An aerial view of a crude oil storage facility is seen on May 5, 2020 in Cushing, Oklahoma.
JOHANNES EISELE | AFP via Getty Images
Two leading oil price reporting agencies separately launched new U.S. crude benchmarks on Friday, as part of an effort to rival the U.S. West Texas Intermediate futures contract.
The move from S&P Global Platts and Argus Media comes as both agencies seek to break away from the traditional landlocked system, just over two months after U.S. crude futures plunged into negative territory for the first time in history.
S&P Global Platts said its new benchmark for U.S. crude, called Platts American GulfCoast Select (AGS), would reflect the value of waterborne light sweet crude supplied from the Permian Basin in west Texas and New Mexico on major pipelines to the Gulf.
Argus’ new outright daily crude price assessment, Argus AGS, is also designed to reflect the growing importance of the U.S. Gulf Coast as a major export hub and to address ongoing market…