This video explains the ins and outs of Argus’ WTI formula basis and how it represents the outright price at Cushing.
What is the WTI formula basis?

How is the WTI formula basis used?
Outright prices for all Argus-assessed physical grades in the US Gulf coast are calculated by adding a market-traded differential to the Argus WTI formula outright price.
Why doesn’t the WTI formula basis match Nymex WTI?
Although the WTI formula basis equals the Nymex light crude settlement at Cushing for most of the month, it does not match for the three working days after the Nymex expiry.
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