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.
Japan’s energy demand falls on economic slowdown
Japan’s energy demand falls on economic slowdown
Osaka, 12 December (Argus) — Japan's energy consumption in the April 2024-March 2025 fiscal year fell again from a year earlier, pressured by slower industry activity. The country's 2024-25 final energy use totalled 292mn kiloliters, or 1.84bn bl of oil equivalent (boe), down by 1.7pc from a year earlier, according to preliminary data released on 12 December by the trade and industry ministry Meti. This marks the third consecutive annual decline. Coal use in final energy consumption fell by 3.7pc from a year earlier to 172mn boe in 2024-25, while oil demand declined by 3.7pc to 841mn boe. This came as energy consumption in the manufacturing and transportation sectors declined by 3.2pc to 766mn boe, and by 1.5pc to 445mn boe respectively. But demand for natural gas and city gas rose by 1.5pc from a year earlier to 167mn boe. Power demand also edged up by 1pc to 517mn boe. Coal-fired power generation edged up by 0.9pc to 283.4TWh during the period, while oil- and gas-fired power dropped by 2.7pc to 71TWh and by 2.4pc to 315.7TWh. Zero-emission power supplies, including renewables and nuclear power, rose by 3.9pc to 322.1TWh. Japan's energy-derived CO2 emissions fell by 1.4pc from a year earlier to 908mn t in 2024-25, supported by the increased use of renewable and nuclear power supplies. The 2024-25 emissions represented a 26pc fall compared with the country's 2013-14 baseline, or the lowest level since 1990-91. The lower energy consumption, as well as increased use of domestic renewable and nuclear energy, helped lift Japan's energy self-sufficiency rate to 16.4pc in 2024-25, up by 1.1 percentage points from a year earlier, based on International Energy Agency methodology. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
More than 30 sanctioned tankers in Venezuela
More than 30 sanctioned tankers in Venezuela
New York, 11 December (Argus) — More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list. "There are 37 undeparted OFAC-designated tankers currently in Venezuela," Samir Madani, chief executive of independent vessel tracking service Tanker Trackers, told Argus — referring to the Treasury Department's sanctions enforcement arm, the Office of Foreign Assets Control (OFAC). "Maybe one or two departed recently, but that's the ballpark for now, at least." The US seized the tanker Skipper on 10 December, saying it was on the OFAC sanctions list. The ship was falsely carrying the Guyana flag , Guyana's maritime agency Marad said, but was flying the Panama flag up until 2023, according to the International Maritime Organisation (IMO) database. The tanker was transmitting falsified AIS positions to conceal its location, according to Kpler. Tanker Trackers estimated it to be laden with around 1.85mn barrels of Merey-16 crude. The ship had sailed as Adisa starting in 2021 before being renamed the Skipper . The US sanctioned the tanker in 2022 for its alleged involvement in an international oil smuggling network that blended and exported Iranian oil in support of Lebanon-based Hezbollah and Iran's Islamic Revolutionary Guard Corps. Former names for Skipper include the Toyo , the name it adopted in 2005, and Maera , the name it changed to in 2019, according to the IMO registry. Overall shipping operations in the Caribbean region today seem fairly normal and freight rates in the region are steady, according to shipbrokers. Chevron resumed imports of Venezuelan crude to the US in August following the reinstatement of its sanctions waiver . More sanctions Separately, the US Treasury Department on Thursday announced sanctions on six tankers — White Crane, Kiara M, H Constance, Lattafa, Tamia and Monique — and six shipping companies it said transported Venezuelan crude in recent months. Treasury last targeted specifically Venezuela-linked tankers in January 2021. The White House said more tankers could be seized. "We're not going to stand by and watch sanctioned vessels sail the seas with black market oil, the proceeds of which will fuel narcoterrorism of rogue and illegitimate regimes around the world," it said. Fewer tankers The number of irregular tankers off the coast of Venezuela already declined in November for the first time since one non-governmental organization began measuring them in July. Tankers identified as likely to be moving sanctioned crude or other products from Venezuela dropped to 17 in November, from 24 in October, the Venezuelan chapter in exile of Transparency International said on Thursday. The figures are based on a narrower set of criteria than the Tanker Trackers figures. The group estimated there were about 12 that arrived in July. But about 41pc of traffic at Venezuela's oil ports still includes sanctioned or otherwise suspect vessels, the group estimated. The presence of all types of oil tankers offshore of Venezuela also declined slightly in November, to 98 from 112 in October. By Charlotte Bawol and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
IEA ups global crude runs forecast, driven by OECD
IEA ups global crude runs forecast, driven by OECD
London, 11 December (Argus) — The IEA has increased its forecast for global refinery runs for 2026, driven by a rise in OECD runs in response to strong refining economics, continuing loss of Russian supply of products and a growing global crude oil surplus. In its latest Oil Market Report (OMR), the agency increased its forecast for global crude runs in 2026 by 250,000 b/d to 84.4mn b/d. The IEA predicts crude runs in the OECD of 36.2mn b/d next year, up from 35.6mn b/d in its previous OMR. That increase means the organisation forecasts that OECD runs will drop by only 110,000 b/d on the year in 2026, despite an overall 860,000 b/d drop in OECD refining capacity in 2025-26. Strong refining margins particularly boosted European throughput in October, and the IEA expects that to continue into next year. Refinery profitability has reached the highest in recent weeks since the start of the conflict in Ukraine, caused by strong rises in crude supply and unexpected tightness in product markets, especially in middle distillates and gasoline. European throughput will reach 95pc of capacity next year, the IEA said. The IEA nudged up forecast runs in OECD Americas by 180,000 b/d to 19.2mn b/d. Higher refining margins should boost US throughput in the first half of next year, with further support found from increasing reliability in Mexican refineries. The IEA forecasts non-OECD runs at 48.2mn b/d, down from 48.5mn b/d in its previous report. Delays to the start-up of refineries in India, Iran and Angola — as well as ongoing works at KPC's al Zour refinery in Kuwait — weighed on forecast throughput. The body trimmed its forecast for Chinese runs in 2026, but said higher floating inventories of cheaper Russian and Iranian crude in Asia could cause Chinese runs and exports to rise next year. Predicted Eurasian runs held steady at 6.1mn b/d despite throughput falling to a three-year low in October. Preliminary reports suggest Russian runs recovered in November, the IEA said. Diesel supplies by pipeline for export from Russian ports could rise by 20pc on the month to 2.1mn t in December, traders said. Sanctions could provide further support to margins in 2026, the IEA said. That includes US sanctions on Russian and Iranian exports, as well as EU sanctions on products derived from Russian crude. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Seized oil tanker 'falsely' carrying Guyana flag
Seized oil tanker 'falsely' carrying Guyana flag
Kingston, 11 December (Argus) — An oil tanker seized by the US off Venezuela's coast on Wednesday was falsely carrying the Guyana flag, Guyana's maritime agency Marad said. The very large crude carrier Skipper is part of "the proliferation of an unacceptable trend of the unauthorized use of the Guyana Flag by vessels that are not registered in Guyana," Marad said. The ship was seized as a large US naval force remains stationed offshore Venezuela that Washington said is intended to stop drug shipments. Venezuela has protested against the naval presence, saying is intended to topple the administration of president Nicolas Maduro, and called the seizure of the ship "an act of international piracy." The US told Marad it encountered Skipper , which has gone by other names and has been used in moving sanctioned Iranian crude, in international waters, Marad said. The ship appeared to be destined for Cuba before the seizure, but since then has been moving slowly to the northwest and is showing a destination of Georgetown, Guyana. Marad said it will continue to work with other organizations and governments to identify and take action against unauthorized use of the Guyana flag. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. 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