Road fuels
Overview
Fuels for road transportation continue to drive the refining industry. But gasoline and diesel use is coming under increasing pressure from the introduction of low-carbon targets 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 conventional fuels — gasoline, middle 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.
Low Rhine levels tighten German oil product supply
Low Rhine levels tighten German oil product supply
Hamburg, 3 August (Argus) — Low water levels on the river Rhine are tightening oil product supply in western Germany by restricting barge deliveries from the Amsterdam-Rotterdam-Antwerp (ARA) hub and cutting off some inland tank farms. Water levels at the key bottleneck near Kaub fell below 0.3m last week. At this level, most barges cannot pass , limiting deliveries from ARA to tank farms along the Upper Rhine and the Main. Traders said last week that oil product supply along the Rhine had become scarce. Motor fuel supply is particularly tight. Germany is typically a net exporter of gasoline, but Rhine restrictions are also limiting movements of blending components needed for gasoline production. This is adding to pressure on finished product availability in inland markets. The restrictions are also creating a regional price split. Suppliers at the Miro consortium's 310,000 b/d Karlsruhe refinery in southwestern Germany are facing rising oversupply, because the refinery usually loads some product on barges for delivery either upstream to Switzerland or downstream towards ARA. Both routes are currently constrained. Sellers in western Germany are raising prices in response to scarce supply, while sellers around Karlsruhe are cutting prices to clear trapped volumes, widening regional price differentials within Germany. Heating oil demand remains subdued, limiting some of the wider impact. Traders reported almost 40pc fewer traded heating oil volumes in July than in June, after higher national prices curbed buying. Ice gasoil futures rose in early July following a flare-up in US-Iran hostilities. Despite weaker spot trade, privately owned heating oil tank fill levels have risen slightly. Stocks reached a national average of 46.8pc on 30 July, up by 2.3 percentage points from a historic low on 17 May, Argus MDX data show. Warm weather is reducing heating oil consumption, but households are still putting more product into tanks than they are withdrawing, allowing stocks to recover gradually. By Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s NT seeks federal backing for Gove fuels hub
Australia’s NT seeks federal backing for Gove fuels hub
Singapore, 3 August (Argus) — Australia's Northern Territory (NT) government is urging Canberra to incorporate Rio Tinto's fuel infrastructure at Gove into the country's proposed A$3.2bn fuel security reserve, arguing the site could provide 220mn litres (1.38mn bl) of storage capacity. Chief minister Lia Finocchiaro, alongside the Gumatj and Rirratjingu Aboriginal corporations, wrote to prime minister Anthony Albanese on 31 July seeking federal funding to refurbish fuel tanks that may otherwise be decommissioned as Rio Tinto winds down its Gove bauxite operations, which are expected to cease towards the end of the decade. The federal government has outlined plans for a 1bn litre (6.29mn bl) reserve of diesel and jet fuel , with the Gove tanks potentially representing around 22pc of that capacity. The site comprises seven fuel-compliant storage tanks and a deep-water port capable of receiving and distributing bulk fuel. The NT government says decisions on the future of the infrastructure will need to be made by mid-2027. According to a Rio Tinto asset memorandum, the fuel infrastructure includes a tanker wharf used to unload oil products into a harbour tank farm and a separate light-fuel tank farm connected by pipeline. The operational tanks comply with relevant fuel-storage standards and were identified as assets with potential future use for petroleum storage. Retaining the tanks would strengthen Australia's fuel security while supporting jobs and economic transition in the region, Finocchiaro said. Rio Tinto plans to close both the Gove mine and the Andoom mine , which forms part of its broader Weipa operations, towards the end of the decade. While the site offers substantial storage capacity and deep-water port access, Gove is located far from Australia's major fuel consumption centres, potentially raising questions about distribution costs and response times during supply disruptions. About 121,000t of gasoil, 11,000t of gasoline and 5,000t of jet fuel were imported into Gove last year, vessel tracking data from Kpler show. The Gove facilities form part of a broader industrial precinct that includes cargo and export wharves, workshops, warehousing and an airport — assets that stakeholders have been assessing for post-mining uses. Traditional owners, Rio Tinto and the NT government have been exploring opportunities to repurpose infrastructure and support economic activity in East Arnhem Land after mining ends. Rio Tinto did not immediately respond to a request for comment on whether the company has held discussions with the federal government, the defence sector or potential commercial operators about taking over the Gove fuel assets, or whether demolition of the tank farm remains its preferred option. Australia held 39 days' worth of gasoil consumption, equivalent to 22.89mn bl of gasoil stocks in-country or within its exclusive economic zone on 28 July, latest government data show. The country held 34 days' worth of jet fuel consumption, equivalent to 5.87mn bl, and 43 days' worth of gasoline consumption, equivalent to 11.48mn bl of stocks. By Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European diesel cracks at record as Med supply tightens
European diesel cracks at record as Med supply tightens
London, 31 July (Argus) — Diesel crack spreads reached new records across Europe this week, topping $90/bl on 29 July, with supply tightness most prevalent in the Mediterranean region, where prices are at the highest premium to northwest Europe in three months. Diesel cargoes loading from the Amsterdam-Rotterdam-Antwerp (ARA) hub settled at a $85.86/bl premium to benchmark North Sea Dated crude on Thursday, 30 July, up by 16pc on the week. Cracks exceeded the most recent all-time high set earlier in July and have risen by more than 50pc since the start of the month. The effects of the strait of Hormuz closure and of Russia's diesel export ban, which was extended on Thursday , have been particularly felt in the Mediterranean. Turkey is normally the largest buyer of Russian diesel, but flipped to a net-importer from European countries for the first time since November 2022 this month. Diesel cargoes delivered into the west Mediterranean settled at a $91.67/bl premium to Dated on Thursday, the second highest on Argus' records after Wednesday's peak of almost $95/bl. Competition between the Mediterranean and northwest Europe for non-European supply has surged in recent days, according to market participants. The premium for diesel cargoes delivered to the west Mediterranean against cargoes delivered to ARA settled at a three-month high of $33.50/t on Thursday. Only in April this year has that been higher since May 2022. Disruption to shipping in the Red Sea caused by attacks from the Yemen-based Houthi group this week — including on Saudi state-controlled Aramco facilities in Jizan and Yanbu — could place further strain on European supply, again with the effects felt more in the Mediterranean, traders said. Mediterranean EU countries have relied on Saudi Red Sea ports for 24pc of their diesel imports since April, while northwest European EU countries have only relied on the region for 17pc of their imports. Only 100,000t of diesel has loaded from Saudi Red Sea ports since 27 July, down from almost 600,000t in the previous week, and no tankers have loaded diesel from Jizan, according to Vortexa. Competition continues to rise Buyers in the eastern Mediterranean and the Black Sea are out-competing those in northwest Europe for alternative supply, pulling in "huge volumes", market participants said. Turkish imports of non-Russian diesel are on track to be above 600,000t in July, which would be the highest since December 2022. This includes a Suezmax cargo from Indian refiner Reliance's 1.4mn b/d Jamnagar plant, according to Vortexa. Greece's imports have risen to a seven-month high so far in July. In the Black Sea, Romania has leaned heavily on Saudi Arabian Red Sea supply, importing more than 175,000t in July on two Long Range 2 (LR2) tankers, one each from Yanbu and Jizan. This brought the country's net imports to an eight-month high. Seaborne arrivals into Ukraine have also reached an eight-month high. Flows from northwest Europe to the Mediterranean have not picked up despite the favourable price spread. Almost 400,000t has loaded on that route so far in July, matching the average of the prior three months. Lower export availability in the Mediterranean may have discouraged the trade, as tankers could have to return empty, a trader said. US supply patterns have also shifted. More than half of US Gulf Coast supply that has discharged in Europe so far in July did so in the Mediterranean, compared with just 13pc in all of 2025. A record amount of diesel loaded from the US for Europe in the week to 26 July , and loadings have continued at a fast pace this week. But that is not enough to outweigh the present constraints, market participants said. Independently-held stocks at ARA fell to the third-lowest on consultancy Insights Global's records this week. Lower barge flows from ARA, because of the diminished Rhine River water levels, could have the effect of increasing German demand for cargoes to its Baltic Sea ports, a trader said. The backwardated structure in Ice gasoil futures — indicative of prompt supply tightness — was the widest in three months on Thursday. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spain waste ethanol demand to rise on tight supply
Spain waste ethanol demand to rise on tight supply
London, 30 July (Argus) — Spain's newly adopted transposition of the EU's renewable energy directive (RED III) will raise demand for ethanol, especially advanced ethanol. But the legislation will constrict ethanol imports, thus tightening overall ethanol supply. The increased biofuels mandates under Spain's REDIII will support ethanol demand once implemented, in 2027 at the earliest. But demand for advanced ethanol, made from waste-based feedstocks listed in Annex 9a of the EU's renewable energy directive, is also markedly set to grow in Spain as of 2027, thanks to a new advanced bioalcohol sub-obligation under the implementation of REDIII. The mandate will start at 0.1pc of gasoline consumption in 2027 and rise to 5pc by 2040. This is a unique sub-mandate to Spain, as most EU member states do not have exclusive waste-based gasoline targets. France and Italy, for example, have bioethanol sub-targets, but none specifically for waste-based ethanol. In other EU countries, like Germany and the Netherlands, there are sub-quotas for waste-based, or advanced, biofuels, not limited to ethanol. According to Spain's Strategic reserves agency, Cores, the country consumed just over 7mn t of gasoline in 2025. Based on this figure, the new sub-mandate could generate an initial demand of approximately 7,000t of advanced ethanol or biomethanol in 2027, rising to over 350,000t in 2040. The total ethanol production of the four operational plants in Spain amounts to 647,065t/yr, according to Argus data. Only one of these units makes second generation, waste-based, ethanol, from grape marcs and wine lees, and has a nameplate capacity of 258,293t/yr. Notably, Spanish producers do not solely supply their domestic market. Eurostat data shows that Spain exported 441,055t of ethanol in 2025, with an almost 47pc (206,808t) share being supplied to France and just over 24.5pc (108,292t) going to Greece. Arbitrage opportunities for suppliers exporting to Spain look to fall from 2027. This is because Spain's RED III framework legislates that only undenatured ethanol is eligible for compliance under the renewable transport fuel targets, opposed to denatured ethanol which contains additives making it unfit for human consumption. Spain imported 308,096t of ethanol in 2025, according to Eurostat data, with just over 61pc, or 189,027t of this being denatured product. The US was Spain's largest supplier at 141,579t, all of which was denatured ethanol. The change in legislation means that imported ethanol will all be subject to the maximum import duty of €192/m³ for undenatured product, compared with a lower €102/m³ duty for denatured ethanol. The Netherlands made the same change in its RED III draft in October. Germany and France also already exclude denatured ethanol imports from their national transport mandates. This transition to undenatured ethanol, aligning with the policy of other key EU countries, may reduce opportunities for arbitrage with the EU . This is because it would thereby prevent some exporters, like the US, from sending denatured cargoes to profit from lower tariffs, and make those cargoes that have been sent more expensive after clearing customs. By Toby Shay Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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