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.
US adds pressure on Iran after talks resume: Update
US adds pressure on Iran after talks resume: Update
Recasts, updates with secondary tariff on Iran oil. Washington, 6 February (Argus) — President Donald Trump's administration on Friday announced actions aimed to add economic pressure on Iran after another round of US-Iran nuclear talks concluded in Oman without much progress. An executive order by Trump, released by the White House Friday afternoon, pledges to impose additional tariffs on US imports from countries engaged in business with Iran. The penalty is not automatic and is not set at a specific amount — it could be "for example 25pc", the order states. The US administration will determine whether any country continues to engage in business with Iran after 7 February and will then decide whether to apply the additional tariff, according to the order. US presidential envoy Steve Witkoff and Iran's foreign minister Abbas Araqchi met in Muscat, Oman, on Friday and the two governments plan to hold additional meetings at a future date, according to the host country's foreign minister, Badr Albusaidi. Araqchi told Iranian reporters that he held firm to discussing only the nuclear portfolio — rather than also addressing Iran's missile program and other issues raised by the US. Araqchi said that he asserted "the rights that the Iranian people have", which is likely a reference to Tehran's demand to continue to have nuclear enrichment capacity. The US administration is eyeing permanent curbs on Iran's nuclear program. Also on Friday, the US Treasury Department announced sanctions on 14 additional tankers allegedly linked to a network transporting Iranian crude and LPG. Whether the negotiations will avert another round of US strikes against Iran remains to be seen. Diplomats from the two countries last engaged in talks in April-June 2025, before Trump ordered a bombing raid against nuclear facilities in Iran. The new tanker sanctions were announced shortly after the talks concluded in Muscat. The pattern of combining diplomacy and sanctions pressure continues the tactic deployed by Trump's administration during the previous round of US-Iran talks. Friday's sanctions also include 15 entities and individuals allegedly tied to the Iranian oil trade. The one major difference from last year's sanctions approach is a lack of enforcement against China-based entities involved in trading Iranian crude. Iranian crude cargoes mostly are delivered to buyers in China via a network of intermediaries and shadow fleet tankers and involve ship-to-ship transfers in international waters near Malaysia and Indonesia. The US is finding it difficult to fully enforce sanctions against Iranian crude because of Tehran's ability to retaliate, US secretary of state Marco Rubio said on 28 January. Trump, who had ordered a US naval buildup in the Middle East, threatened military strikes against Iran, but also expressed a willingness to negotiate with Tehran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Algeria’s Saharan Blend export disruptions to continue
Algeria’s Saharan Blend export disruptions to continue
London, 6 February (Argus) — Algeria's state-owned Sonatrach expects weather-related disruptions to its Saharan Blend crude exports to continue in February, a source at the firm told Argus . Algeria's crude exports — made up entirely of the light sweet Saharan Blend — fell to a multi-year low of 201,000 b/d in January as bad weather delayed loadings, the source said. Argus estimates exports at 476,000 b/d in December. Spot prices for Saharan Blend rose to a $2/bl premium to North Sea Dated in mid-January, when European refiners — particularly in the Mediterranean — were seeking alternatives to light sour CPC Blend. But with Europe approaching spring refinery maintenance and CPC Blend exports picking up again , Saharan Blend has eased by 70¢/bl to a $1.30/bl premium to Dated. The Algerian grade, which trades on a fob basis, is also under pressure from rising freight rates. The cost of shipping an Aframax-sized cargo of Saharan Blend across the Mediterranean and to northwest Europe has averaged around 40pc higher in the second half of January into early February, compared with the first half of January. Sonatrach raised the official February formula price for Saharan Blend to a $2.50/bl premium to Dated, up by $1.50/bl from January and the highest since December 2022. The company typically circulates its retroactive official price after clearing most of its own supplies. By Aydin Calik and Lina Bulyk Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Crude Summit: Brazilian export logistics are stretched
Crude Summit: Brazilian export logistics are stretched
New York, 4 February (Argus) — Brazilian crude exporters are working to address bottlenecks that are becoming overburdened by the country's surging exports, according to speakers at the Argus Americas Crude Summit today. The potential lack of enough dynamic positioning (DP) tankers to ferry crude from the country's offshore production sites to the coast for transfer onto standard tankers for export is "something everyone has to be worried about," said Fernando Colares Nogueira, Petrobras' head of crude oil, said at the event. Brazil's crude production climbed by 12pc year over year to 3.77mn b/d in 2025 , and is expected to rise further this year . To meet the demand, Petrobras has six of these DP tankers on order, said Nogueira, which would add to the roughly 50 that already operate along the Brazilian coast. The port of Acu is the receiving port for much of these crude-laden DP tankers, but is struggling to keep up with the rising ship-to-ship transfers happening at the port and needs "relief", said PetroChina International Trading's vice president of crude Alipio Ferreira. Petrochina is investing in improving port infrastructure across the country, including building a new terminal in Puerto Central, said Ferreira. By Nicholas Watt Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Crude Summit: Canadian oil to Asia is ‘kicking up’
Crude Summit: Canadian oil to Asia is ‘kicking up’
Houston, 4 February (Argus) — Canadian crude highly sought by Asian refiners and the region will "pick up the slack" if Californian demand wanes, Trans Mountain said today at the Argus Americas Crude Summit in Houston, Texas. "We've been pleasantly surprised by the increase in demand, and it is primarily China and it is primarily petrochemical demand," Trans Mountain vice president of business development Jason Balasch said. "It's been kicking up lately." California has also been a key destination for Canadian crude after Trans Mountain's 590,000 b/d expansion came online in May 2024, but aging refineries and stringent state regulations are prompting downstream operators to shutter facilities. Chinese refiners meanwhile have taken a shine to Canadian crude, like Access Western Blend (AWB), which has both light and a heavy ends. The crude's ability to produce higher amounts of naphtha is especially of interest, as that is a key feedstock for the country's growing petrochemical industry. The now 890,000 b/d dual pipeline system has given Albertan oil producers a meaningful alternative to shipping almost all of its crude to US refiners, while removing any doubts over how willing Asian refiners would be to take Aframax-sized cargoes from Vancouver, British Columbia. "As we approached startup in late 2023, early 2024, it was viewed primarily as a California export play, but it's really becoming an Asian play," said Balasch. The demand for space on Trans Mountain's system is evident in utilization that averaged above 90pc in the fourth quarter, according to Balasch. This is up from 87pc in the third quarter and, coupled with restrictions on Enbridge's 3.1mn b/d Mainline that delivers crude into the US, is another signal more space out of the Western Canadian Sedimentary Basin will be needed. Further expansion of Trans Mountain system is being planned to help meet growing Asian demand. The federally-owned company is less than two years removed from bringing online its 590,000 b/d Trans Mountain Expansion (TMX) project, and this week applied to the regulator to increase capacity by 90,000 b/d using drag reducing agent (DRA). The DRA project could be online as early as January 2027, according to the application. Trans Mountain is considering another 210,000 b/d expansion after that, which could be brought online in either 2029 or 2030, Balasch said. That would bring total pipeline capacity up to about 1.19mn b/d, with another 35,000 b/d potentially flowing "seasonally". Moving mountains Even with optimization projects, a pipeline pinch is expected by many forecasters, including RBN president David Braziel, who said rising Canadian production may outpace egress as early as 2027 or 2028. Politically, energy security is now top of mind, which has shone a bright light on the missteps by Canada's approach to oil and gas development over the past decade, Braziel said, but political will is not all that is required. "Politics is politics," said Braziel. "It's really the economics of projects and the markets that are going to fundamentally decide what gets built." Optimization projects by Trans Mountain and Enbridge are expected to give some relief, but yet another supply crunch may develop beyond 2030, raising the need for another pipeline altogether. If Trans Mountain's two optimization projects are completed, the pipeline will be physically maxed out with no other low hanging fruit left to deliver large tranches of capacity. The Alberta government has long-called for more pipeline capacity and is planning to submit a proposal to the federal government by June. Alberta premiere Danielle Smith said previously a 1mn b/d pipeline to British Columbia's north coast would be ideal and has made an arrangement with Canada's prime minister Mark Carney to pursue those plans, but that will be no small feat. Carney wants to further diversify trade away from a hostile US administration and energy is a key component of talks, making strides with other countries who have also been caught up in US president Donald Trump's trade wars. By Brett Holmes 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