Road fuels
Overview
Fuels for road transportation continue to drive the refining industry. But gasoline and diesel are coming under increasing pressure from low-carbon targets being implemented around the world.
Global oversupply, new regulatory measures and rapidly increasing competition for export markets are affecting refining margins. The need for accurate insight and data is more critical than ever.
Argus road fuels coverage includes price assessments and key insights into both conventional fuels - gasoline, distillates and blending components – as well as biofuels, in each key region. Our trusted prices are delivered alongside the latest market-moving news, in-depth analysis, supply and demand dynamics, price forecasts and forward curves data.
Latest road fuels news
Browse the latest market moving news on the global road fuels industry.
Tidewater terminal adds biodiesel blending
Tidewater terminal adds biodiesel blending
New York, 15 October (Argus) — US commodity transportation company Tidewater will soon be able to blend over 2mn USG of biodiesel per month at one of its terminals in Washington state, enabling broader use of renewable fuels in the region. The company said the new biofuel facility at its Snake River Terminal in Pasco, Washington, will be operational "by the end of this week." The addition to the terminal will also allow for loading neat biodiesel for distribution to other blending sites in eastern Washington and in nearby Oregon. The terminal can store 9mn USG of petroleum and renewable diesel that can now be blended with up to 20pc biodiesel depending on customer requests, Tidewater said. The US Department of Agriculture helped fund the project through a $3.1mn grant last year as part of the agency's Higher Blends Infrastructure Incentive Program. The office of senator Maria Cantwell (D-Washington), which supported the funding request, said at the time that the plan was to make more renewable fuels available to farmers, local gas stations, and potentially to BNSF Railway. Crucially, Washington is one of just three states in the US with a low-carbon fuel standard program, which requires yearly reductions in transportation fuel carbon intensity and helps subsidize biofuel production. Higher-carbon fuels exceeding the annual limit incur deficits that suppliers must offset with credits generated from the distribution of approved lower-carbon alternatives, including fuels like biodiesel and renewable diesel. Oregon has a similar program. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
California passes minimum gasoline reserve bill
California passes minimum gasoline reserve bill
Houston, 14 October (Argus) — California governor Gavin Newsom (D) on Monday signed AB X2-1 into law, authorizing the state's energy regulator to require refiners to maintain minimum gasoline inventories. The bill is the latest in a multi-year legislative effort by Newsom to mitigate price spikes at the pump and authorizes the California Energy Commission (CEC) to regulate, develop and impose requirements for in-state refiners to maintain minimum stocks of gasoline and gasoline blending components. The CEC would have the authority to penalize refiners who fail to comply. A minimum road fuels inventory requirement is unprecedented in the US but has been implemented in various forms in Australia, New Zealand, the Philippines and Mexico. While the bill was signed into law Monday, no mandate on refiners is imminent as the CEC will now begin the process of assessing how to structure and implement a minimum reserve rule. Industry group Western States Petroleum Association (WSPA) that has long opposed Newsom's regulation of the oil and gas industry called AB X2-1 a "smokescreen" for impending higher gasoline taxes in California and have previously deemed the minimum stock requirement a misdiagnosis of a broader problem. "You couldn't pay me enough to regurgitate the talking points of WSPA," Newsom said in a press conference today and referred to the industry group and the oil industry at large as the "polluted heart of the climate crisis". By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
High inventories dampen German heating oil demand
High inventories dampen German heating oil demand
Hamburg, 14 October (Argus) — Demand for heating oil in Germany fell last week as a result of high consumer stocks, contrary to sellers' expectations of continued buying. Private heating oil tanks were on average 61pc full on 10 October, an increase of almost two percentage points from the same time in 2023 and more than three percentage points from 2022, data from Argus MDX show. Consumers have in recent weeks been taking advantage of lower distillate prices to stock up on heating oil ahead of winter. Heating oil prices in September reached their lowest since June 2023. Although there was a sharp rise in prices at the start of October, sellers experienced another surge in demand. This was driven by consumers buying because of escalating tensions in the Middle East and a subsequent jump in Ice gasoil futures. But demand for heating oil fell significantly in the middle of last week, largely because consumers had stocked up sufficiently and no longer felt the need to buy at a premium. A logistical bottleneck for deliveries further reduced demand. Demand for imported diesel is also decreasing. An economic slowdown in Germany continues to suppress diesel demand. This trend could continue until at least the end of the year, federal government data show. Operators are able to run barges at full capacity. This, coupled with overall low demand, is leading to a fall in freight costs from the Amsterdam-Rotterdam-Antwerp (ARA) hub into Germany. There is increased domestic supply in western Germany. A major supplier at Shell's 334,000 b/d Rhineland refinery resumed spot sales of heating oil and diesel last week, having halted them because of an unplanned unit shutdown. By Natalie Mueller Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Florida ports, fuel supplies, begin recovery: Update 2
Florida ports, fuel supplies, begin recovery: Update 2
Updates more port and terminal conditions, adds daily CBOB/ULSD prices. Houston, 10 October (Argus) — Port Tampa Bay, Florida, docks did not sustain significant damage from Hurricane Milton, the port authority said Thursday, a positive sign for resuming fuel imports into the storm ravaged state. Some port buildings were damaged and power remains out, according to preliminary assessments, but the port docks appear to have escaped major damage, according to the port authority. Many roads leading to the port remain flooded, but the port's main gates are accessible. There is no current timeline for the port's re-opening. Damage to Global Partners' Florida fuel terminals is less severe than the company expected, a spokesperson said Thursday afternoon. Global is loading cargoes from its three Port Everglades terminals. Its Tampa terminal is offline and running on generator power due to power outages, but staff are on site working to restore operations. Kinder Morgan is continuing to assess its terminals and pipeline, a spokesperson said Thursday afternoon. Chevron's Tampa refined products terminal remains closed and damage assessments will begin once crews can safely access the facility, a company spokesperson said Thursday morning. The company's terminals in Panama City and Port Everglades are operational. Citgo said it found no major damage at its Tampa terminal after an initial assessment but a more detailed inspection is ongoing as it works to restore operations. Buckeye, which shut Tampa terminals ahead of the hurricane, did not immediately respond to requests for information on the status of its operations. Tampa spared the worst Florida governor Ron DeSantis said Thursday that Port Tampa avoided the worst-case scenario in terms of storm surge and that eastern Florida ports on the opposite side of the state from where Milton made landfall appear largely undamaged. Nearly half of Florida's supply of petroleum and refined products passes through Port Tampa Bay, the majority via waterborne cargo from the US Gulf coast. Tampa Bay is also the site of major fertilizer operations, including Mosaic's Riverview phosphate plant. The state has 1.5mn USG of diesel and about 1.1mn USG of gasoline available to deploy in its emergency response, DeSantis said. Florida's highway patrol continues to escort fuel tankers making deliveries to gas stations and has completed about 130 escorts after some stations ran dry earlier this week as Floridians stocked up on fuel and evacuated coastal regions. DeSantis said he expects gas stations to reopen "very quickly, at least that's our hope." Prices for Florida CBOB delivered at Tampa and Port Everglades rose by 8.51¢/USG to $2.17/USG today while prices for Florida ULSD rose by 7.09¢/USG to $2.39/USG. Cash differentials in the waterborne ULSD markets and gasoline cargo markets were little changed. About 3.4mn Floridians were without power early today after Hurricane Milton came ashore south of Tampa Bay late Wednesday night as a category 3 storm. Utility crews are assessing the damage from high winds, tornadoes and flooding, and starting to restore power. The number of customers without power dipped below 3mn Thursday afternoon. Restrictions were lifted Thursday at a number of Florida ports closed for the storm, the Coast Guard said, while others are expected to open in the next day. By Nathan Risser and Cooper Sukaly Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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