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.
Kuwait's Mina al-Ahmadi plant attacked by drones
Kuwait's Mina al-Ahmadi plant attacked by drones
Dubai, 20 March (Argus) — Kuwait's 346,000 b/d Mina al-Ahmadi refinery came under new Iranian drone attacks in the early hours of 20 March, state-owned Kuwait Petroleum Corporation (KPC) said. The attacks caused a fire at several units of the refinery, but no injuries were reported, a KPC statement said. Emergency response teams are in the area and have been trying to contain the fire. "As a precautionary measure, a number of refinery units were shut down," KPC said. The new attack comes soon after Kuwaiti and Saudi Arabian energy complexes were damaged from drone hits on 19 March. Iran earlier warned that retaliatory attacks in response to the Israeli bombing of its gas processing facilities will continue. US president Donald Trump said Israel agreed to his request to stop targeting of Iran's energy facilities. Israel's prime minister Benjamin Netanyahu later confirmed his agreement to hold off attacks on Iranian gas fields. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran war: Latest news
US-Iran war: Latest news
Houston, 19 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP HEADLINES IEA confirms contributions to oil stocks releases Global gas market upset threatens to trump 2022 Shippers pay up for foreign flags on Jones Act waiver Airline hedges only partially protect jet fuel demand LATEST NEWS Crude WTI Houston premiums continue to surge: Update Oil futures: WTI falls as Trump may ease sanctions Jones Act waiver crude cargoes emerge Mexico crude exports rising on price surge Urals India discount at narrowest ever Refined Products Calif jet stocks climb to 6-week high: CEC US midcontinent diesel prices hit new highs Iran war closes Latin America asphalt's arbitrage US Gulf components exports may fall on Jones Act waiver Mexico hikes premium gasoline, diesel prices ARA jet stocks 'low': Insights Global Coal Gas price spike paves way for European API 2 coal surge Agriculture/Fertilizer/Beef Brazil's AGU prices peak despite low demand Brazil's MBRF meat flows stable despite Iran war Metals Higher fuel costs squeeze Fe scrap supply chain Natural gas War boosts Brazil spot gas market appeal Petchems US Jones Act waiver may alter PX trade flows Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK’s Ithaca puts Cambo GHG emissions at 100mn t
UK’s Ithaca puts Cambo GHG emissions at 100mn t
London, 19 March (Argus) — UK North Sea producer Ithaca Energy has estimated greenhouse gas (GHG) emissions from its proposed Cambo field at up to 100mn t/CO2 equivalent (CO2e) over its lifetime, according to an updated environmental statement. The field's upstream GHG emissions are estimated to average around 130,300 t/yr of CO2e, once it is fully producing, from 2031-2055, Ithaca said. This would equal 1.1pc of annual UK oil and gas sector upstream emissions, in relation to 2024 figures, Ithaca said. The company estimated that the transportation, distribution and refining of hydrocarbons from Cambo would result in 18.9mn t/CO2e and the end-use emissions — those from burning the refined products — would reach 82mn t/CO2e. "The overall cumulative effect on global climate change of all Cambo emissions is minor and therefore may be considered as not significant", Ithaca said. GHG emissions from Cambo "are most likely to be in line with a climate pathway that limits warming to 2°C by 2100 but exceeds warming of 1.5°C during the 21st century", Ithaca said. The Paris climate agreement seeks to limit the global rise in temperature to "well below" 2°C above pre-industrial levels and pursues a 1.5°C threshold. Oil and gas companies seeking to develop UK fields must now submit estimates of scope 3, or end-use, GHG emissions in their environmental statements. Norway's Equinor, which is aiming to develop the nearby Rosebank field, estimated scope 3, or end-use, GHG emissions from Rosebank at 249mn t/CO2e over its lifetime . Ithaca plans to begin drilling in the third quarter of 2028, with first oil expected in the fourth quarter of 2030, it said. It anticipates that Cambo will produce hydrocarbons until 2055. Ithaca is sole owner of Cambo, having acquired Shell's 30pc stake in 2023. Its production licence for the field was extended last year until 30 September 2027. Cambo is the "second largest undeveloped oil and gas discovery in the UK North Sea", according to Ithaca, with around 170mn bl of oil equivalent of recoverable resources. The UK government has committed to ending new offshore oil and gas licensing, though it recognises a transitional role for oil and gas as the country decarbonises, and will permit some new wells, connected to existing infrastructure. The UK has a legally binding target of net zero GHGs by 2050. Ithaca said it would meet "all necessary legal and industry-wide agreed GHG removal requirements that may be implemented" to offset emissions produced after 2050. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
N Dakota perks up on widening Brent-WTI spread
N Dakota perks up on widening Brent-WTI spread
Calgary, 19 March (Argus) — A widening spread between US and international oil prices has "certainly" caught the attention of North Dakota's regulators, but capitalizing on it would require producers to switch tack. North Dakota producers pumped out 1.16mn b/d of oil in January, down by 13,000 b/d from the same month 2025, the state's Department of Mineral Resources (DMR) said on Thursday, as both winter weather and low prices hampered production. But a sharp increase in oil prices on account of the US-Iran war, and the subsequent supply shortages, has suggested a rebound could be afoot for the US' third-largest producing state. State regulators indicated that potential outcome, but only if prices remain elevated. The price of May Brent — the main global benchmark for waterborne shipments — settled at $107.38/bl on Wednesday, compared with $95.46/bl for the May WTI contract. This spread of $11.92/bl between the two benchmarks is a near-doubling of the $6.03/bl recorded on 12 March and represents a growing uplift for volumes that can reach markets connected to global prices, including the US west and east coasts. "That spread certainly has my attention and I'm sure it has the market's attention of whether or not we could see incremental North Dakota barrels starting to feed into those US refineries," North Dakota Pipeline Authority director Justin Kringstad said Thursday. Meaningful changes in capital spending for operators could increase output, but additional flows would likely lag by 6-12 months, he added. "At what point do operators have confidence that the price environment is going to be somewhat elevated to the point where it would justify increased capital, across not only in North Dakota, but the US?" asked Kringstad. Refiners on the west and east coasts imported 230,000 b/d and 84,000 b/d, respectively, from the Mideast Gulf in 2025, according to the US Energy Information Administration. Any increased flows to those markets from North Dakota would need to be done using rail, which adds another lay of complexity. An increase in output would be a reversal in strategy for a number of companies, which only weeks ago were making plans to dial down activities in North Dakota. In January, weak oil prices prompted plans by Continental Resources, one of the largest oil producer in the state, to take its drilling rigs from three to zero . By Brett Holmes 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