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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

  • WTI FOB USGC assessed at highest outright price since April 2019
  • Brent/WTI swaps spread hits narrowest point since Nov 2016

Platts American GulfCoast Select, which represents Midland-specification WTI crude for export on an FOB basis, was assessed at $72.65/b on June 15, the highest assessed outright value for the grade since it was first assessed in June 2020, while WTI FOB USGC, the precursor to Platts AGS, was last assessed stronger on April 25, 2019, at $73.04/b.

A bullish sentiment in global oil markets helped push crude oil prices to multiyear highs as market participants viewed rebounding demand and the potential for tightening supply fundamentals as supportive for prices.

Still, for US crude oil exports, arbitrage economics were less supportive amid a particularly tight Brent/WTI swaps spread.

The Brent/WTI swaps spread, one indicator of the competitiveness of US crude on the international market, narrowed 21 cents/b on June 15 at $1.71/b -- the narrowest the spread has been since Nov. 21, 2016, when the Brent/WTI swaps spread was at $1.48/b. A narrower spread is generally associated with WTI-based crude being less competitive versus their Brent-based counterparts, hurting the competitiveness of those grades.

Against the 15 to 45 days' forward NYMEX WTI strip, Platts AGS was assessed 10 cents/b stronger on the day at a $1.05/b premium, while against the forward Dated Brent strip, Platts AGS was assessed 16 cents/b stronger at a 71 cents/b discount.

Offer levels for July loading WTI FOB cargoes out of the USGC were last heard talked around a 55 cents/b discount to ICE September Brent.

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