Oil products Argus Media

ARGUS US Products

Argus US Products: proven methodology, trusted intelligence

The Argus US Products service is your comprehensive intelligence and pricing service for all US oil products, published as early as 3:15pm CST each day – including gasoline, diesel, ethanol and more.

We take care to reflect the true market as it trades, bringing market intelligence and insights such as prices for the Chicago market and Argus Temperature Correction Factors. As your trusted partner in the refined products spot industry, we are dedicated to covering and assessing all markets in real-time with our snapshot prices and Argus Spot Ticker platform.

Learn why our market-appropriate methodology is valuable to your business.

Key features

  • Market and price analysis
  • Market-moving news
  • Historical data
  • End-of-day report through Argus Direct, PDF send or Argus Publications App
  • Market-appropriate methodology

Markets covered

  • Bunkers
  • Diesel
  • Fuel Oil
  • Gasoline
  • Gasoline blendstocks
  • Jet
  • Naphtha
  • VGO
  • Renewable fuels
  • Environmental credits

Key index prices

  • NYH barge and Buckeye pipeline products
  • RIN biofuel credits and RVO
  • Colonial pipeline (Pasadena & "linespace")
  • NEW Chicago products including Wolverine and BCX prices
  • USWC marine fuel
  • Group III
  • B99 & B100 biodiesel

Customers that benefit

Anyone with exposure to US refined products prices will find the Argus US Products service essential. Argus subscribers include:

  • Traders
  • Pricing analysts
  • Marketers
  • Risk managers
  • Planners
  • Analysts
  • Finance officers
  • Senior executives
  • Governments
  • Regulators
  • Exchanges
  • Tax authorities
  • Banks
  • Airlines
  • National oil companies
  • Refiners
  • Midstream firms

Introducing a new feature to our US Products service: Temperature Correction Factors (TCFs)

Real-world adjustments that protect your margins when temperatures change

Argus TCFs are a standardized, accurate and timely way to correct prices to reflect temperature changes, ensuring that temperature variation doesn’t affect your margins or your ratability.

Benefits of using Argus TCFs

  • Never pay more or less per net gallon than you intended
  • Improved ratability in your day-to-day operations
  • Peace of mind with an objective, third-party correction that everyone can agree on

About Argus TCFs

Like all liquids, fuels expand and contract with changes in temperature. When they get colder, they contract, resulting in less overall volume. When they heat up, they expand, yielding more overall volume.

Argus TCFs account for these changes, modelling the effect of ambient temperature on the temperature and density of fuel in terminal tanks around the US. TCFs can be used to convert between net prices (the price for volumes measured at the industry-standard, 60° F) and gross prices (the price for volumes measured at a real-world temperature). The result is precise billing based on true product transfer, not guesswork or month-later corrections to invoices.


What is a TCF?

Imagine a given quantity of gasoline, expanding and contracting as the outside temperature changes. The Argus TCF is calculated as the volume occupied by that fuel at 60° F, divided by the volume occupied by that same quantity of fuel at its in-tank temperature on a given day. The TCF goes up as real-world temperatures drop, and goes down as real world temperatures rise.

Fuel temperature Argus TCF
Less than 60° F Greater than 1.00000
Greater than 60° F Less than 1.00000

Argus publishes six daily TCFs for all terminals in the Northeastern and Midwestern US.

Finished gasoline Finished diesel
Day 1 (the day of publication) Yes Yes
Day 2 (the next day) Yes Yes
Day 3 (the day after) Yes Yes

How TCFs are calculated

Each Argus TCF is calculated using a proprietary thermodynamic model which accounts for atmospheric heat transfer, radiation heat loss by night, and heat transfer through the base of a tank to the ground. Each TCF relies on 9 prior days of ambient temperature data, and makes the following assumptions about the tank in which the fuel is held:

  • Tank is 14m high, 14m wide, and 60pc full
  • Tank is turned every five days on average
  • Tank paint has a reflectivity of 60%

In addition, “refinery-fed” TCFs assume that the tank is being refilled direct from a refinery, with fuel that is warmer than ambient.

How to use Argus TCFs

Argus TCFs can be used to adjust “net” prices to account for changes in the fuel’s temperature, and therefore its density:

Net (60° F) price per gallon * TCF = Gross (at real-world temperature) price per gallon

A full supply contract might take a more complex form, for example:

Gross price  = {(90% * Gasoline) + (10% * Ethanol)}*Argus TCF

Argus TCF naming convention:

Argus TCF naming convention


Click here to download a .csv of our most recent PA code list.

How to access Argus TCFs

Argus TCFs are already available to all subscribers of our US Products Service. They are published each weekday at 3:45pm CT along with our US road fuel assessments, and are included in the US Products data feeds.

  • Our Argus Direct platform's “Price data” section
  • The Argus Direct for Spreadsheets Microsoft Excel add-in
  • Data feeds
    • FTP
    • API
    • Through third party partners such as MarketView, Thomson Reuters and DTN
Subscribers: See a list of TCFs on Argus Direct

Advantages of Argus temperature correction

  • Argus TCFs are based on actual temperatures, not historical averages
  • Our thermodynamic model produces more accurate estimate of in-tank temperature than simply using ambient temperature
  • We use temperature data localized to the specific terminal
  • Our method allows daily temperature correction – with no need to revise retroactively

Learn what makes our US methodology valuable

Request more information

We would be happy to offer you more information about our paid services. Argus produces information and services for global markets, which requires Argus to share your personal information with Argus group companies and service providers that are based both within and outside of the European Economic Area (EEA). Argus Media may use the details submitted to send you information about related Argus products and services which may be of interest to your business. You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.

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