Can Panels provide a panels context based on the URL string or URL query? I need to know if Panels can provide a panels context based on the URL string or URL query. This context may then be used to set in the panel pane settings.

Background info:
I have panels that contain panel views panes. The panels pane settings use the available panel context.

I therefore want to create a panel context based on the current URL string or URL query. Is that possible?

Note: if that is not possible, I would have to create new views panes that get their contextual filter directly from the URL instead of the available panel contexts. Using panels contexts would allow me to re-use views more efficiently.
Page Manager can take arguments from the URL and provide them as context.

For instance if you create a path in Page Manager lik foo/%bar/%baz both 'bar' and 'baz' will be automatically available as Arguments.  You just need to tell Page Manager what it is looking for (i.e. should it be a taxonomy term id? a node number? maybe just a plain string...)