Price Assessment

Platts American GulfCoast Select (Platts AGS)

  • What is Platts American GulfCoast Select?
  • How do we assess Platts American GulfCoast Select?
  • Evolution of Platts American GulfCoast Select
  • Platts American GulfCoast Select – Export Crude Commentary

What is Platts American GulfCoast Select?


Platts AGS reflects the value of light sweet crude oil loading 15-45 days forward on an FOB basis from locations along the US Gulf Coast including Houston, Corpus Christi, Beaumont, Nederland, Texas City, and Port Arthur, with the most competitive location on a cargo-size normalized basis setting the price assessment.

This crude oil assessment reflects a typical cargo size of 700,000 barrels, with bids, offers and trades between 550,000 and 800,000 barrels eligible for use in the assessment but normalized to reflect the freight economics of the typical cargo size. The assessment reflects the Platts WTI Midland grade supplied directly from the Permian Basin on the BridgeTex, Longhorn, Midland-to-Echo I/II, Cactus I/II, EPIC, Gray Oak, and Permian Express pipelines with API between 40 and 44 and .2% sulfur limit, among other specifications.

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How do we assess Platts American GulfCoast Select?

Platts AGS is assessed based on market information gathered during the day by market reporting staff and bids, offers, and trades published on the Platts eWindow communication tool. The assessment follows Platts Market on Close principles with bids, offers, and trades – converted to outright values for comparison – determining value at the 1:30 Central Time close.

Evolution of Platts American GulfCoast Select

Platts AGS brings the US oil market a new benchmark assessment that reflects the value of high-quality, export-ready crude at the intersection of domestic and global demand, free of any distortion from logistics.

Platts American GulfCoast Select – Export Crude Commentary

  • Platts AGS hits strongest level against forward NYMEX strip since early March
  • Stronger coastal WTI values cut into export economics: trader

Stronger values for WTI crude on the US Gulf Coast sent the assessed differentials for Platts American GulfCoast Select higher, with the differential against the 15- to 45-days forward NYMEX WTI hitting the highest level since early March.

The stronger coastal WTI crude values also, according to one trader, have cut into the competitiveness of US crude abroad as its spread to ICE Brent futures have narrowed.

“A couple of days ago, Oct MEH flat [price] was like Dec. ICE minus $2.10, now it is Dec ICE minus $1.40s…that’s almost a 70 cents/b movement,” a trader said, noting that a change like that “can kill any econs.”

While front-month barrels of WTI MEH crude hit their highest assessed value since March 10, 2021, Platts AGS as a differential to the forward NYMEX WTI strip was assessed 30 cents/b stronger on the day at a $1.77/b premium on Sept. 23, the strongest assessed value since March 9, 2021, when Platts AGS was assessed at a $2.21/b premium to the forward NYMEX WTI strip.

Another trader noted recently that moving into October and November, available supplies of WTI for export could sink as refinery demand picks up. Furthermore, if there is more pull from the domestic market on US barrels, it could cut into arbitrage economics as coastal values are bid up.

On an outright basis, Platts AGS, which represents Midland-spec WTI crude for loading on the USGC on an FOB basis, was assessed at $74.87/b on Sept. 23, while against the forward Dated Brent strip the grade was assessed 18 cents/b up at a $1.97/b discount.

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