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.
Hormuz traffic up to 16 vessels: Windward
Hormuz traffic up to 16 vessels: Windward
New York, 9 September (Argus) — Vessel traffic through the strait of Hormuz rose to 16 transits on Tuesday, largely on the Iranian controlled northern lane, data from maritime security firm Windward shows. Out of 16 vessel transits, ten crossed inbound, six on the Iranian controlled northern lane, and four using the US-assisted southern lane, Windward data shows. Of the six outbound vessels four took the northern lane and two took the southern lane. Vessel traffic was up slightly from 15 transits the day prior but stood around 12pc of pre-war levels. Expanded fighting around the strait at the start of the week is likely to discourage increases in vessel traffic in the near term. The US military on Tuesday carried out strikes that destroyed five Iranian oil tankers in the Mideast Gulf and Gulf of Oman while Iran retaliated with missiles targeting a US base in Jordan. Iran's Islamic Revolutionary Guard Corps claimed it launched ballistic missile attacks against two US Navy destroyers and targeted multiple vessels in and around the strait of Hormuz. The UK Maritime Trade Organization reported two incidents on vessels on Wednesday, one 28 nautical miles (nm) southeast of Al-Faw, Iraq, and one 24 nm off of Port Rashid, UAE. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump's Canada trade war hits familiar snags
Trump's Canada trade war hits familiar snags
Washington, 9 September (Argus) — President Donald Trump's administration has dropped punitive tariffs on imported Canadian cement, toilet paper and other products after acknowledging negative impacts on US consumers. But Trump's administration doubled down on confrontation with Ottawa, introducing an outright ban on imports of Canadian alcohol and motorcycles. Trump's conflicts with US foreign trade partners have frequently featured revisions to the lists of affected products after complaints from US consumers and industrial groups. Trump's punitive tariffs on Canada and Ottawa's countermeasures do not apply to energy, potash fertilizer or critical minerals. The US on 22 August began collecting new 50pc tariffs on about $28bn of Canadian imports, including cement, plywood and paper. Trump late on Tuesday ordered modifications to the list of affected products, eliminating the 50pc tariff on Canadian cement, rock salt and toilet paper beginning on 15 September. Trump instead ordered a 50pc tariff on a variety of other Canadian imports, including iron and steel columns and some aluminum byproducts, effective from 15 September. The prohibition on imports of Canadian alcoholic beverages and Canada-manufactured motorcycles will go into effect from 29 September. "Canada walked away from a near-final trade deal that offered better treatment than any other trading partner, and instead Canada chose to embark on senseless retaliation," US trade representative Jamieson Greer said. Canada's retaliatory tariffs on US steel and aluminum went into effect on Tuesday. Canadian prime minister Mark Carney has said that trade talks between the two countries collapsed because the US had made unreasonable demands. "They wanted us to become even more reliant on them, not less," he said on Tuesday. Carney said last week he would be ready to resume trade dialogue once the US "starts being serious". The latest trade escalation is taking place as Trump is set to convene an unusual, mid-term Republican party convention in Dallas, Texas, in a bid to shore up his party's fortunes ahead of the 3 November midterm elections. The event, which Republican party officials describe as a "Trump-a-palooza", aims to highlight Trump's economic and geopolitical accomplishments since returning to office last year. "This election comes down to one simple choice: lower costs, lower taxes, secure borders, and common sense," Republican National Committee chairman Joe Gruters said on 5 September. Less than two months before the elections, polls indicate that Democrats are likely to wrest control of at least one chamber, if not both, in part because of voters' concerns over rising inflation. The US inflation rate earlier this summer reached three-year highs, largely because Trump's war with Iran pushed up US retail fuel prices. US retail gasoline prices averaged $4.16/USG in the week ended on 7 September, up by around 40pc from late February, when the US and Isreal launched an attack on Iran. Higher tariffs have also contributed to an increase in US consumer prices. Higher inflation has undermined Trump's rationale for calling on the US Federal Reserve to slash its target interest rate. Trump last week threatened to introduce import bans on key US trade partners, including Canada and the EU, unless the Fed cuts interest rates. The US Supreme Court in February ruled that Trump's 2025 decisions to arbitrarily impose tariffs on any country had been illegal. But that ruling also pointed out that Congress explicitly gave the White House the legal power to impose an outright embargo on trade with any country. Trump since then has frequently touted that newly discovered prerogative, even though he has denounced the Supreme Court's tariff decision. The import ban on select Canadian products would mark the first exercise of that prerogative. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Asian refiners prioritise crude supply security: APPEC
Asian refiners prioritise crude supply security: APPEC
Singapore, 9 September (Argus) — Asian refiners are shifting crude procurement strategies from margin optimisation towards supply security and flexibility, as geopolitical disruptions expose the risks of relying heavily on a single supply region, industry executives said at the S&P Global Energy APPEC 2026 conference in Singapore today. The shift is changing how refiners value crude. Buyers are increasingly considering whether a cargo can be delivered reliably, processed efficiently, and remain economic after freight, insurance, and other risks, rather than assessing it solely on purchase price. "The best crude is not always the cheapest crude," said Taejin Kim, vice-president and head of the crude oil business office at SK Trading International. What matters is which crude can reach the firm more reliably, and whether those shipments will still be economic after considering freight and market risk, Kim said. Supply diversification has also consequently shifted from a competitive advantage to a procurement necessity, said Alejandro P. Gonzalez, commercial leader for supply trading and logistics at Vietnam's Nghi Son Refinery and Petrochemical. "Six months ago, crude procurement was to improve margins," Gonzalez said. "Now supply security is the main driver, with a bit of optimisation of margins taking second place." The shift has been particularly pronounced among Asian alternative crude refiners, which are seeking sources to reduce their exposure to individual supply regions, he said. Asian refining economics have historically centred on securing mainly medium-sour crude from the Middle East which aid in maximising margins. The Middle East will remain the region's core supplier, but refiners are increasingly turning to the Atlantic basin to reduce supply risks. "The Middle East remains the base, but Asian refineries are counting more on Atlantic basin barrels," said Norway's state-owned refiner Equinor vice-president and head of Asia-Pacific Desikan Sundararajan. US, Latin American and West African grades are becoming more regular components of Asian crude slates rather than remaining purely opportunistic arbitrage shipments. Canadian heavy crude is also attracting strong interest, supported by the Trans Mountain pipeline expansion and declining US west coast demand as regional refining capacity closes. Japanese refiners, for example, now source more than half of their crude from the US, while Taiyo Oil has increased its own US crude procurement by 20pc since the start of the war, the company's chief executive Takahiro Yamamoto said. Grade mismatch, margins But alternative grades can differ substantially from the medium-sour Middle Eastern crude around which many Asian refineries were designed. Lighter US crude and heavier Latin American or Canadian grades cannot necessarily provide direct replacements, potentially requiring refiners to blend multiple crudes while protecting yields and operational stability. Refining margins are also changing how buyers calculate the cost of supply disruptions. With strong double digit refinery margins observed for most oil products, the opportunity cost of a delayed or missed cargo can outweigh the premium paid for more reliable supply. A failure to secure replacement feedstock could force refiners to reduce runs and forgo substantial margins. Crude diversification also depends on whether a refinery has experience processing alternative grades. Processing compatibility is therefore also becoming a more important component of crude value. Grades that can be readily blended with other supplies provide greater operational flexibility when regular flows are disrupted. Strategic petroleum reserves can provide one to three months of supply during a disruption, but genuine diversification requires experience processing alternative grades under normal operating conditions, Yamamoto said. Refiners must understand how unfamiliar grades affect equipment, yields and plant operations before they are required during a crisis. Failure to test alternative supplies could leave plants exposed to operational problems or unplanned shutdowns if regular crude flows are disrupted. Refiners are also placing greater value on flexible delivery terms, transport arrangements, and destination clauses. A nominally more expensive cargo could become competitive if it avoids a high-risk route, arrives sooner, or can be redirected to other destinations as market conditions change. Executives said resilient procurement would require a combination of long-term contracts and spot purchases. Term agreements provide supply certainty, while spot purchases preserve flexibility when crude prices, freight costs and refining economics change. Asian refiners are increasingly considering multi-year agreements, although these must be balanced against spot-market flexibility and a wider range of supply origins, Sundararajan said. A growing number of bilateral trade agreements are also opening unconventional supply routes. Equinor's recent delivery of a Norwegian LNG cargo to India shows how new trade frameworks can support flows that were previously commercially uncompetitive, Sundararajan said. Regional governments must meanwhile decide whether to direct funding towards expanding strategic petroleum reserves, which provide an immediate buffer against disruptions, or supporting domestic upstream production to reduce longer-term import dependence. For Asian refiners, the value of a crude cargo increasingly depends on whether it can be delivered safely, processed efficiently, redirected if necessary and replaced when disrupted, the panel said. By Asill Bardh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US strikes Iranian tankers, Iran hits US base: Update
US strikes Iranian tankers, Iran hits US base: Update
Updates with details throughout. Washington, 8 September (Argus) — The US military on Tuesday carried out strikes that destroyed five Iranian oil tankers in the Mideast Gulf and Gulf of Oman while Iran retaliated with a barrage of missiles targeting a US base in Jordan. US forces destroyed the tanker Derya near Kharg Island, Iran's key oil loading hub, said Central Command (Centcom), which oversees the Middle East-based US forces. The US also destroyed the tankers Kaviz , Charminar , Horizon 1 and Riesco located in the Gulf of Oman, giving crew enough warning to abandon the vessels first, according to Centcom. US forces destroyed three Iranian tankers on 5 September. In both cases, Centcom cited Iranian missile attacks against US warships as a justification for the destruction of Iranian tankers. Iran's Islamic Revolutionary Guard Corps (IRGC) said on Tuesday, following the latest US attacks, that it will retaliate with attacks on US bases across the region. IRGC also issued a warning to crews of all tankers located at ports or near the coast of Kuwait and Bahrain to evacuate vessels, according to Iranian news agency Tasnim, which is affiliated with IRGC. Alerts issued by the Jordanian defense authorities indicate that a US military base in that country became a target of Iranian missile attacks. So far, there has been no independent confirmation of any hits against tankers near Kuwait and Bahrain. Tehran threatened severe retaliation after the 5 September attacks. It said it struck 6 tankers across the Mideast Gulf, but there has been no independent confirmation of direct Iranian attacks on tankers since 5 September. Iran's ability to target US warships and commercial vessels passing through Hormuz counters recent US claims of having decisively eliminated Tehran's military threat and of enabling an increase in oil exports through the critical waterway. A number of energy sector facilities in the southern region of Saudi Arabia came under attack early Tuesday, according to the Saudi energy ministry, causing fires at a number of locations. Yemen's Houthi militant group has taken credit for those attacks. Iran will soon announce the establishment of a new and broader "prohibited zone" for vessels looking to cross the strait of Hormuz, Iran's Supreme National Security Council Mosen Rezaei said on Monday. Vessel traffic through the strait of Hormuz rose to 15 transits on Monday from 12 the previous day but still remained well below pre-war levels, data from maritime security Windward show. October Nymex WTI was up by 2pc to settle at $93.03/bl on Tuesday. By Haik Gugarats 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.
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