Argus LLS has rapidly assumed the role of a critical benchmark linking the WTI Cushing price to the value of sweet crude at the US Gulf coast. LLS shares Atlantic basin benchmark status with Brent, and has become the clearing market that determines the price of landlocked WTI.
The expanding significance of LLS has led to a rapidly growing swaps market settled against the Argus LLS volume-weighted average and cleared on CME. Argus LLS is the hedging tool of choice and a widely used marker for term trade in emerging shale crudes such as Bakken and Eagle Ford.
The Argus LLS price represents a blend of sweet crude meeting Capline LLS specifications and traded at the Capline terminal at St James, Louisiana.
The Argus LLS price index represents the volume-weighted average of all spot LLS deals done throughout the trading day on a differential basis to WTI at Cushing. Argus also publishes LLS prices down the forward curve aligned to the Nymex settlement.
For full details of specifications and information on Argus LLS, please see the Argus Americas Crude methodology.
Learn more about the Argus Americas Crude methodology
Argus US Crude Prices Explained LLS - The Emergence of a Secondary Benchmark
New Argus LLS and Mars Swaps Contracts
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