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.
Opec+ members back group after UAE exit: Update
Opec+ members back group after UAE exit: Update
Updates with Trump's comments London, 29 April (Argus) — Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. The UAE said on Tuesday it would withdraw from both Opec and the wider Opec+ group from 1 May, saying it wants greater freedom to respond to global oil demand in line with its national interest. The move has prompted speculation over the future cohesion of Opec and Opec+. The UAE's departure reduces the group's spare production capacity and may weaken its ability to manage supply and demand balances when the strait of Hormuz reopens. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market". Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability. "We still believe in Opec+ as a structure that helps balance the global energy markets. We hope that the structure will continue its work, and we will continue our contacts within this structure with our partners," Peskov said, according to state news agency Tass. Kazakhstan also said it had no plans to change its relationship with Opec+, according to the country's energy ministry. "They're having some problems in Opec," Trump told reporters on Wednesday, adding that UAE president Sheikh Mohammed bin Zayed al-Nahyan "maybe wants to go his own way". Trump described the UAE's departure from Opec as "great" and said that "ultimately, it's a good thing for getting the price of gas down, getting oil down, getting everything down". By Aydin Calik and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Opec+ members reaffirm commitment after UAE exit
Opec+ members reaffirm commitment after UAE exit
London, 29 April (Argus) — Algeria, Russia and Kazakhstan have reaffirmed their commitment to Opec+ after the UAE's decision to quit the alliance. The UAE said on 29 April it would withdraw from both Opec and the wider Opec+ group from 1 May, saying it wants greater freedom to respond to global oil demand in line with its national interest. The move has prompted speculation over the future cohesion of Opec and Opec+. The UAE's departure reduces the group's spare production capacity and may weaken its ability to manage supply and demand balances when the strait of Hormuz reopens. Algeria, the first Opec member to respond publicly, said it "consistently and firmly reaffirms its commitment" to Opec and Opec+, describing them as "essential frameworks for the stability of the global oil market". Russia, a leading member of the broader Opec+ alliance, said the group would continue its work to balance global energy markets. Kremlin spokesman Dmitry Peskov said Moscow still views Opec+ as an effective mechanism for managing market stability. "We still believe in Opec+ as a structure that helps balance the global energy markets. We hope that the structure will continue its work, and we will continue our contacts within this structure with our partners," Peskov said, according to state news agency Tass. Kazakhstan also said it had no plans to change its relationship with Opec+, according to the country's energy ministry. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
France's fossil fuel roadmap a key step: think tanks
France's fossil fuel roadmap a key step: think tanks
Edinburgh, 29 April (Argus) — France's roadmap to transition away from fossil fuels, which combines energy policies and climate targets in one document, is an important step, even though no new goals were announced, energy and climate think tanks said today. France released the roadmap yesterday, during the first conference on Transitioning Away from Fossil Fuels, ongoing in Santa Marta, Colombia. The plan matches France's climate goals with its energy policies in one document, including its national low carbon strategy and its new electrification plan set out in April . It reiterates the country's goal to move from a share of around 60pc fossil fuels in final energy consumption in 2023 to 40pc in 2030 and 30pc in 2035, to reach net zero emissions in 2050. The government plans to phase out coal by 2030, oil by 2045 and natural gas by 2050, under its national low carbon strategy and its roadmap. "France is one of the few countries in the world to have such a precise schedule for a gradual exit from fossil fuels," the French environment ministry said. The French roadmap aims to inspire partner countries on long-term planning, it said. France's last two remaining coal-fired power plants are scheduled to close or be converted by next year. The roadmap also states that over 95pc of fossil fuels burned in the country are imported. France eyes a 50pc reduction in gross greenhouse gas (GHG) emissions by 2030 compared with 1990, to reach net zero emissions by 2050. Although the country did not announce new goals, the roadmap sends an important signal, think-tank International Institute for Sustainable Development (IISD) energy policy advisor Natalie Jones said. "Higher ambition and not solely repackaging existing policies would have been even better, but an explicit fossil fuel phase strategy, with timelines, is new and welcome," she said. She added that the framing of the roadmap in relation to UN Cop climate summits, the global stocktake and climate action is significant. The first global stocktake, agreed on in 2023 at Cop 28, called for a transition away from fossil fuels in energy systems. "Few countries tackle all fossil fuels together — this gives other countries a critical opportunity to follow suit, while fossil fuel-producing nations can also lay out plans to diversify their economies as global demand for fossil fuels wanes in the decades ahead," said global research organisation WRI director of international climate action David Waskow. Asked about whether other EU countries could release fossil fuel transition roadmaps in the future, EU climate commissioner Wopke Hoekstra yesterday said that whether roadmaps are "specifically about phasing out fossil fuels… is secondary to impact". He reiterated the EU's goals — net zero emissions by 2050 and a 55pc reduction for 2030, from 1990 levels — pointing out that the wording is about reducing emissions rather than specifically phasing out fossil fuels. The "reality is… the same, you cannot be at 90pc [of emission cuts] in 2040 if you will not radically phase out fossil fuels", Hoekstra said. The EU updated its climate law earlier this year to add a 90pc GHG reduction by 2040, from 1990 levels, although up to 5pc of the target can be met using international carbon credits. Fossil fuel producer Colombia also presented a draft fossil fuel transition roadmap this week, developed with researchers, and designed to act as a potential standard for other countries to use. It aims to achieve a 90pc reduction in primary fossil fuel demand over 2026-50, and a 90pc cut in "whole energy system emissions" from 2015-50, while expanding access to energy. The plan pointed to the country's dependence on fossil fuels for revenues. Colombia exports oil and coal worth $25bn, against around $1bn in fossil fuel imports — mainly oil products, according to the roadmap. By Caroline Varin and Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US oil inventories fall on record exports: Update
US oil inventories fall on record exports: Update
Adds report details. Calgary, 29 April (Argus) — US crude inventories fell last week by 6.2mn bl with exports surging past 6mn b/d for the first time on record, the Energy Information Administration (EIA) reported today. Crude stocks in the week ended 24 April fell to 459.5mn bl, down from 465.7mn bl in the week prior. Stocks were higher by 19.1mn bl compared to the same week last year. Inventories at the Cushing storage hub in Oklahoma fell on the week by 796,000 bl to 29.8mn bl and were 4.1mn bl higher than a year earlier. Stocks in the greater US midcontinent region, including Cushing, rose by 569,000 bl from the previous week to 114.4mn bl. Crude exports rose to 6.44mn b/d, up by 1.64mn b/d from the week prior and the highest on record. The previous high of 5.63mn b/d was set in the week ended 24 February 2023. Imports fell by 328,000 b/d to 5.75mn b/d, marking the first time exports have exceeded imports into the US over the course of a week, according to EIA data going back to 2001. As a result, net imports dropped by 1.97mn b/d to -688,000 b/d. Crude inventories at the US Strategic Petroleum Reserve (SPR) fell by 7.1mn bl to 397.9mn bl, as part of a targeted 172mn bl drawdown announced last month. The withdrawal rate of 1.02mn b/d across the seven-day period ranks behind only six other weeks found between June and October 2022. SPR stocks are not included in the overall EIA commercial crude inventory figures. US crude production averaged 13.6mn b/d across the week, steady from a week earlier but 121,000 b/d higher than a year ago. Refinery runs nationwide fell last week by 94,000 b/d to 16.3mn b/d. Throughputs were down by 52,000 b/d compared to a year earlier. Refinery utilization rates averaged 89.6pc nationwide, up from both 89.1pc in the previous week and 88.6pc in the same week last year. By Brett Holmes US weekly crude stocks/movements Stocks mn bl 24-Apr 17-Apr ±% Year ago ±% Crude oil (excluding SPR) 459.5 465.7 -1.3% 440.4 4.3% - Cushing crude 29.8 30.6 -2.6% 25.7 15.8% Imports/exports '000 b/d Crude imports 5,750 6,078 -5.4% 5,498 4.6% Crude exports 6,438 4,798 34.2% 4,121 56.2% Refinery usage Refinery inputs '000 b/d 16,274 16,180 0.6% 16,326 -0.3% Refinery utilisation % 89.6 89.1 0.6% 88.6 1.1% Production mn b/d 13.6 13.6 0.0% 13.5 0.9% — US Energy Information Administration 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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Argus crude oil services include global daily, monthly, and forecasted prices, with forward curves and consulting services for the international crude markets