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Argus Sour Crude Index

Pricing tool for crude oil

Pricing tool for crude oil

The Argus Sour Crude Index (ASCI) is a pricing tool used by buyers, sellers and traders of imported crude oil for use in long-term contracts.

The ASCI methodology creates a single daily volume-weighted average price index of aggregate deals done for three component crude grades as if they were one grade of crude oil.

The three crude oil grade components are Mars, Poseidon, and Southern Green Canyon.

Thus the daily ASCI price published by Argus Media Ltd represents the value of US Gulf coast medium sour crude oil.

Market adoption

The Argus Sour Crude Index (“ASCI”) has been adopted as the benchmark price for sales of crude oil by Saudi Aramco (in 2009), Kuwait (in 2009) and Iraq (in 2010).

Contracts based upon ASCI are listed on the world's two largest oil exchanges, the CME Group New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE).

References

References

  1. [http://www.argusmedia.com/ArgusStaticContent//Meth/ASCI.pdf Argus Sour Crude Index - Methodology and specifications guide]{{dead link. (October 2016)
  2. [https://www.bloomberg.com/apps/news?pid=20601207&sid=aW7G18EvCGD8 Bloomberg - Saudi Aramco to Use Sour Oil Index as U.S. Benchmark, Drop WTI]
  3. [https://archive.today/20130201055622/http://uk.reuters.com/article/idUKN1418816120091214 Reuters - Kuwait to price U.S. oil cargoes on ASCI]
  4. [https://www.bloomberg.com/apps/news?pid=20601207&sid=aXffmkyVIbAU Bloomberg - Iraq Will Use Argus Crude Price Formula From April]
  5. [https://archive.today/20130201044235/http://uk.reuters.com/article/idUKLDE61A2TG20100211 Reuters - Iraq to switch to ASCI from U.S. crude futures]
  6. [https://www.reuters.com/article/idUSLB22033320091111 Reuters - ICE to launch Argus sour crude futures contracts]
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