Argus WTI Midland has become the clearing market that determines the price of WTI delivered to the Texas Gulf coast refining complex. Changing pipeline flows now move growing Permian basin production direct from west Texas to Houston, and those supplies are priced first in west Texas against Argus WTI Midland.
The volume of spot physical trade backing the Argus WTI Midland volume-weighted average now rivals that of the Cushing WTI market traded at a differential to CMA. Derivatives trading activity settled against the Argus WTI Midland price continues to grow through a swap listed on CME.
The Argus WTI Midland price index represents WTI at the inland Texas pipeline and storage hub of Midland. The Argus WTI Midland price is a volume-weighted average of all spot WTI Midland deals done throughout the trading day on a differential basis to WTI Cushing.
For full details of specifications and information on Argus WTI Midland, please review the Argus Americas Crude methodology.
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