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.
Iran launches maritime authority, insurance platform
Iran launches maritime authority, insurance platform
London, 19 May (Argus) — Iran has launched a new maritime authority to tighten its control over shipping in and around the strait of Hormuz. It has also introduced an insurance platform to provide cover for Iranian shipping and cargoes transiting the waterway. The Persian Gulf Strait Authority (PGSA) will manage navigation through the waterway, while the "Hormuz Safe" platform will offer "secure digital insurance for maritime cargo" for Iranian vessels transiting it. The PGSA will act as the legal authority representing Iran in managing transit through the strait, according to Iran's semi-official Fars news agency. Vessels intending to transit the waterway will receive rules and regulations from the authority and must obtain a permit to pass, state news agency Press TV said. Ships must comply with this framework. Passage without permission will be considered illegal, Fars reported. Iran claimed control of a broader area of the strait and surrounding waters on 4 May, from the western-most point of Iran's Qeshm Island to Umm al-Quwain on the UAE's west coast, and from Kuh Mobarak in Hormozgan province to southern Fujairah on the UAE's east coast. Separately, the Hormuz Safe platform will provide Iranian shipping companies and cargo owners with "fast, verifiable digital insurance", according to its web page. It will offer cover for cargoes in the Mideast Gulf and surrounding waterways, with payments settled in cryptocurrency. There is no indication that Hormuz Safe policies extend beyond Iranian ships and cargoes. Iran has launched the initiatives as geopolitical tension remains high in the Mideast Gulf. The US and Israel's war with Iran has involved strikes on shipping in and around the strait of Hormuz, pushing up western insurance costs and sharply reducing traffic through the waterway. A ceasefire is now in place, but the Iranian Revolutionary Guard Corps' tight control of the strait and a US naval blockade of Iranian ports continue to weigh on exports of oil, gas and other commodities from the region. Iran created an official PGSA account on social media platform X on 18 May to provide operational updates and developments related to shipping through the strait. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela lawyers say Citgo value up on war
Venezuela lawyers say Citgo value up on war
Houston, 18 May (Argus) — The value of US refiner Citgo has increased substantially because of the war in Iran, so a court-mandated sale of the refiner should be halted, lawyers for Venezuela said in a filing last week. Venezuela state-owned PdV, the parent company and owner of Citgo, and Venezuela have long argued that the refiner has been undervalued in the auction and have protested a US court's decision last year to pick a $5.9bn bid from Amber Energy, an affiliate of New York hedge fund Elliott Investment Management, as the winner. In the months since a sale hearing in the case, the "value of publicly traded refiners has increased significantly", the lawyers for Venezuela said in a filing released on 14 May in the US District Court for the District of Delaware. Based on the increase in stock price for fellow US independent refiners since August and using a conservative calculation discussed in the court case, Citgo should be valued at $15.1bn, more than double the Amber bid, the filing said. The lawyers for Venezuela also allege that selling Citgo for $5.9bn would constitute a "historic windfall for a hedge fund that has extracted an unconscionable bargain from a conflicted and failed process", according to the court filing. During the court case, lawyers for Citgo and PdV argued that the refiner was worth $18.6bn, which was rejected by US district judge Leonard Stark as "non-credible and unpersuasive." Stark concluded in a 25 November opinion that the fair market value of Citgo was under $10bn. Amber's $5.9bn bid included a separate agreement to settle litigation claims with 75pc of a group of PdV bondholders for $2.13bn. Citgo's three US refineries, as well as its lubricant plants and midstream and retail assets, are being auctioned off to satisfy debt defaults and expropriations owed by PdV. Amber last month urged the US Office of Foreign Assets Control (OFAC) to give a final authorization required for the sale, arguing that it would invest more than $11bn to modernize and expand Citgo's operations which would put "downward pressure on fuel prices", according to a statement on the company's website which was originally published in the opinion section of The Wall Street Journal . The fate of Citgo has been murky since the US ousted former president Nicolas Maduro on 3 January and subsequently lifted sanctions on Venezuela's oil exports. Even though it is owned by PdV, Citgo has operated under a board appointed by the Venezuelan opposition and vetted by the US government since 2019, after the US denounced Venezuela's 2018 presidential election as illegitimate. Since then, the US has recognized the government led by interim president Delcy Rodriguez and restarted diplomatic relations. OFAC last month lifted most restrictions on financial dealings with Venezuela's central bank and other financial institutions, as well as with the government overall. Venezuela's government said last week that it plans to restructure all of its sovereign debt and that of PdV, which could reach up to $160bn. Meanwhile, Citgo reported a profit of $157mn in the first quarter, compared with a loss of $82mn in the first quarter of 2025, pushed by soaring fuel prices because of the war in Iran, which has choked off oil and products supplies through the strait of Hormuz. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Q&A: Liwathon could handle Kazakh supply for Europe
Q&A: Liwathon could handle Kazakh supply for Europe
London, 18 May (Argus) — After Moscow suspended the delivery of Kazakh crude to PCK's 204,000 b/d Schwedt refinery in eastern Germany through the northern leg of the Druzhba pipeline in April, Estonia's Liwathon sees an opportunity to offer an alternative route. Its chief executive Merika Nimmo spoke to Argus, and editied highlights follow. As Kazakh crude supplies to Schwedt come under pressure, how is Liwathon positioning itself to offer alternative supply solutions to Europe? Our Muuga Harbour terminal in Estonia combines deep-water access, significant storage, and integrated sea, rail and road connectivity, offering Kazakhstan a genuine multimodal gateway to European markets. Cargoes can arrive by rail directly into the terminal, by vessel at the port for storage, blending and onward distribution across Europe. For PCK Schwedt specifically, our infrastructure can support alternative delivery and storage solutions into the European market, giving refiners and the Kazakh side meaningful optionality where pipeline routes are under strain. The recent suspension of Kazakh crude transit to Germany via Druzhba illustrates the vulnerability of single-corridor reliance. Estonia offers a credible contingency route, capable of being activated when established channels face technical, operational or geopolitical disruption. For traders, the commercial logic is reinforced by blending and optimisation capability at the terminal, which improves trade economics and supports consolidation of smaller producer volumes seeking European market access. How willing are European buyers to lift this Kazakh product flow from Liwathon storage? European buyers continue to prioritise supply security, route diversification and logistical flexibility, and are increasingly evaluating infrastructure that can deliver reliably through periods of disruption. Independent terminals with strong maritime access, storage flexibility and efficient customs handling are attracting growing attention. Commercial viability of Kazakh flows via the Baltic naturally depends on freight, insurance and product specifications, but improves materially where storage is used for blending and optimisation rather than pure transit. On that basis, there is clear interest from market participants in maintaining access to alternative import corridors and well-positioned European storage capacity. The interruption to Kazakh crude flows to Germany is, apparently, only temporary. Moscow says the reason for the interruption is a technical fault. How is Liwathon positioning itself long-term should Kazakh crude flows resume? Our strategy isn't built around any single disruption. The broader trend is diversification — and recent events only reinforce how quickly established corridors can be affected. Liwathon's role is to remain a flexible, independent logistics hub capable of handling crude, refined products and petrochemicals across multiple flows. The strategic case for independent storage and multimodal infrastructure holds whether current interruptions prove temporary or not. Liwathon has been trying to establish a foothold in the German refining space. How is the share acquisition in Schwedt refinery progressing? Liwathon's focus is terminal infrastructure, storage, blending and logistics. We do not comment on external investment discussions or third-party refinery transactions. Where does Liwathon see other opportunities to break into the European refining industry? Liwathon Group has consistently viewed energy security as critical to Europe's long-term resilience. We will continue to assess opportunities across the European infrastructure sector, refineries included, as and when they arise. Where an asset aligns with our strategy and complements the existing portfolio, we will look at it on its merits. H ow else does Liwathon see the health of its storage business? Are there any plans to expand capacity through acquisitions or construction projects? When Liwathon entered the infrastructure market, the decision was clear: own best-in-class assets in each region we operate. That discipline is what keeps us competitive over the long term, and recent years have reinforced the strategic value of independent storage and multimodal logistics to the European energy market, particularly during periods of disruption, volatility and shifting trade flows. That conviction has translated into substantial investment. In the Bahamas, we have committed significant capital to bring our terminal back into operation. In Estonia, we have continued to invest in our Muuga infrastructure to expand local commercial activity and strengthen the asset's competitive position. We remain open to acquisitions and further investment in our existing portfolio where the commercial logic is sound. The priority remains on strengthening the utilisation, flexibility and competitiveness of our existing infrastructure while maintaining a disciplined and commercially sustainable approach to future growth. By George Maher-Bonnett and Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India to buy Russian crude despite US waiver expiry
India to buy Russian crude despite US waiver expiry
Delhi, 18 May (Argus) — India is likely to continue buying Russian oil despite a US waiver that ended on 16 May, Sujata Sharma, joint secretary in the petroleum ministry, told reporters today. "Regarding (the) American waiver on Russia, I would like to emphasize that we have been purchasing from Russia earlier... I mean before waiver also, during waiver also, and now also," she told at an inter-ministerial media briefing, adding that refiners take the final call on a commercial basis. But the volume of purchases after the deadline remains uncertain. Emphasizing the need to ensure adequate crude stockpile availability in the country, the government also said it continues to secure crude volumes from alternative sources. The government refrained from sharing details of any ongoing negotiations with the US. Indian refiners till last week had been weighing their crude buying options and awaiting an extension of the US waiver on fresh Russian oil bookings. The waiver allowed purchases of Russian crude loaded onto vessels before 17 April for delivery by 16 May, even if sellers and ships carrying the cargoes are under US sanctions. India's crude imports have remained consistent at 4.5mn b/d during March and April, rising slightly to 4.7mn b/d in May, but still below 5.2mn b/d in February, according to data from market intelligence firm Kpler. Russian oil accounts for the majority of these imports. Russian oil has made up close to 45pc of total imports since March, when the US waiver was issued. A decline in crude loadings following recent drone strikes on oil infrastructure in Russia is also expected to affect supplies to India. Russian oil imports are expected to total 2.1mn b/d in May, with several vessels arriving at Indian ports even after the deadline, Kpler data show. Meanwhile, the government also informed that a hike in fuel prices also have helped them lower losses of oil marketing companies to about 7.5bn rupees ($78mn) a day on the sale of auto fuels and domestic LPG, down from Rs10bn/day earlier. Indian state-run oil refiners raised gasoline and gasoil prices for the first time in four years — the most widely used transport fuel in the country — by Rs3 litre ($0.031/litre). Gasoil prices in New Delhi, will now cost Rs90.67/litre, and gasoline will cost Rs97.77/litre. By Rituparna Ghosh 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.
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