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.
Trump's oil supplier tariffs 'blackmail': Cuba
Trump's oil supplier tariffs 'blackmail': Cuba
Kingston, 30 January (Argus) — Cuba has rejected US president Donald Trump's plan to impose tariffs on any country supplying oil to the island, describing the move as "blackmail". "The US is resorting to blackmail and coercion, trying to force other countries to join its widely condemned Cuba blockade policy, threatening those who refuse with arbitrary and unfair tariffs," foreign minister Bruno Rodriguez said. The US move will worsen persistent shortages of all forms of fuel caused by reduced imports and stagnant domestic crude production, a diplomat in Havana told Argus . Many parts of Cuba have been facing 15-hour blackouts, with some areas going without electricity for days, the diplomat said, adding that tariffs can increase those blackouts and increase lines at retail fuel stations. Cuba's power generators are delivering about a half of their nominal 2,420MW capacity to meet average demand of about 3,300MW, according to data from state power company UNE. Trump's executive order imposing tariffs on any country that supplies oil to Cuba describes the island's government as an "unusual and extraordinary threat" to US national security. Cuba needs about 140,000 b/d of crude and fuels and has been depending on imports of 100,000 b/d of all types of fuel, with the rest from domestic production of the heavy, sour crude processed by its pressured refineries, according to government data. Rodriguez called the executive order a "brutal act of aggression against Cuba and its people". Venezuela shipped 15,000 b/d of crude to Cuba in 2025, according to Kpler ship tracking data. But these supplies have been disrupted since mid-December by the US stopping sanctioned oil tankers traveling in and out of Venezuela. Mexico has also been supplying crude and a range of oil products to Cuba under a longstanding agreement, and sent about 19,600 b/d to the island in the first half of 2025, based on the most recent available data. Imports from Russia, once Cuba's main economic supporter, have also slipped significantly. The US threat "will likely deter even Cuba's strongest supporters and suppliers of fuel," the diplomat said. "There is already some indication of Mexican uncertainty about future shipments." By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens tariffs on Cuba's oil sales: Update
Trump threatens tariffs on Cuba's oil sales: Update
Updates with comments from Mexican president. Washington, 30 January (Argus) — An executive order by President Donald Trump threatens potential tariffs on imports from countries supplying crude and refined products to Cuba, indicating Washington's next target in the western hemisphere. Trump's order does not spell out the level of tariffs, but declares an additional emergency related to "an unusual and extraordinary threat" from Cuba. Trump directed his administration to determine which countries supply oil to Cuba and whether to apply additional tariffs on imports from those countries. Cuba already lost Venezuela as its key supplier of crude and products following the US capture of Nicolas Maduro. Mexico has supplied crude to Cuba for decades, often positioning the shipments as humanitarian support and rejecting external pressure on its foreign policy. But state-owned Pemex recently withdrew a crude cargo scheduled for delivery to Cuba. "The imposition of tariffs on countries that supply oil to Cuba could trigger a far-reaching humanitarian crisis — a situation that should be avoided through respect for international law and dialogue between the parties," Mexico's president Claudia Sheinbaum said on Friday. From January-September, Pemex subsidiary Gasolinas Bienestar exported 17,200 b/d of crude and 2,000 b/d of refined products to Cuba, according to Pemex's third-quarter filing with the US Securities and Exchange Commission. By Haik Gugarats and Cas Biekman Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
ExxonMobil touts tech to cut Venezuela oil costs
ExxonMobil touts tech to cut Venezuela oil costs
New York, 30 January (Argus) — ExxonMobil says it has the technology to bring down the costs of producing Venezuela's difficult-to-process crude if the conditions are right to return to the South American nation. Chief executive officer Darren Woods, who provoked the ire of US president Donald Trump earlier this month after he said Venezuela was currently "uninvestable", said Friday the company could lean into its experience in tapping heavy-crude resources in Canada. "We bring an advantaged approach that will lead to lower-cost production, higher recovery and therefore more economic barrels onto the marketplace," Woods told analysts after reporting fourth-quarter results. "That's the opportunity set for us that will play out, maybe, over time." While Woods has said that there needs to be clarity around fiscal and legal terms before ExxonMobil would be prepared to return to Venezuela, he said the Trump administration is taking the right approach to tackling these challenges and that they will get resolved over time. "If you look at what they're currently focused on, it's stabilizing the country, kick-starting the economy, and then ultimately transitioning into a more representative, democratically-elected government," he said. "These are the right objectives." Woods reiterated an offer to send a technical team to Venezuela to make an assessment of the current status of the energy sector and then offer up its perspective to the administration. "We're still committed to doing that," he said. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Chevron to up Venezuelan crude at US refineries
Chevron to up Venezuelan crude at US refineries
Houston, 30 January (Argus) — Chevron is planning to run more Venezuelan crude in its US refineries, the company said today, following the shakeup of that country by US military intervention early this month. Chevron, which has been operating in Venezuela with state-owned PdV under a special waiver from US sanctions, has been running about 50,000 b/d of Venezuelan crude at its 356,500 b/d refinery in Pascagoula, Mississippi, chief executive Mike Wirth said on a fourth-quarter earnings call. Chevron can take another 100,000 b/d of Venezuelan crude into its system both at the Pascagoula facility and at the 285,000 b/d El Segundo refinery in southern California, where it has coking capacity, he said. Washington on Thursday lifted sanctions on Venezuela's oil exports, with caveats prohibiting sales to Cuba, business deals involving many Chinese companies and oil-for-debt arrangements. The lifting of sanctions will allow Venezuela's state-owned PdV to directly sell cargoes to any eligible buyer abroad. Previously, only trading firms Trafigura and Vitol were approved by the US government to market unsanctioned Venezuelan crude following the US capture of former Venezuelan president Nicolas Maduro on 3 January. US independent refiner Valero said on Thursday it plans to ramp up purchases of Venezuelan crude and expects it to be a major heavy feedstock this quarter. Valero ran as much as 240,000 b/d of Venezuelan heavy crude in the past before US sanctions, but that was prior to installing a new coker at its 380,000 b/d Port Arthur, Texas, refinery in 2023 which increased processing capacity for heavy crude. Now, Valero can run Venezuelan crude "substantially north of that number", Valero's vice president of crude and feedstocks supply and trading Randy Hawkins said this week. Phillips 66 said earlier this month that its two large Gulf Coast refineries can process about 200,000 b/d of Venezuelan oil if the crudes are available and the economics support it. The refineries include the 265,000 b/d Sweeny refinery in Old Ocean, Texas, and the 264,000 b/d refinery in Lake Charles, Louisiana. By Eunice Bridges 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