Argus expands US crude benchmark to include new trading hubs
HOUSTON, Aug. 27, 2020 /PRNewswire/ -- Global energy and commodity pricing agency Argus has extended its American GulfCoast Select (Argus AGS) crude price assessment to include trading activity at Corpus Christi and the Beaumont/Nederland terminals.
The Argus AGS price was launched in June and reflects the growing importance of the US Gulf coast as a major crude export hub. It is based on Midland-quality pipeline and cargo trades in key locations.
The US Gulf coast, with its sophisticated network of refineries, storage facilities and export terminals, has emerged over the past five years as a domestic and international trading centre for high-quality crude from the Permian basin. Argus launched and extended the Argus AGS price to meet the need for more relevant pricing tools.
Corpus Christi, south of Houston, is directly tied to Permian basin supply by three new pipelines with a capacity of more than 2.5mn b/d. This connection and multiple new docks enabled Corpus Christi to become the leading Gulf coast crude export port in late 2019, with exports typically exceeding 1mn b/d.
In the Nederland/Beaumont area, near the Texas-Louisiana border, more than 600,000 b/d of pipeline capacity brings crude direct from the Permian basin, to multiple refiners and docks. Pipeline connections deliver segregated Midland-quality WTI to points in Louisiana as well, including Clovelly, which is home to the Louisiana Offshore Oil Port, and St James.
Argus Media chairman and chief executive Adrian Binks said: "We have had very positive feedback from companies who are active in international crude trading about our new Argus AGS price. We have worked with the industry to extend it to cover trades at Corpus Christi and Beaumont/Nederland."
Port of Corpus Christi chief executive Sean Strawbridge said: "We strongly support Argus' inclusion of Corpus Christi trading activity into the Argus AGS price assessment process. It demonstrates the port's significant position in the global crude markets."
Argus contact information
London: Seana Lanigan
+44 20 7780 4200
Email Seana
Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko
Moscow: Alexey Komarov
+7 495 933 75 71
Email Alexey
Houston: Karen Johnson
+1 281 732 9489
Email Karen
About Argus Media
Argus is an independent media organisation with more than 1,000 staff. It is headquartered in London and has 25 offices in the world's principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.
Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.
Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.
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SOURCE Argus Media
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