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class="qa-banner-title">Argus WTI diff to CMA</h1><div class="h4 qa-banner-description">The ideal adjustment factor to calculate the price of WTI at Cushing</div></div></div></div></div></div></div></div><div class="component small grey "><div class="component-content"><div class="PageSubnavigation_container__yH3q7 qa-subnavigation-bar container"><div class="PageSubnavigation_outer__ocRn_"><div class="PageSubnavigation_bar__Cf50a"><a href="#overview" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Overview</a><a href="#video" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Video</a><a href="#details" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Price assessment details</a><a href="#products" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Explore our crude oil products</a><a href="#prices" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Key price assessments</a><a href="#related" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Related documents</a><button type="button" class="PageSubnavigation_showMore__2Z47G cta "></button></div></div><div class="PageSubnavigation_drawer__lxQUi grey " style="left:0px"><div class="container"><div class="PageSubnavigation_drawerInner__Q_bJs"><div class="PageSubnavigation_drawerItems__AwukY"><a href="#overview" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Overview</a><a href="#video" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Video</a><a href="#details" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Price assessment details</a><a href="#products" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Explore our crude oil products</a><a href="#prices" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Key price assessments</a><a href="#related" class="qa-subnavigation-anchor PageSubnavigation_item__mBuP2 cta bar " title="">Related documents</a></div></div></div></div></div></div></div><div class="component component-padding PageIntroduction_pageIntroduction__BoFDD white" id="overview"><div class="component-content"><div class="container"><div class="PageIntroduction_row__DH0rm row"><div class="col-12 col-lg-8"><div class="qa-pageintroduction-section"><h2 class="qa-pageintroduction-title">Overview</h2><div class="PageIntroduction_description__hOYK7"><div class="qa-pageintroduction-textfield"><p>The Argus WTI differential (diff) to CMA is a market-oriented conversion factor often used in conjunction with the Nymex Calendar Month Average (CMA) to calculate the physical price of WTI at Cushing. It takes the exceptional liquidity of the Nymex futures and uses dozens of daily trades done by the market to convert the Nymex CMA to a prompt physical price.</p></div></div></div></div></div></div></div></div><div class="component component-padding grey position-left" id="video"><div class="component-content"><div class="container"><div class="row"><div class="qa-video-above col-12 col-lg-8 mx-auto"><div class="Video_introAbove__4FTlS"><h2 class="qa-video-above-title">Video: What is the WTI formula basis?</h2></div><div class="Video_video__X3GQQ"><img alt="" class="vidyard-player-embed" src="https://play.vidyard.com/4ZPrePkZVdkYMvxpySm7oV.jpg" data-uuid="4ZPrePkZVdkYMvxpySm7oV" data-v="4" data-type="inline"/></div></div></div></div></div></div><div class="component component-padding white"><div class="component-content"><div class="container"><div class="row"><div class="col-12 col-lg-9"><div class="qa-textpanel-description TextPanel_description__v7NGU"><h2 id="details">Price assessment details</h2> <p>Combining the Nymex CMA Cushing price with the Argus WTI diff to CMA allows you to:</p> <h3>Leverage the world’s most transparent, liquid crude market</h3> <p>Adding the Argus WTI diff to CMA to Nymex CMA allows your Cushing physical price to be based on Nymex futures – among the most liquid and transparent crude contracts in the world.</p> <h3>Capture the structure of the market</h3> <p>The Argus diff to CMA captures the contango or backwardation in the market. Using the Nymex CMA without adding the Argus diff to CMA could result in leaving significant money on the table.</p> <h3>Free up the back office</h3> <p>Save back office time and money by no longer calculating the “Nymex roll” and potential corrections due to misalignment between crude buyer and seller calculations.</p> <h3>Provide an audited third-party price</h3> <p>Because the Nymex CMA + Argus diff to CMA formula is liquid, transparent and created by an IOSCO-compliant, third-party price reporting agency, it can be confidently shared with shareholders, board members and auditors.</p> <h3>Reduce the hassle and expense of the calculated roll</h3> <p>Although not typically a concern, the importance of using a price reflecting a full day of trade activity was particularly evident on 20 April 2020, when the Nymex front-month crude contract settled at minus $37/bl. In that May 2020 trade month, the Argus WTI diff to CMA was minus 6.22 — in other words, the delivered physical price of WTI at Cushing was $6.22/bl less than the published Nymex CMA for May. On that same day, the Nymex roll was minus 7.89.</p> <p>Why the difference of 1.67? Because the Nymex roll only considers the month-to-month spreads at the 1:30pm settlement time, which was, on 20 April 2020, coincidentally when the price dive on May crude futures was at its most severe. Meanwhile, the Argus diff to CMA price considered all trades done throughout that day.</p> <p> </p> <h2>Frequently asked questions</h2> <h3>How can this calculation be used in a contract by a Midland WTI seller?</h3> <p>To set their price at Midland, many traders of WTI at Midland add the Argus Mid/Cush differential to the Nymex CMA + Argus diff to CMA.</p> <p>CMA Nymex for the month of delivery + the trade month average of the daily Argus diff to CMA + the trade month average of the daily Argus WTI Midland differential.</p> <h3>Does the Argus diff to CMA accurately adjust the CMA Nymex to the prompt physical price of WTI at Cushing?</h3> <p>One good visual of how the Argus diff to CMA works is seen in the relationship of the WTI CMA price published by Nymex, the Argus diff to CMA, and the day’s prompt physical WTI price at Cushing. The screen shot below (from the daily Argus Americas Crude report price tables) shows that adding the Argus diff to CMA to the published CMA Nymex yields a price within a few pence of the day’s prompt physical price.</p> <p>As explained above, there can be a slight difference between the price set by the prompt Nymex settlement price at 1:30pm central time (top red bubble) compared with the price resulting from adding the average of the full day’s “roll” trades (bottom red bubble) to the CMA Nymex.</p></div></div></div></div></div></div><div class="component component-padding white" id="related"><div class="component-content"><div class="container"><div class="row"><div class="CardCarousel_intro__0GvNz col-12 col-lg-8 mx-auto"><h2 class="qa-keyprices-title">Related documents</h2></div></div></div><div class="CardCarousel_carousel__4za2y"><div class="container"><div class="row"><div class="col-lg-10 offset-lg-1 d-none d-lg-block"><div class="Carousel_carousel__cxmDM "><div 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class="qa-keyprices-item-title h4">How is the NYMEX roll calculated?</h3><div class="qa-keyprices-item-subtitle sub-heading h3">Video</div><p class="qa-keyprices-item-introduction CardCarousel_text__QZ1rN">This video explains the Nymex roll, a calculation that determines the physical price of crude at Cushing using a futures contract price.</p></div><span class="qa-keyprices-item-cta cta">Watch now</span></a><a title="" target="" class="qa-keyprices-items CardCarousel_card__miF1v" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="qa-keyprices-item-title h4">US physical trade month</h3><div class="qa-keyprices-item-subtitle sub-heading h3">Video</div><p class="qa-keyprices-item-introduction CardCarousel_text__QZ1rN">This video explains how in the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="qa-keyprices-item-cta cta">Watch now</span></a></div><div><div class="CardCarousel_card__miF1v"><div><h3 class="h4">WTI formula basis</h3><div class="sub-heading h3">Video</div><p class="CardCarousel_text__QZ1rN">This video explains the ins and outs of Argus’ WTI formula basis and how it represents the outright price at Cushing.</p></div></div></div></div></div><nav class="Carousel_pagination___SjwB" aria-controls="related"><button type="button" class="Carousel_pageButton__5PWho current qa-slide-button"><span class="visually-hidden">0</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">1</span></button></nav></div></div></div></div></div></div></div><div class="component component-padding navy " id="products"><div class="component-content"><div class="container"><div class="row"><div class="col-12 col-lg-7"><h2 class="section-heading">Explore our crude oil products</h2></div></div><div class="ProductListing_products__Uxsig row"><div class="col-12 col-lg-6"><a class="ProductListing_itemLink__RVSjo white" href="/ja/solutions/products/argus-crude"><h3 class="sub-heading h2 d-none d-lg-block">Argus Crude</h3><h3 class="sub-heading h4 d-lg-none">Argus Crude</h3><div class="ProductListing_itemDescription__E7NK3">世界各地の原油市場におけるスポット価格を市況解説とともに提供する情報サービスです。掲載される価格インデックスは、北米、欧州、旧ソおよびアフリカ原油などの契約価格の決済指標として利用されるほか、中東およびアジア市場においても社内販売価格や在庫評価額として利用されています。</div><span class="ProductListing_itemCta__NeAHB cta"></span></a></div><div class="col-12 col-lg-6"><a class="ProductListing_itemLink__RVSjo white" href="/ja/solutions/products/argus-americas-crude"><h3 class="sub-heading h2 d-none d-lg-block">Argus Americas Crude</h3><h3 class="sub-heading h4 d-lg-none">Argus Americas Crude</h3><div class="ProductListing_itemDescription__E7NK3">Providing price transparency for the US Gulf coast, US midcontinent, US west coast, Canada and South America</div><span class="ProductListing_itemCta__NeAHB cta"></span></a></div><div class="col-12 col-lg-4"><a class="ProductListing_itemLink__RVSjo white" href="/ja/solutions/products/argus-americas-crude-oil-forward-curves"><h3 class="sub-heading h4">Argus Americas Crude Oil Forward Curves </h3><div class="ProductListing_itemDescription__E7NK3">Independent market valuation tool to support investment and trading decisions for crude grades across the Americas.</div><span class="ProductListing_itemCta__NeAHB cta"></span></a></div><div class="col-12 col-lg-4"><a class="ProductListing_itemLink__RVSjo white" href="/ja/solutions/products/argus-crude-and-refined-products-outlook"><h3 class="sub-heading h4">Argus Crude and Refined Products Outlook</h3><div class="ProductListing_itemDescription__E7NK3">Monthly price forecasts for key crude grades, regional benchmarks and refined oil products up to 24 months out.</div><span class="ProductListing_itemCta__NeAHB cta"></span></a></div><div class="col-12 col-lg-4"><a class="ProductListing_itemLink__RVSjo white" href="/ja/solutions/products/argus-global-markets"><h3 class="sub-heading h4">Argus Global Markets</h3><div class="ProductListing_itemDescription__E7NK3">Vital intelligence on oil market fundamentals and global trading.</div><span class="ProductListing_itemCta__NeAHB cta"></span></a></div></div></div></div></div><div class="component component-padding grey" id="ContentCarousel-13fa2fb4-29da-4528-886e-055c2f255700"><div class="component-content"><div class="container"><div class="row"><div class="ContentCarousel_intro__GOQMj col-12 col-lg-8 mx-auto"><h2 class="qa-contentcarousel-header">Key price assessments</h2><p class="qa-contentcarousel-description">Argus prices are recognised by the market as trusted and reliable indicators of the real market value. Explore some of our most widely used and relevant price assessments.</p></div></div></div><div class="ContentCarousel_carousel__skHV_"><div class="container"><div class="row"><div class="col-lg-10 offset-lg-1 d-none d-lg-block"><div class="Carousel_carousel__cxmDM "><div class="Carousel_viewport__hzjLs"><div class="Carousel_slides__11lIX"><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items current"><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div></div></div><button class="Carousel_prev__5_kOz qa-pagination-prev" aria-controls="ContentCarousel-13fa2fb4-29da-4528-886e-055c2f255700" aria-label=""><svg xmlns="http://www.w3.org/2000/svg" width="28.647" height="51.637" class="Carousel_arrow__vfjw1 qa-cardcarousel-arrow"><path fill="none" stroke="#33beee" stroke-linecap="round" stroke-width="4" d="m25.819 2.828-22.99 22.99 22.99 22.99"></path></svg></button><button class="Carousel_next__WkTXW qa-pagination-next" aria-controls="ContentCarousel-13fa2fb4-29da-4528-886e-055c2f255700" aria-label=""><svg xmlns="http://www.w3.org/2000/svg" width="28.647" height="51.637" class="Carousel_arrow__vfjw1 qa-cardcarousel-arrow"><path fill="none" stroke="#33beee" stroke-linecap="round" stroke-width="4" d="m25.819 2.828-22.99 22.99 22.99 22.99"></path></svg></button></div></div><div class="col-12 d-lg-none"><div class="Carousel_carousel__cxmDM pagination qa-slide-pagination"><div class="Carousel_viewport__hzjLs"><div class="Carousel_slides__11lIX"><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items current"><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div class="qa-slide-items "><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/us-physical-trade-month"><div><h3 class="h4 qa-contentcarousel-item-title">US physical trade month</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">In the US, the crude industry utilizes a physical trade month, that is not based on a typical calendar month nor the Nymex futures contract schedule.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/nymex-roll"><div><h3 class="h4 qa-contentcarousel-item-title">Nymex roll</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The commonly-used calculation to determine the physical price of crude at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-midland"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Midland</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus WTI Midland price is a volume-weighted average of spot trades. The oil price is a differential to Nymex light sweet crude futures settlement.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-houston"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI Houston</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The light sweet crude oil price on the US Gulf coast is based on the Argus Houston WTI price, which is the most transparent WTI price indicator.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-wti-diff-to-cma"><div><h3 class="h4 qa-contentcarousel-item-title">Argus WTI diff to CMA</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The ideal adjustment factor to calculate the price of WTI at Cushing.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-western-canadian-select"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Western Canadian Select</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus Western Canadian Select examines Cold Lake and Western Canadian Select (WCS oil prices), the most active spots on the US Gulf Coast for heavy crude oil streams.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-sour-crude-index-asci"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Sour Crude Index™ (ASCI™)</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Sour Crude Index™ reflects medium sour crude prices at the US Gulf Coast trading hub, mainly used by Saudi Arabia, Iraq, and Kuwait to price oil exports to the US.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-north-sea-dated"><div><h3 class="h4 qa-contentcarousel-item-title">Argus North Sea Dated</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus North Sea Dated assessment includes Brent oil prices and derivatives. In May 2023, Argus introduced WTI prices for Midland in the Brent basket and it has become a market standard.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-mars"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Mars</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Argus Mars is a key crude benchmark and reflects oil spot prices for the US Gulf medium sour crude blend arriving on the Mars pipeline.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-lls"><div><h3 class="h4 qa-contentcarousel-item-title">Argus LLS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus LLS oil index reflects the light sweet crude prices for St. James's terminals in the US Gulf Coast.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-espo-blend"><div><h3 class="h4 qa-contentcarousel-item-title">Argus ESPO Blend</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Pricing for light crude shipped through the East Siberia-Pacific Ocean</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-des-shandong"><div><h3 class="h4 qa-contentcarousel-item-title">Argus des Shandong</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus des Shandong reflects five oil spot markets in key regions for China oil imports.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-bakken"><div><h3 class="h4 qa-contentcarousel-item-title">Argus Bakken</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">The Bakken oil price represents light sweet crude produced in North Dakota and Montana. Bakken spot prices, key benchmarks such as Nymex WTI and Ice Brent and more.</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-ags"><div><h3 class="h4 qa-contentcarousel-item-title">Argus AGS</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Argus AGS oil index examines the US Gulf Coast trade, seaborne and coastal refineries as well as the WTI Midland light sweet crude oil prices. </p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div><div><a class="ContentCarousel_card__dJMK_ qa-contentcarousel-items" href="/ja/methodology/key-commodity-prices/argus-tmx-fob-vancouver"><div><h3 class="h4 qa-contentcarousel-item-title">Argus TMX Fob Vancouver</h3><p class="ContentCarousel_text__B6H_a qa-contentcarousel-item-description">Get a real view with Argus TMX market updates and comprehensive coverage</p></div><span class="cta undefined qa-contentcarousel-item-cta"></span></a></div></div></div><nav class="Carousel_pagination___SjwB" aria-controls="ContentCarousel-13fa2fb4-29da-4528-886e-055c2f255700"><button type="button" class="Carousel_pageButton__5PWho current qa-slide-button"><span class="visually-hidden">0</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">1</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">2</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">3</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">4</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">5</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">6</span></button><button type="button" class="Carousel_pageButton__5PWho qa-slide-button"><span class="visually-hidden">7</span></button></nav></div></div></div></div></div><div class="ContentCarousel_viewAllContainer__QrNE_ container"><a title="" target="" class="qa-contentcarousel-cta cta large" href="/ja/methodology/key-commodity-prices">View all key price assessments </a></div></div></div><div class="component ContactForm_contactForm__RusC_ navy"><div class="component-content"><img alt="people smiling at a board room" loading="lazy" width="1600" height="555" decoding="async" data-nimg="1" class="ContactForm_image__E3Vzy d-none d-lg-block" style="color:transparent" srcSet="/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fenglish%2Fimages%2Fpeople%2Fcontact-us-forms%2Fcontact-us-form-people-01.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3D15ADB845C50D6050F16F434C347C419B&w=1920&q=75 1x, /_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fenglish%2Fimages%2Fpeople%2Fcontact-us-forms%2Fcontact-us-form-people-01.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3D15ADB845C50D6050F16F434C347C419B&w=3840&q=75 2x" src="/_next/image?url=%2F-%2Fmedia%2Fproject%2Fargusmedia%2Fmainsite%2Fenglish%2Fimages%2Fpeople%2Fcontact-us-forms%2Fcontact-us-form-people-01.jpg%3Fh%3D530%26iar%3D0%26w%3D1600%26rev%3D-1%26hash%3D15ADB845C50D6050F16F434C347C419B&w=3840&q=75"/><div class="ContactForm_content__SjXae container"><div class="row"><div class="col-12 col-lg-7 qa-form-specialist"><h2 class="h1 qa-form-header">エキスパートへのお問い合わせ</h2><div class="ContactForm_description__1ctco qa-form-description">Register below and we will customize a solution that meets your exact needs. 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It takes the exceptional liquidity of the Nymex futures and uses dozens of daily trades done by the market to convert the Nymex CMA to a prompt physical price.\u003c/p\u003e"}}},{"uid":"8c3a4319-2c06-4623-aabb-8069253cd6c1","componentName":"Video","dataSource":"/sitecore/content/ArgusMedia/MainSite/Home/Methodology/Key commodity prices/Argus WTI diff to CMA/Argus Key Price Page - Page Data/Argus Key Price Page - Video - What is the WTI formula basis","params":{"CacheClearingBehavior":"Clear on publish","Styles":"position-left","Theme":"Grey"},"fields":{"VideoId":{"value":"4ZPrePkZVdkYMvxpySm7oV"},"IntroText":{"value":""},"VideoProvider":{"value":"Vidyard"},"Title":{"value":"Video: What is the WTI formula basis?"},"AnchorID":{"value":"video"},"EnableSiteSearch":{"value":true}}},{"uid":"68262100-c560-4a0c-8d03-cd7356f50d2b","componentName":"TextPanel","dataSource":"/sitecore/content/ArgusMedia/MainSite/Home/Methodology/Key commodity prices/Argus WTI diff to CMA/Argus Key Price Page - Page Data/Argus Key Price Page - Text Panel - Price assessment details","params":{"CacheClearingBehavior":"Clear on publish","Theme":"White"},"fields":{"AnchorID":{"value":""},"EnableSiteSearch":{"value":true},"Title":{"value":""},"Description":{"value":"\u003ch2 id=\"details\"\u003ePrice assessment details\u003c/h2\u003e\n\u003cp\u003eCombining the Nymex CMA Cushing price with the Argus WTI diff to CMA allows you to:\u003c/p\u003e\n\u003ch3\u003eLeverage the world\u0026rsquo;s most transparent, liquid crude market\u003c/h3\u003e\n\u003cp\u003eAdding the Argus WTI diff to CMA to Nymex CMA allows your Cushing physical price to be based on Nymex futures \u0026ndash; among the most liquid and transparent crude contracts in the world.\u003c/p\u003e\n\u003ch3\u003eCapture the structure of the market\u003c/h3\u003e\n\u003cp\u003eThe Argus diff to CMA captures the contango or backwardation in the market. Using the Nymex CMA without adding the Argus diff to CMA could result in leaving significant money on the table.\u003c/p\u003e\n\u003ch3\u003eFree up the back office\u003c/h3\u003e\n\u003cp\u003eSave back office time and money by no longer calculating the \u0026ldquo;Nymex roll\u0026rdquo; and potential corrections due to misalignment between crude buyer and seller calculations.\u003c/p\u003e\n\u003ch3\u003eProvide an audited third-party price\u003c/h3\u003e\n\u003cp\u003eBecause the Nymex CMA + Argus diff to CMA formula is liquid, transparent and created by an IOSCO-compliant, third-party price reporting agency, it can be confidently shared with shareholders, board members and auditors.\u003c/p\u003e\n\u003ch3\u003eReduce the hassle and expense of the calculated roll\u003c/h3\u003e\n\u003cp\u003eAlthough not typically a concern, the importance of using a price reflecting a full day of trade activity was particularly evident on 20 April 2020, when the Nymex front-month crude contract settled at minus $37/bl. In that May 2020 trade month, the Argus WTI diff to CMA was minus 6.22 \u0026mdash; in other words, the delivered physical price of WTI at Cushing was $6.22/bl less than the published Nymex CMA for May. On that same day, the Nymex roll was minus 7.89.\u003c/p\u003e\n\u003cp\u003eWhy the difference of 1.67? Because the Nymex roll only considers the month-to-month spreads at the 1:30pm settlement time, which was, on 20 April 2020, coincidentally when the price dive on May crude futures was at its most severe. Meanwhile, the Argus diff to CMA price considered all trades done throughout that day.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003ch2\u003eFrequently asked questions\u003c/h2\u003e\n\u003ch3\u003eHow can this calculation be used in a contract by a Midland WTI seller?\u003c/h3\u003e\n\u003cp\u003eTo set their price at Midland, many traders of WTI at Midland add the Argus Mid/Cush differential to the Nymex CMA + Argus diff to CMA.\u003c/p\u003e\n\u003cp\u003eCMA Nymex for the month of delivery + the trade month average of the daily Argus diff to CMA + the trade month average of the daily Argus WTI Midland differential.\u003c/p\u003e\n\u003ch3\u003eDoes the Argus diff to CMA accurately adjust the CMA Nymex to the prompt physical price of WTI at Cushing?\u003c/h3\u003e\n\u003cp\u003eOne good visual of how the Argus diff to CMA works is seen in the relationship of the WTI CMA price published by Nymex, the Argus diff to CMA, and the day\u0026rsquo;s prompt physical WTI price at Cushing. The screen shot below (from the daily Argus Americas Crude report price tables) shows that adding the Argus diff to CMA to the published CMA Nymex yields a price within a few pence of the day\u0026rsquo;s prompt physical price.\u003c/p\u003e\n\u003cp\u003eAs explained above, there can be a slight difference between the price set by the prompt Nymex settlement price at 1:30pm central time (top red bubble) compared with the price resulting from adding the average of the full day\u0026rsquo;s \u0026ldquo;roll\u0026rdquo; trades (bottom red bubble) to the CMA Nymex.\u003c/p\u003e"}}},{"uid":"20664534-2cf9-42b3-bcaa-e06baa9d3ebb","componentName":"CardCarousel","dataSource":"/sitecore/content/ArgusMedia/MainSite/Home/Methodology/Key commodity prices/Argus WTI diff to CMA/Argus Key Price Page - Page Data/Key Price Page - Related documents","params":{"CacheClearingBehavior":"Clear on 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