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.
Iran war to cut global growth: IMF
Iran war to cut global growth: IMF
Washington, 9 April (Argus) — The IMF will reduce its forecast for global economic growth in its World Economic Outlook due out next week because of the severe energy supply shock caused by the war in Iran, executive director Kristalina Georgieva said on Thursday. Uncertainty over the course of the war — currently on hold until 21 April under a fragile truce — means that the IMF will have to outline a range of scenarios for global growth forecasts. But "even our most hopeful scenario involves a growth downgrade", Georgieva said in a speech at the Washington-based Council on Foreign Relations that previewed next week's report. The IMF's most recent forecast, released in January , pegged global growth at 3.3pc for 2026 and 3.2pc next year. IMF forecasts are used by many economists to model oil demand projections. The expected downgrade to growth forecast reflects Mideast Gulf infrastructure damage, supply disruptions and loss of confidence for investors, Georgieva said. She cited damage to Qatar's Ras Laffan LNG export facility and other key regional infrastructure, noting that "even in a best case, there will be no neat and clean return to the status quo ante." The strait of Hormuz remains largely unpassable despite a ceasefire the US and Iran announced on 7 April that nominally called for it fully reopening. The terms of transit through Hormuz are a topic of negotiations between the US and Iran. "The fact is, we don't truly know what the future holds for transits through the strait of Hormuz or, for that matter, for the recovery of regional air traffic," Georgieva said. She referenced the lack of full recovery for commercial traffic through the Bab al-Mandeb strait in the Red Sea, even though large scale attacks by Yemen's Houthis there ceased for more than a year. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Shipowners shun Mideast Gulf despite peace efforts
Shipowners shun Mideast Gulf despite peace efforts
Singapore, 9 April (Argus) — The ceasefire in the US-Iran war has sparked cautious optimism among shipping market participants that more vessels could soon be able to exit the strait of Hormuz. But Mideast Gulf loadings are unlikely to return to pre-war levels anytime soon, given high costs, the difficulty of securing insurance and the risk of continued attacks. The two-week US-Iran ceasefire announced on 7 April may offer some hope for vessels currently stranded in the Mideast Gulf, a freight analyst observed. "Yet the reality has not changed — the risks remain substantial and real for shipowners". Attacks on commercial shipping have brought transits through the strait of Hormuz to a near standstill since the war broke out on 28 February, severely curtailing exports of crude, oil products, LNG, fertilizers and other commodities. The Asia-Pacific region is the most heavily exposed to the supply disruptions. Governments in the region, including the Philippines , Malaysia and Thailand have held talks with Iran to guarantee the safe passage of some vessels through the strait. But these agreements appear to facilitate only ship exits, with shipowners and traders unconvinced the government-to-government deals — or the ceasefire — provide sufficient assurance for them to resume new loadings from the Mideast Gulf, shipbrokers noted. No-one is currently willing to be the first to exit the strait, an official at a South Korean refiner said. Iran is charging shipowners a fee of $1/bl for their vessels to pass through the strait, Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, told Argus today. Tehran is proposing a regional solution to the crisis , under which the proceeds of the vessel fees would be shared with other countries as war reparations, according to a bill being discussed in the country's parliament. But it is unclear if this will help smooth transits through the strait. The failure of an Indian charterer to secure a vessel for an Iraqi cargo this week encapsulates the continuing uncertainty. Indian state-controlled refiner Bharat Petroleum (BPCL) sought a Suezmax vessel on 7 April to load from Basrah to west coast India from 13 April. "Fixing with an India-based charterer should have provided [shipowners] sufficient confidence", one shipbroker said — especially given the Indian government held talks with Iran over two weeks ago, while Tehran on 4 April exempted Iraq from any restrictions imposed in the strait of Hormuz. But BPCL received no offers, even from Indian shipowners, and subsequently withdrew the cargo on 8 April. "This cargo had all the hallmarks of a relatively ‘easy fixture' but the risks [for shipowners] clearly overshadowed any interest toward it", an India-based shipbroker said. At least two other Mideast Gulf cargoes had to be withdrawn last week because the charterers were unable to secure offers from shipowners, Argus shipping data show. Risks remain More cargoes have emerged from the Mideast Gulf since the ceasefire. But a number of barriers are continuing to deter most shipowners from considering future loadings from the Mideast Gulf. "Yes, shipowners are likely to get good freight for Mideast Gulf shipments, but whether they actually get paid at the end remains a question", said another shipbroker, who reported incurring "significant demurrage" on one of its ships trapped in the Mideast Gulf. The freight clause in the charter-party did not clearly specify payment responsibilities in the event of war, leaving the shipowner "frustrated and locked in a dispute with the charterer", the shipbroker said. Securing insurance cover for the vessel and its cargo is also problematic. War risk insurance remains highly restrictive , with cover available only on a selective basis and largely limited to a small number of insurers, including some state-backed schemes. Any cover offered typically requires strong guarantees, sources said. Additional war risk premiums (AWRP) for the Mideast Gulf are at around 0.85pc of a vessel's hull and machinery value, with some cases at 0.55–0.75pc with a 50pc no claim bonus (NCB). AWRP rates are unlikely to ease immediately despite the ceasefire announcement, which will add further costs for shippers above significantly elevated freight rates, market participants said. Such difficulties mean there is little incentive for shipowners to seriously consider Mideast Gulf loadings, especially when they have other options available. "Freight rates in other regions have surged because of the Middle East conflict", a freight analyst said, "and that has offered opportunities outside the region for shipowners to secure attractive freight rates without risks". The Argus Crude Tanker Index, a composite measure of global very large crude carrier (VLCC), Suezmax and Aframax freight rates, has risen by 54.6pc since the war started — from $7.17/bl on 27 February to $11.09/bl on 8 April, which is just 2¢/bl short of its all-time-high on 26 March. "Overall, the risk-to-reward ratio for Mideast Gulf loadings still seems highly unfavorable, even with a ceasefire in place. I could lose my ship and my crew to a stray missile" a shipowner said. "Why would I want to put myself in that situation, when so many other options are available to me?" By Sean Lui Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran eyes regional solution for Hormuz crisis
Iran eyes regional solution for Hormuz crisis
Dubai, 9 April (Argus) — Iran is proposing a regional solution to the strait of Hormuz crisis that would involve at least some of the countries bordering the Mideast Gulf, according to a bill currently under discussion in parliament. Part of that would involve charging a fee for vessels passing through the key waterway, with revenues from this available to all participating countries as 'war reparations'. " Dubbed the 'law of strategic action for peace and development of the Persian Gulf,' the Iranian bill would govern Tehran's oversight and management of traffic through Hormuz, which has been severely disrupted since the start of the US-Israeli war against Iran on 28 February. Tehran's subsequent threats to any and all vessels it deemed to be 'unfriendly' led to traffic through the strait dropping to around seven a day in March, compared with typical daily movement of more than 100 before the war according to Kpler data. Diplomatic engagement with several of what Tehran dubs 'friendly' countries has seen a slight pick-up in traffic through the strait, with more than 11 vessels crossing on average in the first eight days of April. Malaysia, Thailand, the Philippines and Iraq have all secured deals for passage with Tehran, and Islamabad last week said it had secured the safe passage of 20 Pakistani-flagged ships. This pick-up came as Iran began introducing something of a toll system, whereby vessels would pay Tehran a fee to transit the waterway safely — a process first revealed by Iranian parliament member Alaeddin Boroujerdi in mid-March . Speaking to Argus , Hamid Hosseini, spokesman for Iran's oil, gas and petrochemical products exporters' union, confirmed the toll mechanism remains in place. "Every very large crude carrier (VLCC) transiting the strait has been paying $2mn, in line with what has been under discussion in parliament," Hosseini said. The fee being charged is directly linked to the volume of oil on board, Hosseini said. "Ship owners are being asked to pay $1 per barrel, and that can be done in the local currency, rials, or cryptocurrency, but only after the vessel has received a permit from the IRGC," he said. Tidings for all This mechanism appears to form the basis of how Iran sees the future of the strait of Hormuz, and its role as the guardian and guarantor of the key waterway. "The Iranian government, in co-operation with the Iranian armed forces, is obliged to provide services, like navigation guidance and vessel inspection, as well as compliance and financial assessments," the bill says, specifying that vessels related to "warring countries" will, for the most part, be barred. "The armed forces will determine which vessels are considered belligerent, and which are not," the bill says, stating that final say will come from the Supreme National Security Council (SNSC), one of Iran's most powerful decision-making bodies. Chaired by the president, the SNSC is responsible for national security, defense and major foreign policy strategy, and has been deeply involved in formulating Iran's war effort. The bill reiterates vessels will need to pay a fee to transit Hormuz, either in rials or cryptocurrency, it says proceeds will not go to Iranian state coffers, but to what it calls a 'Persian Gulf Reconstruction and Development Fund' that regional countries can apply to join. "The resources in this fund will be considered war reparations for Iran and other member countries, and be used for the reconstruction and development needs of the member countries," the bill says. Gulf countries are yet to show appetite for this plan. Oman's transport, communications and information technology minister Said Al-Maawali on 8 April said the country is party to all international maritime conventions, which do not allow for the imposition of charges on passage. The Iranian bill has secured approval from parliament's national security council, but has not yet been brought to the parliament floor for a vote, Hosseini said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump says US military presence around Iran to remain
Trump says US military presence around Iran to remain
Singapore, 9 April (Argus) — US president Donald Trump said in a social media post today that all US military ships, aircraft and personnel will remain in place in and around Iran until the "real agreement" is fully complied with. If the agreement is not adhered to, "then the 'Shootin' Starts,' bigger, and better, and stronger than anyone has ever seen before," Trump said. "It was agreed, a long time ago, and despite all of the fake rhetoric to the contrary - NO NUCLEAR WEAPONS and, the Strait of Hormuz WILL BE OPEN & SAFE," he said. The US and Iran announced a two-week ceasefire on 7 April, but the countries have offered conflicting accounts of key terms of the agreement . Trump's latest comments appear to reinforce the lack of clarity over what the terms of the ceasefire agreement are. Iran's supreme national security council outlined a 10-point peace proposal, which included enshrining its control over the strait of Hormuz, lifting all sanctions on Iran, accepting its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear programme. But Trump confirmed at least one point — Iran's control on navigation through the strait of Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on 7 April. Trump reposted the statement in full. Little is known about the details of the negotiations and the identity of the negotiators from the two sides. Energy infrastructure in Iran and the Mideast Gulf states have continued to come under attack even after the ceasefire was announced. Meanwhile, vessel traffic through the strait of Hormuz has yet to rise , as shipowners await clarity on security arrangements and insurance cover for transits. Trump ended off his most recent post by saying "In the meantime our great Military is Loading Up and Resting, looking forward, actually, to its next Conquest". Crude futures rose today, with the Ice front-month June Brent contract at $96.63/bl as of 04:00 GMT, up by $1.88/bl from its settlement on 8 April. The Nymex front-month May crude contract was at $97.18/bl, higher by $2.77/bl from its settlement on 8 April. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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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.
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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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