NEW YORK, April 10 (Reuters) - Price reporting agency Argus Media on Wednesday launched a new West Texas Light (WTL) crude price assessment, as a growing volume of production in the Permian basin, the biggest oil field in the United States, gets lighter in quality.
Nearly 15 percent of the 4.2 million barrels per day (bpd) of Permian production can now be classified as WTL, market sources have said.
Reuters reported last week that the agency is preparing to launch an assessment for WTL, which could make the market more transparent for foreign buyers of the grade.
The new WTL price, published daily in the Argus Crude report, is for Permian basin crude with an API gravity - a measure of density - of 44.1-49.9 degrees, traded at terminals in Midland, Texas.
Argus will publish its new WTL price assessment as a differential to West Texas Intermediate (WTI) Cushing as well as an outright number, the company said. “We expect to see the liquidity of the WTL market at Midland and later at Houston grow rapidly,” Adrian Binks, Argus Media chairman and chief executive, said in a statement. (Reporting by Devika Krishna Kumar in New York Editing by Marguerita Choy)