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.
Saudi Arabia, Turkey and Pakistan sign defence pact
Saudi Arabia, Turkey and Pakistan sign defence pact
London, 7 August (Argus) — Saudi Arabia, Turkey and Pakistan signed a joint defence pact in Mecca today. The agreement aims to "strengthen collective defence" and "stipulates that any armed attack against any one of the three states shall be regarded as an attack against them all", according to a joint statement. The deal follows a period of heightened instability in the Middle East centred around the US-Iran war. Saudi territory, including its oil and gas assets, has been repeatedly attacked by Iran and Iran-backed groups in Iraq and Yemen since the start of the war. It remains unclear what the defence pact commits the three states to in the event of any attack. Turkey was also targeted in the war's early stages. The agreement aligns three Sunni-majority Muslim countries closer together, with each bringing different strengths. Saudi Arabia is Opec's leading member and one of the world's largest oil producers, giving it significant financial power. Turkey has Nato's second largest army and has developed a strong defence industry in recent years, while Pakistan is the world's fifth most populous country and has nuclear weapons. Some analysts see the emerging alliance as a reaction to destabilising moves in the region by the US and Israel on the one hand and Iran and its proxies on the other. It follows an earlier defence pact signed between Saudi Arabia and Pakistan in September. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UAE’s Adnoc expands tanker fleet in $1.3bn deal
UAE’s Adnoc expands tanker fleet in $1.3bn deal
Dubai, 7 August (Argus) — Abu Dhabi state-owned Adnoc's logistics arm has agreed to acquire 11 tankers for $1.3bn, expanding its crude and LPG shipping capacity as the UAE prepares for higher oil and gas exports. The acquisitions comprise six very large crude carriers (VLCCs), each capable of carrying around 2mn bl of oil, and five very large gas carriers (VLGCs). The additions will increase Adnoc Logistics and Services' crude tanker fleet to 14 vessels and its gas fleet to 12. Nine of the vessels were acquired on the secondary market and are due for delivery this quarter, with two newbuild VLGCs acquired through a Chinese shipyard due to follow in the fourth quarter. The VLCC acquisitions come as Adnoc prepares for higher crude exports, with the UAE targeting oil production capacity of 5mn b/d by 2027. They could give the company greater control over deliveries at a time when the US-Iran conflict has disrupted traffic through the strait of Hormuz and tightened tanker availability. Adnoc's 1.8mn b/d Adcop pipeline running from Habshan to Fujairah has provided a partial bypass of the strait since the war began. The company plans to expand the pipeline's capacity to around 3.3mn b/d by 2027, freeing up more crude for export from Fujairah. The latest acquisitions extend a rapid expansion of Adnoc's shipping business. Last month, Adnoc Logistics and Services ordered four LNG carriers worth about $900mn ahead of the planned 2028 start-up of Adnoc's 9.6mn t/yr Ruwais LNG export terminal. The company also added 32 tankers to its fleet through last year's $1.04bn acquisition of an 80pc stake in Navig8. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump promises Hormuz deal 'soon'
Trump promises Hormuz deal 'soon'
Washington, 6 August (Argus) — President Donald Trump again said on Thursday that a deal to reopen the strait of Hormuz to navigation is imminent, even though Tehran appears to be insisting on major concessions from Washington. "I am involved in the negotiations," Trump told reporters at the White House, adding that "we're doing fine" and that a deal could be concluded "very soon". Trump may have been referring to the dialogue between Iran and Oman when he began on 2 August to reference ongoing talks with Iran that he said would result in reopening Hormuz within a day or two. Iran and Oman are close to issuing a joint statement specifying "geographical co-ordinates" of a safe transit route through Hormuz, Iran's foreign ministry said on Wednesday. But Tehran is demanding the lifting of the US blockade and other concessions from Washington. The deal with Oman "by itself would not make Hormuz safe for transit", Iran's foreign ministry said. The US naval blockade remains in place, and the strait of Hormuz is "sort of open right now", Trump said on Thursday. But he acknowledged that threats posed by Iran are deterring many shippers from using the Mideast Gulf waterway. "We control it, but they can always shoot something, or drop a mine, and if you have one mine sitting out there, you sort of mess things up because people don't want to take their billion-dollar boats and accidentally get hit by a mine," he said. Trump, who has been expressing unease about elevated energy prices, said on Thursday that "oil prices now are coming down very rapidly, it's down to $75/bl". September Nymex WTI rose by $2.07/bl to $77.29/bl on Thursday, bouncing higher after steep losses earlier in the week. Vessel traffic through the strait of Hormuz on Wednesday remained confined mostly to the Iranian-favored northern traffic lane, with maritime security firm Windward recording nine inbound transits and 11 outbound transits, with two transits in both directions taking place on the US-supported southern traffic lane along the coast of Oman. Iran continues to exert pressure on commercial shipping through the strait by attacking intermittently and by issuing warnings to vessels. A tanker transiting north toward the strait of Hormuz on Wednesday reported two loud explosions in its vicinity, leading it to alter its course and abort transit, according to the UK Trade Maritime Operations (UKTMO). Iran's forces on Thursday confronted "hostile enemy targets" near the Qeshm island in the strait of Hormuz, said Iranian news agency Tasnim, which is tied to the Islamic Revolutionary Guards Corps. The report did not detail whether any vessel came under attack. The Iranian claim has not been independently verified. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela's July oil production at 1.2mn b/d
Venezuela's July oil production at 1.2mn b/d
Caracas, 6 August (Argus) — Venezuela crude production reached 1.221mn b/d in July, an increase of 11pc from a year earlier but a dip of 3pc from June, according to state-owned PdV data seen by Argus . The figures include condensates, natural gas liquids and other byproducts. Venezuela is still reeling from twin earthquakes that killed thousands on 24 June. Even if the damage mostly spared the oil industry, acting President Delcy Rodriguez warned Venezuelans on Wednesday night that more trouble lies ahead. A hotter-than-usual August that Rodriguez attributed to the El Nino climate phenomenon means possible further rationing of water and electricity. Frequent power outages and delays in restarting service to earthquake-hit areas has led to protests that expanded to the affected Los Palos Grandes neighborhood on Wednesday evening, joining protestors in Carabobo and other parts of Venezuela. Rodriguez's rationing warning came one day after the top US envoy to Venezuela, John Barrett, toured Venezuela's largest hydroelectric plant Guri with officials from state electricity monopoly Corpoelec. Improved electrical service to support oil production has been a key US demand since the first day of new cooperation between Washington, DC, and Caracas brought about by the violent arrest of former leader Nicolas Maduro on 3 January. PdV did not break down production figures by operational areas but gas processors' association AVPG estimated July production in western Venezuela at 361,000 b/d, higher than the 347,110 b/d the oil ministry reported in June. By Carlos Camacho 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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Argus crude oil services include global daily, monthly, and forecasted prices, with forward curves and consulting services for the international crude markets