

In the early 2000s, prices for West Texas Intermediate (WTI) were becoming increasingly disconnected from global fundamentals. WTI reflected conditions in the Midcontinent at the Cushing, OK, crude oil storage hub, where bottlenecks repeatedly distorted its value. In today’s RBN blog, we look at how the problem contributed to the creation of the Argus Sour Crude Index (ASCI) 16 years ago, how the index has evolved and whether it remains relevant today.
Analyst Insights are unique perspectives provided by RBN analysts about energy markets developments. The Insights may cover a wide range of information, such as industry trends, fundamentals, competitive landscape, or other market rumblings. These Insights are designed to be bite-size but punchy analysis so that readers can stay abreast of the most important market changes.
Transcontinental Gas Pipe Line was granted a crucial authorization last week, bringing the Northeast Supply Enhancement (NESE) one step closer to fruition. This project will allow the Williams Company pipeline to flow an incremental 400 MMcf/d to New York City and Long Island.
Waterborne crude oil exports from the expanded Trans Mountain Pipeline (TMX) averaged 453 Mb/d in September 2025 (rightmost stacked columns in chart below), a gain of 24 Mb/d versus August and an increase of 143 Mb/d from a year ago based on tanker tracking data compiled by Bloomberg.
January natgas futures closed at $3.112/MMbtu yesterday with no signs of strength in the market. Production remains strong while the weather outlook is above normal through much of the high demand market area. Freeze-offs have been minimal.