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Marché
Rapport
Unité

COT WTI Houston (Argus) vs WTI trade month differential

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Crude basis · NYMEX

What is WTI Houston Argus vs trade month?

WTI Houston vs Cushing (trade month)

Satellite of WTI Physical Crude (NYMEX CL)

A long means…

Exposure to a rise in the Argus WTI Houston location differential versus WTI trade month — the Gulf barrel relative to Cushing, not a CL long.

What is this?

Argus WTI Houston is Permian-quality crude delivered at Magellan East Houston on the Gulf — an export and refining hub, not Cushing. The future settles to the Argus average of Houston minus the WTI Formula Basis, the Cushing reference for the physical trade month. That month runs from the day after the 25th to the next 25th: it is neither the calendar month nor CL expiry.

Gulf exporters and refiners hedge location here, not the WTI level. This is not the Cushing contract, nor the Midland differential.

Pitfalls

  • Houston basis, not CL.
  • Argus, not Platts.
  • Trade month is not necessarily calendar month.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.