Chemicals
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US renewable feedstocks demand sets another record
US renewable feedstocks demand sets another record
Houston, 30 September (Argus) — US renewable feedstocks demand for biofuels production rose to a fresh record in July on surging consumption of soybean oil and distillers corn oil, according to US Energy Information Administration (EIA) data released today. More than 4.05bn lb of renewable feedstocks were used to make biodiesel, renewable diesel and sustainable aviation fuel in July, up from the prior record of nearly 3.87bn lb in June and up from just under 2.99bn lb a year earlier. July's daily demand of 130.6mn lb/d was 35pc greater than the 96.5mn lb/d usage rate in July 2025. Soybean oil consumption again accounted for most of July's gains, with demand rising by 52pc on the year to 1.69bn lb, or 54.4mn lb/d. Canola oil usage rose by 51pc from a year earlier to 330mn lb, or 10.6mn lb/d. Total waste feedstocks usage held above year-earlier levels, but beef tallow consumption by biofuel plants fell by 6.8pc on the year to 24.9mn lb/d in July. Demand for yellow grease, a category that includes used cooking oil, increased to 19.7mn lb/d, up by 45pc from a year earlier. White grease consumption in July rose on the year by 6.8pc to 1.52mn lb/d. US biofuel producers consumed 14.6mn lb/d of distillers corn oil in July, up by 22pc from 12mn lb/d a year earlier. inventories of US biodiesel and renewable diesel fell by 8.3pc from a year earlier to 8.4mn bl. Production capacity for renewable diesel and other biofuels rose in July by 4.8pc from year-earlier levels to about 4.97bn USG/yr. By Thompson Corpus Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US ethane cracking margins fall on ethylene release
US ethane cracking margins fall on ethylene release
Houston, 29 September (Argus) — US ethane cracking margins declined in recent days after producers released more ethylene into the market, increasing supply and pushing prices lower. Large volumes of EPC ethylene were sold last week for delivery in November and December, not just the typical prompt month. Market sources told Argus this unusual forward selling was linked to the delayed startup of Chevron Phillips Chemical's new 1mn t/yr polyethylene unit in Orange, Texas, that market participants expected in August. Higher ethylene output and weaker downstream demand reduced margins. US ethane cracking margins fell to 9.51¢/lb on 25 September and stood at 9.5¢/lb at market close on 28 September, according to Argus's generic model tracking daily ethylene and ethane spot prices. Margins largely held steady between 12.5-13.5¢/lb throughout August and September. This rangebound performance reflected the narrow trading of US spot ethylene since late July. In August and September, US spot ethylene at the Enterprise Products Partners cavern in Mont Belvieu, Texas, was assessed between 24.375¢/lb and 25.5625¢/lb. Stability around 25¢/lb followed a surge in US ethylene exports in April and May, driven by the Iran conflict, which pushed prices to a yearly high of 36¢/lb. Ethane cracking margins also peaked at 27¢/lb during this period. After a sharp decline, ethylene spot prices stabilized in June and July, settling around 25¢/lb for the past two months. No significant news or events moved spot EPC prices away from 25¢/lb in August or September. The heavy forward selling for November and December EPC ethylene last week drove front month prices lower, with the forward curve remaining flat to slightly contango through 2026. The front month slipped out of its 24.5-25.5¢/lb range, with Argus recording 12 deals for September EPC delivery between 23.5-24.5¢/lb. October delivery had five deals between 23-24¢/lb. November EPC had 14 deals between 22.5-24.75¢/lb, surpassing September in volume, while December had 13 deals between 24-24.125¢/lb, just under September's total. Chevron Phillips Chemical's new PE unit, part of the Golden Triangle Polymer Company joint venture with QatarEnergy, was expected to start in August but has yet to come online. The related 2.08mn t/yr ethane cracker is scheduled for early 2027. With the PE startup now closer to the cracker's launch, the company likely needs less stored ethylene and is avoiding ad valorem taxes on inventories due by year-end. CP Chem did not respond to a request for comment. As US ethylene prices slid to 22.5¢/lb at week's end, US ethane cash costs hit a seven-month high, following gains in natural gas. Mont Belvieu EPC ethane rose to 27¢/USG on 24 September, the highest since January, as Henry Hub day-ahead natural gas prices remained at $3/mnBtu. Henry Hub spot prices reached a two-month high of $3.0525/mnBtu last week, as hot weather led to smaller-than-expected storage injections. Kpler data showed US ethane exports hit a record 1.4mn tons, or 810,000 b/d, in August, with roughly 80pc shipped to China, where higher naphtha prices due to the US-Iran conflict prompted buyers to favor ethane. No decline is expected for September. With US ethylene spot prices at three-month lows and ethane cash costs at seven-month highs, US ethane cracking margins are narrowing. Ethane remains the most economically viable feedstock. Even compressed margins under 10¢/lb for ethane outperform propane and butane, whose prices are more closely tied to crude oil. Propane and butane cracking margins are negative, at -1¢/lb and -12¢/lb, respectively, according to Argus's model. By Michael Camarda Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US rolls back strict fuel-economy standards
US rolls back strict fuel-economy standards
Washington, 28 September (Argus) — US president Donald Trump's administration on Monday, 29 September finalized a rule that weakens fuel-economy standards for cars and pickup trucks, further dismantling earlier policies that had supported sales of electric vehicles and hybrids. The new standards will require cars and trucks to achieve an average fuel economy of 34.9 miles/USG by model year 2031, down from a standard of 50.4 miles/USG that former-president Joe Biden had set in 2024. The US National Highway Traffic Safety Administration (NHTSA) said the revised standards will cut the price of a new vehicle by about $1,300. The prior standards would have "forced Americans into cars they never wanted, and wasted Billions on Chargers that were never built", Trump said in a social media post Sunday after giving final approval to the rollback. Despite the upfront savings on the vehicle price, drivers will end up paying an extra $1,300-$1,600 on fuel over the lifespan of the vehicles sold through model year 2031 because of the rollback, according to NHTSA, translating to 738mn bl of additional fuel consumption. Democrats said weakening existing rules will mean higher fuel prices in the future. "Gas prices are at near-record highs and Trump's response is to force you to get fewer miles out of every tank of gas," California governor Gavin Newsom (D) said in a social media post over the weekend. The Republican-led US Congress had already effectively nullified NHTSA's fuel-economy standards last year, when they voted to eliminate all non-compliance penalties on automakers. Congress in the same law also repealed a $7,500 tax credit for electric vehicles. Separately, the Trump administration earlier this year repealed all climate regulations for cars and trucks, while blocking California's ability to enforce clean car standards that would have encouraged a switch to electric vehicles. Critics say those combined policies could allow Chinese automakers to take market share from the US on the production of electric vehicles. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Braskem restructuring faces court setback
Braskem restructuring faces court setback
Sao Paulo, 25 September (Argus) — A Sao Paulo court dealt a setback to petrochemical producer Braskem's debt overhaul, lifting creditor protections for two financing subsidiaries, blocking additional support for Mexican affiliate Braskem Idesa's Chapter 11 process and appointing a judicial administrator. In a 24 September ruling, the 2nd Bankruptcy and Judicial Reorganization Court of Sao Paulo rejected the debtors' attempt to calculate creditor support through substantive consolidation, requiring support levels to be assessed individually for each entity. The Brazilian court found that Braskem Netherlands and Braskem America Finance failed to meet the minimum one-third creditor support threshold required under Brazil's bankruptcy law. Creditor support reached 20.4pc for Braskem Netherlands and 13.2pc for Braskem America Finance, below the statutory 33.3pc requirement. As a result, the stay period was lifted for the two entities, and the debtors were ordered to demonstrate compliance within 15 days or propose alternative measures. The ruling also addressed Braskem's planned support for Braskem Idesa, which recently sought Chapter 11 protection in the US Bankruptcy Court for the Southern District of Texas. An ad hoc group of creditors argued that Braskem and affiliated entities have committed up to $800mn to the Mexican process, including a $415mn debtor-in-possession financing facility, a $71mn equity contribution and additional obligations tied to future ownership interests. The court granted a precautionary injunction preventing Braskem and the restructuring entities from making further extraordinary payments, transfers, financing disbursements or equity contributions linked to the Mexican process pending further review. The judge said the transactions could materially affect the financial position of the group's debt overhaul. The decision came one day after Shine I FIP launched a mandatory tender offer for minority shares of Braskem, one of the final regulatory steps following the fund's acquisition of control of the company. The offer does not affect control of Braskem but is intended to complete the ownership transition. Braskem must submit within 15 days a report detailing the structure, funding sources and expected impacts of the Braskem Idesa transaction. The court also requested information from controlling shareholders Petroleo Brasileiro (Petrobras) and Shine I Fundo de Investimento em Participacoes (Shine I FIP) regarding corporate approvals. Separately, the court appointed ACFB Administracao Judicial as judicial administrator, citing the complexity of a case involving six entities and roughly $10.9bn in liabilities. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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