dozens of ships transit Hormuz via Omani corridor
Dozens of ships transit Hormuz via Omani corridor
London, 25 June (Argus) — More than 50 ships have exited the Mideast Gulf through a southern route around the strait of Hormuz in the past three days, including 14 crude and oil product tankers, according to shiptracking data. The route runs around the tip of Oman and avoids sea lanes designated by Iran. It had been used sporadically during the US-Iran conflict, but was later defined as a temporary corridor under an International Maritime Organisation (IMO)- and Oman-led evacuation plan announced on 23 June. Seven VLCCs, three Suezmaxes and four other crude or clean product tankers have since exited the Gulf along the route. Other vessels using it included 15 bulk carriers — three of them Capesize — alongside containerships, LPG and LNG carriers and other ships. This is likely the busiest period on the route since the start of the conflict, as shipping through Hormuz begins to recover following the US-Iran memorandum of understanding aimed at ending hostilities. At least nine ships have also used the corridor to enter the Mideast Gulf, including the VLCC Ocean Lily , suggesting owners are becoming more confident about operating in the region. But use of the route remains contested. Earlier today, Iran's Islamic Revolutionary Guard Corps (IRGC) warned vessels against using any routes through the strait of Hormuz that have not been designated as safe by Tehran. The IRGC Navy said "some authorities" had announced a new route for ships to transit Hormuz "without informing or co-ordinating with" Iran, which it described as "unacceptable and completely dangerous". "The only permitted routes for passing through the strait of Hormuz are those which were announced by the Islamic Republic of Iran," it said. "Any movement of vessels outside these routes is very dangerous and prohibited." Lower war-risk premiums may support a further recovery in tanker activity. Additional war-risk premiums (AWRPs) for VLCCs have fallen to around 2pc of vessel value from about 5pc previously. Charterers have secured the Olympic Lady to load a crude cargo, marking one of the few VLCC fixtures from within the Mideast Gulf since the start of the war, according to market participants. Oil product trade has also begun to pick up as transit conditions improve. Mideast Gulf refiners have started to offer a wider range of products. Kuwaiti refiner KPC was among the first to return to the spot market this week after lifting force majeure on 18 June, following the US-Iran memorandum. KPC sold naphtha for July loading from Kuwait, likely its first spot fob tender since the start of the conflict. Market participants expect further product offers from KPC to follow. By Rhys van Dinther and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Paris court says TotalEnergies must expand climate plan
Paris court says TotalEnergies must expand climate plan
London, 25 June (Argus) — The Paris Judicial Court today ordered TotalEnergies to publish within six months a plan which sets out the climate risks attached to its scope 3, or end-use, emissions and measures to address them. The court found that TotalEnergies has a duty under French law to identify the risks its activities pose to the climate. The decision was made in a case which saw the City of Paris and French non-governmental organisations (NGOs) Notre Affaire a Tous, Sherpa and France Nature Environment challenge TotalEnergies' oil and gas expansion strategy. "The court recognises that large French companies subject to the duty of vigilance law are obligated to identify the climate risks resulting from their activities and those of their subsidiaries and to take the necessary measures to reduce their greenhouse gas (GHG) emissions", the NGOs said. This obligation encompasses scope 1 and 2, or direct emissions, and extends to TotalEnergies' scope 3 emissions — end-use GHG emissions from the combustion of its products such as gasoline — the court found. Scope 3 emissions typically represent 85-95pc of an oil and gas producer's total GHG emissions. The court's position differs to that of the French public prosecutor, which argued at a hearing that the vigilance law did not apply to climate risks. The court suspended any further decisions pending the submission of the new plan and referred the case to a hearing on 21 January 2027 without imposing a penalty payment. Climate litigation is maturing and expanding across geographies , a report from the Grantham Research Institute on Climate Change and the Environment at the London School of Economics found today. New Zealand's government said in May that it would change the law to stop companies being sued over climate change damage caused by GHG emissions. But "ultimately, someone has to pay for climate damages", NGO ClientEarth chief executive Laura Clarke told the Financial Times Climate and Impact Summit last week. If corporations are shielded, it may leave governments more exposed, Clarke added. Argus has contacted TotalEnergies for comment. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iraq denies Opec exit reports, seeks higher output cap
Iraq denies Opec exit reports, seeks higher output cap
Dubai, 25 June (Argus) — Iraq's oil ministry on Thursday denied reports that Baghdad had considered leaving Opec, saying claims of a possible withdrawal "do not reflect the official position" of the government. Neither prime minister Ali al-Zaidi nor the government had proposed leaving, the ministry said. The clarification follows reports claiming Iraq had weighed exiting the group and is keeping all available options open if its crude production quota is not raised significantly. In response, the ministry said Iraq continues to advocate a reassessment of production ceilings within the framework agreed by Opec and its allies in the wider Opec+ alliance, to better reflect members' sustainable production capacity. It said the assessment should take account of Iraq's security and economic circumstances. The ministry was referring to the agreed independent maximum sustainable capacity assessment process within Opec+, which is designed to recalibrate production baselines from 2027 onwards. The assessment process is underway, Iraq is taking part and it is being conducted by an independent US consulting firm according to the agreed timetable, the ministry said. While the review will shape baselines and quotas from next year, Iraq's production target has been steadily rising this year as Opec+ restores previously curtailed output. The alliance "expects all voluntary cuts to be fully unwound over the coming months", the ministry said. Seven core Opec+ members agreed on 8 June to another 188,000 b/d increase in their collective production target for July, despite conflict in the Middle East continuing to disrupt supplies from several of the group's biggest producers. The increase is part of a wider process to unwind 1.65mn b/d of previous production cuts. As part of that process, Iraq's production target has risen to 4.35mn b/d for June and 4.38mn b/d for July. But the higher targets do not yet mean higher Iraqi output. The country remained well below its Opec+ target in May after the US-Israel war on Iran disrupted exports through the strait of Hormuz and forced Mideast Gulf producers to rein in output. Iraq produced just 1.55mn b/d in May, compared with a target of 4.33mn b/d, according to Argus estimates. Baghdad reiterated that future discussions over production ceilings and sustainable capacity would continue through the alliance's established technical and consensus-based mechanisms. Long-running campaign The ministry's statement reinforces a position successive Iraqi governments have advanced for several years. Former prime minister Mohammed Shia al-Sudani repeatedly argued that Iraq's production quota should better reflect the country's reserves, production capacity, population and reconstruction needs. Before taking office in October 2022, al-Sudani criticised Opec+ production agreements as unfavourable to Iraq and pledged to seek a review of the country's allocation if appointed prime minister. He continued pressing that case while in office, most recently calling in October last year for a formal review of Iraq's production quota after arguing the country's existing allocation no longer reflected its resource base or development requirements. Iraqi officials contend the country's reserves, production potential and reconstruction needs justify a greater role within the alliance over the longer term. The UAE's exit from Opec earlier this year is seen in Baghdad as an opportunity to advance that goal, Argus understands. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Why Argus WTI?
Unrivalled methodology
Argus reports the US Gulf coast pipeline market the way it trades, rather than forcing it into a one-size-fits-all methodology. We publish volume-weighted average indexes for each assessed grade and location using reported deals done, and publish the underlying deals themselves. This provides our subscribers with accuracy and convenience, as well as a transparent audit trail.
An all-in-one view of your data
Hourly snapshots of the WTI Midland and WTI Houston markets can be viewed on the Argus Crude Market Ticker, also accessible on CME Direct. And for the first time, Argus WTI Midland and Houston futures can be traded directly on-screen through CME Direct, including by entities that do not retain a cash market broker.
Innovation and responsiveness
Argus has reported waterborne cargo prices for WTI Midland for several years on both fob US Gulf coast and delivered-Europe and Asia bases. As the market has developed, so has our approach. In November 2022, we augmented our rolling price for fob Midland WTI by reporting three intramonth periods, to better reflect market structure and the way cargoes are traded.
An expert reporting team
The Argus WTI Houston and Midland assessments are underpinned by the expertise of our Americas editorial team. We demystifying these complex markets through independent and transparent pricing, built on the strength of our relationships with the market. We have been surveying these pipeline markets for decades, meaning we understand the vital connections and nuances that exist.
Explore our crude oil products
Argus crude oil services include global daily, monthly, and forecasted prices, with forward curves and consulting services for the international crude markets