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Sample Report: Argus Americas Crude Argus Americas Crude Crude market prices and analysis Issue 20-126 | Wednesday 1 July 2020 OVERVIEW KEY PRICES WTI crude futures rose as the US reported a large draw in All-day weighted average assessments $/bl domestic crude stockpiles. WTI Nymex August crude futures Diff to WTI Diff to LLS Price ± increased by 55¢/bl to settle at $39.82/bl. Ice September LLS St James +1.30 41.12 +0.45 Brent rose by 76¢/bl to $42.03/bl. The September Brent-Sep- WTI Cushing -1.30 39.82 +0.55 WTI Midland +0.04 -1.26 39.86 +0.64 tember WTI spread was $2.11/bl. WTI Houston +0.91 -0.39 40.73 +0.52 Mars Clovelly +1.05 -0.25 40.87 +0.46 Recent sour crude support against light sweet grades at the WCS Hardisty na na nc US Gulf coast is now appearing in the relationship between WCS Cushing -2.25 -3.39 37.73 +0.59 WCS Houston -1.63 -2.77 38.35 +0.46 the Argus Sour Crude Index (ASCI) and the Argus AGS Marker, a new Midland-quality coastal crude assessment launched at Forward curve: Locational spreads $/bl the beginning of the July trade month. WTI/Brent WTI/Brent LLS/Brent 4:30pm 1:30pm 1:30pm London Houston Houston WTI fob Houston narrowed by 35¢/bl to October Ice Brent Sep -2.14 -2.11 -0.91 this session to an assessed range of possible trade at discounts Oct -2.07 -2.02 -0.84 between $1.55/bl and $1.15/bl, while Bakken fob Beaumont Nov -2.06 -2.01 -0.77 widened by nearly 10¢/bl to discounts circling $1.60/bl. 1:30pm Houston LLS/WTI Mars/WTI Mars/LLS Aug +1.30 +1.10 -0.20 Offers were due this session on Dominican Republic's Refi- Sep +1.35 +1.00 -0.35 domsa tender to buy 500,000 bl of light sweet crude for 19-20 Oct +1.38 +0.94 -0.44 July delivery to the port of Punta Palenque. Forward curve: Time spreads $/bl 1:30pm Houston ICE Brent CME WTI LLS Mars Sep/Oct -0.08 -0.17 -0.20 -0.11 IN THE NEWS Oct/Nov -0.13 -0.14 -0.17 +0.01 Nov/Dec -0.16 -0.11 -0.15 0.00 Infrastructure Forward curve: Outright prices $/bl Phillips 66 Wood River reports flaring 1:30pm Houston LLS WTI Midland Mars Phillips 66 Ponca City started FCC last week Aug 41.12 39.92 40.92 Sep 41.27 40.02 40.92 Oct 41.47 40.22 41.03 ANNOUNCEMENT New assessment for WTI at the US Gulf coast Contents Argus American GulfCoast Select (PA0030327) is a new WTI, Gulf coast, midcontinent, waterborne 2-5 price assessment reflecting standard Midland-quality WTI at Latin America 6 Canada 7 the US Gulf coast that is now available in this report. Visit CME Nymex and Ice 7 https://www.argusmedia.com/en/methodology/key-prices/ Americas crude pipeline deals 9 argus-ags for more information. News 11 Copyright © 2020 Argus Media group Available on the Argus Publications App Argus Americas Crude Issue 20-126 | Wednesday 1 July 2020 WTI $/bl WTI formula WTI formula Roll to next Timing Low High basis price basis MTD month Argus documentation links: WTI Cushing Aug 39.80 39.84 39.82 39.32 0.10 Argus Americas Crude WTI Cushing Sep 39.90 39.94 39.92 0.17 Methodology and Specification WTI Cushing Oct 40.07 40.11 0.14 Guide WTI Cushing Nov 40.21 40.25 Argus Global Compliance Policy Timing Price CMA Nymex Aug 39.98 Argus Media Editorial Code of Conduct CMA Nymex Sep 40.13 CMA Nymex Oct 40.27 CMA Nymex Nov 40.37 Diff Diff MTD MTD Weighted Timing Basis Diff low Diff high weighted weighted Low High Weighted average average average Average Argus AGS Marker Aug 40.42 40.57 40.48 39.97 Argus AGS Aug Aug WTI +0.60 +0.75 +0.66 +0.67 40.42 40.57 40.48 WTI Houston Aug Aug WTI +0.85 +1.00 +0.91 +0.93 40.67 40.82 40.73 WTI Houston Sep Sep WTI +0.90 +1.00 +0.95 +0.93 40.82 40.92 40.87 WTI Midland Aug Aug WTI -0.10 +0.20 +0.04 +0.03 39.72 40.02 39.86 WTI Midland Sep Sep WTI 0.00 +0.10 +0.05 +0.06 39.92 40.02 39.97 WTI Midland Enterprise Aug Aug WTI -0.10 +0.20 +0.04 +0.03 39.72 40.02 39.86 WTI diff to CMA Nymex Aug CMA -0.11 -0.06 -0.09 -0.15 WTI postings-plus Aug Postings +3.27 +3.32 +3.29 +3.23 Midcontinent $/bl Diff Diff MTD Weighted Timing Basis Diff low Diff high weighted weighted Low High average average average Bakken Clearbrook Aug CMA Nym -1.75 -1.25 38.23 38.73 Bakken Cushing Aug Aug WTI +0.30 +0.50 +0.35 +0.42 40.12 40.32 40.17 White Cliffs Aug Aug WTI -1.10 -0.65 -0.88 -1.07 38.72 39.17 38.94 Niobrara Aug Aug WTI +0.65 +0.85 +0.75 +0.65 40.47 40.67 40.57 WCS Cushing Aug CMA Nym -2.50 -2.00 -2.25 -2.47 37.48 37.98 37.73 Texas $/bl Diff Diff MTD Weighted Timing Basis Diff low Diff high weighted weighted Low High average average average WTL Midland Aug Aug WTI -0.41 -0.36 -0.39 -0.45 39.41 39.46 39.43 Bakken Beaumont-Ned- CMA Nymex + Argus Aug +0.70 +0.80 +0.75 +0.71 40.59 40.69 40.64 erland WTI diff to CMA WTS Aug Aug WTI -0.21 -0.11 -0.14 -0.36 39.61 39.71 39.68 WTS Sep Sep WTI -0.15 -0.10 -0.13 -0.20 39.77 39.82 39.79 Southern Green Canyon Aug Aug WTI -0.20 +0.20 0.00 +0.12 39.62 40.02 39.82 WCS Houston Aug CMA Nym -2.00 -1.25 -1.63 -1.68 37.98 38.73 38.35 Louisiana $/bl Diff Diff MTD Weighted Timing Basis Diff low Diff high weighted weighted Low High average average average LLS Aug Aug WTI +1.25 +1.35 +1.30 +1.33 41.07 41.17 41.12 LLS Sep Sep WTI +1.30 +1.40 +1.35 +1.32 41.22 41.32 41.27 HLS Aug Aug WTI +1.10 +1.30 +1.20 +1.13 40.92 41.12 41.02 Thunder Horse Aug Aug WTI +1.00 +1.10 +1.04 +1.11 40.82 40.92 40.86 Bonito Aug Aug WTI -0.15 +0.15 0.00 +0.11 39.67 39.97 39.82 Poseidon Aug Aug WTI -0.20 +0.05 -0.08 +0.10 39.62 39.87 39.74 Mars Aug Aug WTI +1.00 +1.10 +1.05 +1.16 40.82 40.92 40.87 Mars Sep Sep WTI +0.95 +1.00 +0.98 +1.12 40.87 40.92 40.90 LOOP Sour Aug Aug WTI +0.65 +0.90 +0.78 +0.88 40.47 40.72 40.60 Copyright © 2020 Argus Media group Page 2 of 17 Argus Americas Crude Issue 20-126 | Wednesday 1 July 2020 US GULF COasT AND MIDCONTINENT Recent sour crude support against light sweet grades at the the gap closed by about 5¢/bl. US Gulf coast is now appearing in the relationship between August LLS was also down by 10¢/bl against Cushing, falling the Argus Sour Crude Index (ASCI) and the Argus AGS Marker, a to a $1.30/bl premium. The LLS premium versus Mars was at new Midland-quality coastal crude assessment launched at the 25¢/bl, roughly unchanged from Tuesday. beginning of the July trade month. The US Energy Information Administration (EIA) reported that ASCI has been at a premium to the Argus AGS Marker for US crude inventories fell by 7.2mn bl to 533.5mn bl last week. The three consecutive trade sessions. The ASCI premium was es- total fell from a record high in the previous week and is about 15pc tablished at roughly 40¢/bl on Wednesday, with the gap widen- above the five-year average for this time of year. ing by about 25¢/bl. For its part, the Argus AGS Marker firmed by 58¢/bl to Assessment rationale $40.48/bl this session, reflecting a 25¢/bl discount to the WTI The minimum volume was met and volume-weighted average Houston pipeline index at effective premiums to the Nymex light calculated according to the methodology for LLS, Mars, WTI sweet crude futures contract between 60¢/bl and 75¢/bl. Diff to CMA Nymex, WTI Houston, WTI Midland Enterprise, WTI Nine August WTI Houston deals totaling 18,000 b/d were Midland, WTL Midland and WTS. reported for inclusion in the new index, changing hands at The Bakken Clearbrook assessment was left unchanged from premiums to the US light sweet crude benchmark at Cushing, the prior day with no new information. Oklahoma, between 85¢/bl and $1/bl on Wednesday. Another No Poseidon trades were reported. The grade was assessed at 1,000 bl of WTI at the Echo terminal sold in the financial, but the midpoint of bids and offers.
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