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.
Fire reported near Saudi Arabia’s Ras Tanura complex
Fire reported near Saudi Arabia’s Ras Tanura complex
Dubai, 27 October (Argus) — A fire broke out near Saudi Arabia's Ras Tanura oil export terminal early on Tuesday, a source with knowledge of the matter said. Yemen's Houthi rebels shortly afterwards claimed an attack on the nearby refinery. The fire has since been contained, the source said, although the extent of any damage remains unclear. State-controlled Saudi Aramco did not immediately respond to a request for comment. The Houthis, meanwhile, said they had launched a ballistic missile at the 550,000 b/d Ras Tanura refinery. Houthi spokesman Yahya Saree claimed the strike caused "massive fires" at the site. The refinery is part of the wider Ras Tanura industrial complex, which also houses one of Saudi Arabia's main crude export terminals. The refinery has been targeted several times since the start of the US-Iran war in late February. Aramco shut the facility for more than three months after two Iranian attacks in early March. The latest incident comes as the conflict between Saudi Arabia and the Yemen-based Houthis escalates. The group this month widened its targeting beyond military and energy facilities to include international airports and Aramco's headquarters in Dhahran. The Houthis over the weekend claimed attacks on several Saudi energy facilities, including the 400,000 b/d Petro Rabigh refinery and petrochemicals complex and crude pumping stations along the 7mn b/d East-West pipeline. The pipeline carries crude westwards to the Red Sea port of Yanbu for export. It also supplies refineries, power stations and desalination plants along the Red Sea coast. Neither Aramco nor the Saudi government has confirmed those claimed attacks. But Argus understands that at least one pumping station on the East-West pipeline was damaged over the weekend. The damage was limited and did not affect operations. An earlier attack on the pipeline system in early September forced Saudi Arabia to shut it temporarily. Aramco restarted flows within a week, with throughput recovering to 5.8mn b/d by early October. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
International fossil fuel finance down under Cop pledge
International fossil fuel finance down under Cop pledge
Edinburgh, 27 October (Argus) — International fossil fuel project finance from countries in the Clean Energy Transition Partnership (CETP) dropped by 72-80pc to $3.3bn last year compared with a 2019-21 baseline, but Italy, Germany and Switzerland are still not meeting the goal, according to a report by think-tank the International Institute for Sustainable Development (IISD). Under the CETP, signed in 2021 on the sidelines of the UN Cop 26 climate summit in Glasgow, 40 countries and jurisdictions pledged to end international public finance for fossil fuels by the end of 2022. The signatories include Canada, Norway, the UK, Germany, Italy, the Netherlands and Denmark. The US left the alliance in February 2025. The commitment covers public finance provided through development finance institutions, export credit agencies and multilateral development banks. "The CETP is an example of how international agreements with time-bound commitments, combined with ongoing monitoring and accountability efforts, can shift international energy finance away from fossil fuels and toward clean energy, although scaling clean energy financing has been slow," IISD said. But clean energy finance from the CETP countries in the same period only rose by 28pc to $5.6bn and only 42pc of the funding removed from fossil fuel investments has been going towards clean energy, according to IISD. Some countries have yet to meet their Cop 26 pledge. Italy has provided $6bn in international fossil fuel finance since the end of 2022, when countries were due to meet their CETP target, while Germany and Switzerland provided $2.5bn and $1.6bn, respectively. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Climate plans improve but off track for 1.5°C goal: UN
Climate plans improve but off track for 1.5°C goal: UN
Edinburgh, 27 October (Argus) — Countries' nationally determined contributions — climate plans — have improved in quality and scope, but progress in lowering emissions remains "substantially off track" to limit temperature rises to 1.5°C and keep a temporary overshoot short, according to a report from UN climate body the UNFCCC released today. The report took into account 127 new nationally determined contributions — climate plans — released between 1 January 2024 and 31 August 2026, representing 154 out of 194 parties to the Paris agreement. The 154 parties account for around 71pc of total greenhouse emissions, according to the report. The report does not include the US — the world's second-biggest emitter — since the country officially left the Paris accord last year. The UNFCCC found that GHG emission reductions — including land use, land-use change and forestry — stemming from the implementation of NDCs are projected to peak and decline by 2035, reaching 6pc below 2019 levels on average. The cuts would imply "best-estimate warming of 1.7-2.3°C by the end of the century", the report said, adding that "returning warming to 1.5°C would require substantial additional GHG emission reductions in the coming years". The NDCs "show improvement, compared with the previous NDCs, in the quality and depth of information provided, as well as broader thematic coverage", the UNFCCC said. The organisation found that energy transition is a common theme in the NDCs and that electrification plays "an increasingly important role in reducing emissions while strengthening energy security". "Against the backdrop of recent energy crises, almost two thirds of parties highlighted the contribution of mitigation measures to energy security, particularly through renewable energy and energy efficiency improvements," the report said. The report showed that 27pc of countries referred "to transitioning away from fossil fuels in energy systems in a just, orderly and equitable manner" as per the call made at Cop 28 in Dubai and that 10pc reported targets for cutting fossil fuel fired power generation by 2035, representing a 258TWh reduction. Around 6pc of the parties included fossil fuel phase-out targets, according to the report. The report found that parties in their NDCs increased their focus on creating enabling conditions for renewable energy deployment, efficiency improvements and electrification, with around 70pc reporting measures to improve electricity grids. It also showed that 92pc of the parties included methane in their NDCs and, of those, 29pc pointed to renewable energy generation as a key supply-side driver of energy security by replacing imported fuels with domestic energy sources. A total of 94pc of parties mentioned in their NDCs that they plan to use — or may use — voluntary co-operation under Article 6 of the Paris agreement and 81pc referred to the use of internationally transferred mitigation outcomes — when countries exchange emissions savings bilaterally to be counted towards their NDCs. The UN Cop 31 climate summit due to take place in Turkey next month "can help address some of the key gaps highlighted in this year's reports with its focus on practical measures to support greater implementation, UNFCCC executive secretary Simon Stiell said. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s Woodside to sell East Timor gas stakes
Australia’s Woodside to sell East Timor gas stakes
Sydney, 27 October (Argus) — Australian independent Woodside Energy has agreed to sell its stakes in the Greater Sunrise fields offshore East Timor, which it operates, to state-owned Timor Gap for $200mn. The transaction simplifies Woodside's portfolio, chief executive Liz Westcott said on 27 October. Sunrise is a high-quality resource but did not fit with the company's capital and management priorities, it said. The Perth-based firm is targeting transaction completion in the first half of 2027. The Sunrise joint venture partners previously comprised Timor Gap with 56.56pc, operator Woodside with 33.44pc and Japanese utility Osaka Gas with 10pc. Osaka Gas also agreed to sell its 10pc stake to Timor Gap in September, meaning the state will now control the entirety of the fields. A development plan for Sunrise has been slow to emerge. East Timor hopes for a locally-built LNG terminal to process the gas , which would necessitate significant engineering works to bridge a trench in the Timor Sea, while maritime border issues have also delayed the project located 450km northwest of Australia's Darwin city. East Timor's revenues from oil and gas have slumped since the ending of production at the Bayu-Undan field on the maritime border with Australia, which were processed through the 3.7mn t/yr Darwin LNG terminal before ceasing in late 2023 . Sunrise's fields hold an estimated 5.3 trillion ft³ (150bn m³) of dry gas and 226mn bl of condensate. By Tom Major 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