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.
Oil executives meet with Trump on Venezuela: Update
Oil executives meet with Trump on Venezuela: Update
Adds details throughout. Washington, 9 January (Argus) — ExxonMobil's chief executive and other industry leaders told President Donald Trump on Friday there would need to be significant changes in Venezuela before committing to large investments in the country's oil sector. The oil industry executives convened at the White House said they see potential in Venezuela, which they say could see modest near-term production gains with the easing of US sanctions that have restricted investment for years. Venezuela claims the world's largest oil reserves at 303bn bl. But executives say there must be durable changes in the country before they could commit to new investments. Earlier on Friday, Trump claimed that the oil companies visiting the White House were going to invest at least $100bn into the South American country. "If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestible," ExxonMobil chief executive Darren Woods said during a public section of the meeting with Trump that lasted more than an hour. Trump has pushed for a rapid return of US oil companies into Venezuela after he orchestrated the removal of its president, Nicolas Maduro, in a surprise raid on 3 January. Trump said his administration will probably decide today or "very shortly" which oil companies would be allowed to go into Venezuela, and warned executives at the White House that he would find other companies if they did not want to invest. "If you don't want to go in, just let me know, because I've got 25 people that aren't here today that are willing to take your place," Trump said. Some production increases possible Oil companies already operating in Venezuela said they could increase production in the near-term with investments into existing assets. Chevron can double its liftings from Venezuela immediately and increase its production by 50pc over 18-24 months, vice chairman Mark Nelson said. Chevron imported 120,000 b/d from Venezuela in December, and was able to produce over 200,000 b/d at its Petropiar joint venture with PdV as of 2024. Spain's Repsol is ready to triple its current output of 45,000 b/d within 2-3 years, chief executive Josu Jon Imaz said. Like Chevron, Repsol and its partner Italy's Eni already are operating in joint ventures with state-owned PdV. Repsol and Eni account for half of Venezuela's natural gas output, and they stand to benefit if the country's power grid improves, Imaz said. "We now have a few billion dollars worth of opportunities to invest in subject to [sanctions authorities] approval," Shell chief executive Wael Sawan said at the meeting. Shell has partnered with Trinidad and Tobago to develop Venezuela's offshore Dragon gas field, aiming to transport that gas as feedstock to Trinidad's 11.8mn t/yr (1.6bn cf/d) Atlantic LNG export terminal. Trump's administration last year revoked Shell's sanctions waiver allowing further work, only to regrant it with restrictive conditions in October. Executives from oil trading companies Trafigura and Vitol said they were ready to start selling Venezuelan crude, with Trafigura offering the first such cargo next week . 'Significant changes' needed But oil companies that left Venezuela nearly two decades ago when their assets were expropriated said they were cautious about a quick return. ExxonMobil has had its assets seized by the country twice, and returning a third time would require "some pretty significant changes", Woods said. ConocoPhillips chief executive Ryan Lance said there should be discussions of restructuring the "entire Venezuela energy system," including state-owend oil company PdV, and adding banks to future discussions, including the US Export Import Bank. Trump said he would provide "total safety, total security" for oil companies that go into Venezuela, which he said could be achieved by working with Venezuela's government. But he rejected the prospects of helping the industry recover past investments. "We're not going to look at what people lost in the past, because that was their fault," Trump said during a discussion with ConocoPhillips' Lance about its $12bn in expropriated assets. "You'll make it back, one way or another." ConocoPhillips is close to satisfying at least part of that claim following the court-approved sale of PdV-owned US refiner Citgo. A US federal court in Delaware ordered Citgo to be sold for $5.9bn to satisfy the more than $20bn in claims by ConocoPhillips and other companies. A federal appeals court on 6 January asked if the removal of Maduro could affect the decision. Some in Trump's cabinet have acknowledged the wariness by the oil industry in returning to Venezuela, given the uncertainty over its long-term political stability. Although "big oil companies, who have corporate boards, are not interested", there is interest from independents, US treasury secretary Scott Bessent said on Thursday. "They want to get to Venezuela yesterday," Bessent said. Oil companies have been cautious about making major new investments, even in lower-risk shale production, because of lower oil prices. Nymex WTI front-month crude futures on Friday settled near $59/bl. Trump has recently pushed for a vast increase in the imports of Venezuelan crude, starting with the 30mn-50mn bl of previously sanctioned crude into the US. Cabinet officials, including Bessent, have previously backed a targeted oil price of $50/bl as a way of easing inflation pressures. By Chris Knight and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trafi to offer Venezuela crude as flows shift: Update
Trafi to offer Venezuela crude as flows shift: Update
Recasts lead with focus on Trafigura plans to sell its first cargo of Venezuelan oil. New York, 9 January (Argus) — Changing US restrictions on Venezuela's crude sales are set to lift US imports, with trading firm Trafigura slated to sell its first cargo of Venezuelan crude since the US arrested president Nicolas Maduro last week. Executives from Trafigura and fellow-trader Vitol said Friday they were ready to start selling Venezuelan crude, following a meeting with other oil executives at the White House about US plans to direct up to 50mn bls of the country's crude to US buyers. Their statements during a televised meeting with President Donald Trump and others effectively confirms both companies received licenses from US sanctions enforcers allowing them to sell Venezuelan crude. "The first vessel should load in the next week," Trafigura chief executive Richard Holtum said, but the destination of the cargoes was not made clear. Since the US' capture of Maduro, it does not appear any shadow fleet tankers have loaded in Venezuela, according to ship research firm TankerTrackers.com. This indicates that the US action against such vessels — including the seizure of a 5th tanker in the Caribbean earlier today — is discouraging illicit activity out of Venezuela. Prior to the US blockade China had been importing about 430,000 b/d of Venezuelan crude, Argus surveys indicate, most of it on "dark fleet" tankers that are subject to sanctions. Trump's statement that up to 50mn bl of Venezuelan crude will be delivered directly into the US Gulf formalizes a rapid redirection of flows away from the dark fleet ships previously bound for China, according to tanker shipbroker Odin. The move will likely heighten Chinese demand for Iranian and Russian grades of crude where supply remains ample and pricing competitive, Odin said. The US seized two tankers on 7 January: the Russian-flagged Marinera , which previously went by other names, was seized off of the coast of Ireland; and the M Sophia , which was part of the flotilla of 16 tankers that defied the US blockade previously . The US seized the VLCC Skipper in early December , and another tanker , Centuries , lat er i n the month. Chevron continues to load crude Two Chevron-operated tankers carrying Venezuelan crude are set to arrive in Texas mid-January after loading in Jose Terminal and departing the country on 7 January, vessel tracking data shows. The Mediterranean Voyager , laden with an estimated 443,000 bl of Hamaca, and the LR2 Nave Photo, laden with an estimated 158,800 bl of Merey crude, both loaded in Jose Terminal on 5 January, departed from Venezuela on 7 January and are set to arrive in Freeport, Texas, on 15 January, according to Vortexa. The Mediterranean Voyager has a documented history of engaging in Chevron-linked Venezuelan crude transport to US Gulf refineries built to process heavy grades . Chevron lost its license to import Venezuelan crude in May 2025, but it was reinstated in August , at which point the company slowly resumed its imports. Chevron is currently the only US producer operating a joint venture with Venezuela's state owned PdV. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US seizes fifth Venezuela-linked tanker: Update
US seizes fifth Venezuela-linked tanker: Update
Updates to include destination of seized tanker. London, 9 January (Argus) — The US seized the sanctioned Aframax tanker Olina while it was sailing in the Caribbean carrying Venezuelan crude earlier on Friday, marking the fifth confirmed seizure in recent months. The 113,782 dwt Olina , flagged to Timor Leste according to the IMO database, was apprehended in the Caribbean Sea on 9 January, the US Southern Command said. "In a pre-dawn action, Marines and Sailors from Joint Task Force Southern Spear, in coordination with the Department of Homeland Security, launched from the USS Gerald R. Ford and apprehended the tanker Olina in the Caribbean Sea without incident," the command said. The Olina was sanctioned by the US under the name Minerva M in October 2025, by the EU in May 2025 and by the UK in December 2024 for carrying Russian oil. The vessel's registered owner is Tantye Peur, Hong Kong, according to the IMO database. The tanker last called at Russia in September 2024, when it loaded dirty products from Taman, Kpler data show. In 2025, the vessel was mostly involved in Venezuelan voyages, according to Kpler. This is the fifth confirmed tanker seizure by the US in recent months. The US Coast Guard seized two vessels in December after President Donald Trump declared a partial oil blockade of Venezuela targeting tankers under US sanctions. It later seized the Marinera and M Sophia on 7 January. Heading back to Venezuela The Olina is being sent back to Venezuela,US president Donald Trump said in a social media post Friday. The oil on the ship will eventually be sold as part of an agreement Trump said the US reached with Venezuela to sell up to 50mn bls of crude to US buyers. The Olina' s return to Venezuela marks a departure from the administration's prior practices, which had been to bring seized vessels back to US ports. The first two vessels seized by US forces, the Centuries and Skipper very large crude carriers, have been posted off the coast of Houston, Texas, since they arrived back in the US, according to vessel tracking data from Kpler. The cargo onboard those vessels may be difficult to unload due to the commercial implications of engaging in trade with ship still under US sanctions, according to a shipbroker. By Andrey Telegin and Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US adds 50,000 jobs in December, revisions shed jobs
US adds 50,000 jobs in December, revisions shed jobs
Houston, 9 January (Argus) — The US in December added fewer jobs than expected, and payrolls for the prior two months were revised lower. Full-year job growth fell by about 70pc from 2024. The US added 50,000 nonfarm jobs in December, the Labor Department reported Friday, fewer than the 60,000 expected by economists surveyed by Trading Economics. October and November payrolls were revised lower by a combined 76,000 jobs, with October losses revised to 173,000 jobs and November adding 56,000. Payrolls in 2025 rose by 584,000, or 49,000 jobs/month on average, down from 2mn added in 2024, or 168,000 jobs/month. The economy was rocked by a 43-day partial federal government shutdown that ended in mid-November, federal government layoffs ordered by President Donald Trump and trade tariffs that caused widespread uncertainty among businesses and consumers. Still, the economy expanded at an average 2.5pc annual rate in the first three quarters of the year, largely sustained by consumer spending and business investment, much of it in artificial intelligence. The unemployment rate was 4.4pc in December, down from 4.5pc in November, Labor reported. Wages grew at a 3.8pc annual pace, up from 3.6pc in November. Federal government payrolls grew by 2,000 jobs in December but have fallen by 277,000 jobs from a January peak. Retail trade lost 25,000 jobs in December, while manufacturing shed 8,000 jobs. Mining payrolls fell by 2,000, and construction gave up 11,000 jobs during the month. Transportation and warehousing shed 6,600 jobs. Health care and social assistance added 38,500 jobs. Payrolls at food service and drinking establishments rose by 27,000 in December. By Bob Willis 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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