Benchmark guide
Midland, Houston and the export barrel
A physical WTI differential carries information about grade, location, delivery and its reference price.
From Permian barrels to coastal terms
Argus publishes WTI Midland for eligible prompt barrels at specified Midland terminals and WTI Houston for eligible barrels at Magellan East Houston. These are different delivery locations. Review each source methodology before treating a quoted number as comparable.
Build a transparent differential
A signed local differential adds to or subtracts from a benchmark. A coastal route with a higher nominal price can still produce a lower net value if transport, terminal or handling costs absorb the gain. Align reference month, quality, delivery date and incoterms before modeling.
How WTI connects to Brent
Platts incorporated WTI Midland into its Dated Brent benchmark in 2023. That benchmark design makes eligible export cargoes relevant to the Atlantic Basin assessment. A simple Europe Brent minus Cushing WTI spot comparison cannot isolate the delivered value of a particular cargo.
Try it
Compare two route netbacks with your own assumptions.