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Marché
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COT WTI Midland (Argus) vs WTI trade 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 Midland Argus vs WTI trade?

WTI Midland vs Cushing

Satellite of WTI Physical Crude (NYMEX CL)

A long means…

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

What is this?

Argus WTI Midland is unblended Permian crude delivered at the Enterprise and Plains terminals in Midland, near the west Texas and eastern New Mexico fields. The future settles to the Argus average of Midland minus the WTI Formula Basis — Cushing for the same physical trade month as Houston. The price near the wellhead is neither the Gulf’s nor Oklahoma storage.

Permian producers and merchants hedge barrels moving to Cushing or the Gulf. This is not deliverable CL, nor the Houston differential.

Pitfalls

  • Midland ≠ Houston ≠ Cushing.
  • Argus basis, not physical 067651.
  • 1,000 barrel size: unverified.

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.