Argus Americas Crude Oil Forward Curves

Argus covers 43 crude oil grades and trading locations across the Americas, organised by region:

• Canada Access Western Blend, WCS, MSW, LSB, LLB, Syncrude, Cold Lake, Canadian High TAN and Edmonton C5.
• US midcontinent WTI Midland, WTL Midland, WTS, Bakken (Clearbrook, DAPL, Patoka, Cushing), WCS Cushing and Guernsey Light Sweet.
• US Gulf Coast WTI Houston, LLS, HLS, Mars, Poseidon, SGC, Thunder Horse, WCS Houston, Bakken (Beaumont/Nederland) and ASCI^®.
• US West Coast ANS (Alaskan North Slope).
• Mexico Maya, Isthmus, Olmeca and Zapoteco (all Americas excluding USWC).
• South America Argentina (Medanito, Escalante), Colombia (Castilla, Vasconia) and Ecuador (Napo, Oriente).
• Futures markets CME Nymex WTI futures, CME Nymex WTI CMA and ICE Brent crude oil.

Argus forward curves are produced using data science models designed to generate reliable, representative and distortion-free market values. The production process draws on:

• Current and historical data inputs, subject to rigorous quality and relevance checks.
• Argus price assessments and external market data, including trade, bid and offer information.
• Price spreads to more liquid forward markets and time periods to fill curve gaps.
• Zero-arbitrage consistency, ensuring strip prices always equal the average of component periods.
• Ongoing model validation, monitoring and outcome analysis.
  
   

Argus Americas Crude Oil Forward Curves are published on weekdays according to a publishing schedule available at argusmedia.com. Assessments are timestamped at the appropriate market settlement time — ICE Brent assessments reflect the settlement window from 19:27 London time; Nymex WTI assessments reflect the CME settlement window from 14:28 New York time.

Data is available through multiple delivery channels:

• Argus Data Science Studio
• Argus Direct^® client portal
• Data feed via API or FTP (CSV format)
• Excel add-in
• Email
• Third-party channel partners
  
   

The service includes the following datasets:

• Crude forwards (outright values in $/bl)
• Differentials to WTI
• Differentials to WTI CMA
• Differentials to Brent
• Other crude differentials
  
   

The service is used by professionals across the crude oil value chain, including:

• Risk managers — for mark-to-market accounting, VaR and independent curve validation.
• Traders and trade analysts — for spread analysis and daily market reference.
• Refineries — for hedging and feedstock procurement decisions.
• Exploration and production companies — for fiscal year planning and commitment analysis.
  
   

Crude oil grades are classified based on their physical characteristics, mainly density (light to heavy) and sulfur content (sweet to sour). West Texas Intermediate (WTI) and Brent are two of the most widely recognized crude oil grades, each serving as benchmarks in the oil market.

• West Texas Intermediate (WTI): WTI is a light, sweet crude oil with low sulfur content and relatively low density. It is primarily extracted from U.S. oil fields and is known for its high quality, making it ideal for refining into gasoline and other high-demand products.
• Brent Crude: Brent is also a light, sweet crude oil but generally has a slightly higher sulfur content and density compared to WTI. It is sourced mainly from the North Sea and serves as a major pricing benchmark for oil in Europe and other regions.

Other crude oil grades may vary widely in terms of heaviness (density) and sulfur content, which impacts their refining complexity and value. Heavy crude oils have higher density and require more processing, while sour crudes contain more sulfur and demand additional refining steps to remove impurities.

In summary, WTI and Brent represent light, sweet grades that set pricing standards globally, whereas other crude oil grades differ by being heavier, sourer, or sourced from different regions, which affects their market value and refinery suitability.