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US gives more time for climate disclosure input

  • Market: Crude oil, Emissions, Natural gas, Oil products
  • 09/05/22

The US Securities and Exchange Commission (SEC) is extending by nearly a month the deadline for public feedback on its proposed rule requiring publicly traded companies to uniformly disclose climate-related information.

The SEC said today it would extend the comment deadline until 17 June on the climate proposal, which would require publicly-traded companies to disclose their greenhouse gas emissions and climate-related risks. For companies that voluntary set emission reduction goals, the proposal would require specific data on their progress in achieving those targets.

SEC chairman Gary Gensler said the agency was offering more time in response to public feedback. Oil and gas groups, investors, states and others argued the initial comment deadline of 20 May was too short and asked to extend the deadline until mid-July or later.

The climate disclosure proposal has drawn intense criticism from oil groups and many Republicans, who say the SEC is straying too far from its core mission of protecting investors. They have criticized the proposal's estimated $6.4bn/yr in compliance costs and say the rule, alongside other federal initiatives, is making it harder for fossil fuel producers to attract investment.

"If you look at the reality, the context of this administration's attitude toward fossil, you have killed financing," US senator Bill Cassidy (R-Louisiana) said last week during a congressional hearing where he criticized the climate disclosure rule.

A group of law professors last month urged the SEC to scrap the rule, which they said was too costly and likely preempted by the US Environmental Protection Agency's authority over greenhouse gases. Oil groups have said the rule could run afoul of freedom of speech protections in the US Constitution, while warning its requirements could drive up energy costs for consumers.

"At a time of high gasoline prices when the world needs more, not less, American oil and natural gas production, this rule is uniquely ill-timed," the Independent Petroleum Association of American and dozens of other oil industry groups wrote last month.

Hundreds of publicly-traded companies have already started disclosing climate-related data and set emission reduction goals, in response to investor demands. SEC's Gensler has argued the proposal is needed to provide investors actionable and consistent information about public companies and their performance.

"Without clear rules of the road, different companies are disclosing different amounts of information, in different places and at different times," Gensler told an SEC advisory panel on 6 May.


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17/02/25

Naphtha petchems demand under pressure

Naphtha petchems demand under pressure

London, 17 February (Argus) — Petrochemical cracking demand for naphtha is under pressure in northwest Europe from two directions at once, as prices for alternative feedstock propane drop sharply and overall cracking rates suffer from weak downstream demand. Cracking margins remain under pressure, with utilisation rates around 70pc, below the historic average of 85-90pc. Large cargo cif ARA propane has weakened against Ice Brent crude futures, falling by 5pc between October and 13 January, and dropping to 60pc of Ice Brent's value, its lowest since August. The cif northwest Europe naphtha-propane spread widened to $106.75/t on 13 February from $60.25/t on 13 January, marginally exceeding the 2024 average of $105.75/t. The European naphtha-propane spread widened in early 2025 because propane's oversupply continued to pressure prices while gasoline blending provided seasonal support to naphtha. US LPG exports to northwest Europe reached 786,000t in January, the highest since June 2022, Kpler data show. China's propane dehydrogenation (PDH) plant utilisation rates fell to 66pc by the end of 2024 from 75pc in October, reducing demand for US LPG and redirecting supply towards Europe. Large propane shipments into Europe have coincided with weak downstream demand for propylene and ethylene. Mounting pressure on the European petrochemical sector has led to rationalisations and shutdowns. Dow recently idled one of its three crackers at its Terneuzen facility in the Netherlands. The cracker has a nameplate ethylene capacity of 600,000 t/yr, and all three crackers at Terneuzen have up to 40pc propane feedstock flexibility. Gasoline blending demand has supported naphtha. The Eurobob non-oxy naphtha differential reached $79.25/t on 3 February, up by $33.25/t compared with a month prior, signalling stronger blending economics, as producers prepare early for the summer driving season. The switch to summer-grade gasoline specifications is expected to drive additional demand for light naphtha and derivatives alkylate and isomerate. Stricter RVP regulations will reduce the use of cheaper butane in the blending pool. This shift is likely to support naphtha prices, directly and through increased demand for high-octane blending components. By Jide Tijani Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Singapore bunker demand softens in January


17/02/25
News
17/02/25

Singapore bunker demand softens in January

Singapore, 17 February (Argus) — Bunker fuel demand at the key port of Singapore was tepid in January. Total bunker sales declined by 9.1pc on the year to 4.46mn t, which was 6.9pc down from a month earlier, according to preliminary data from the Maritime and Port Authority of Singapore. Demand for alternative marine fuels was stable at 206,500t, with total bio-blends consumption at 107,900t. Consumption of B24 HSFO-based fuel rose by 33pc on the month to 15,970t, and for B24 VLSFO-based there was a 2pc decline to 92,000t. A sharp drop of 86pc was seen for LNG bunkering, to 6,600t. Conventional bunker sales were lacklustre ahead of the lunar new year holiday at the end of January. Most buyers held a cautious procurement stance against an uncertain backdrop within the crude complex, after the US tightened sanctions on Russian energy exports . Trading was subdued for very-low sulphur fuel oil (VLSFO) bunkers and January sales fell by 15pc on the year to 2.43mn t. This was steady on the month despite limited spot enquiries. The seasonal slowdown coupled with a gradual rebound in Red Sea shipping traffic that resulted in shorter transit routes, contracting global tonne mile fuel demand. In contrast, HSFO bunker sales, while steady year on year, saw a 11pc drop from December. Rising premiums for HSFO, coupled with an expected slowdown in global tonne-mile fuel demand, should see HSFO demand retreating from its highs of 2024. The imposition of US tariffs threatens to further slow regional exports, particularly from China. This will probably have a knock-on effect on bunker demand, as trade activity declines. By Cassia Teo, Mahua Chakravarty and Asill Bardh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Frustration over delays to UK CCS and H2 programmes


17/02/25
News
17/02/25

Frustration over delays to UK CCS and H2 programmes

London, 17 February (Argus) — Companies are growing increasingly frustrated with the UK government over unclear timelines and inadequate funding for carbon capture and storage (CCS) and clean hydrogen projects. The government has drawn strong praise for the design of its contracts-for-difference style production subsidies for electrolytic hydrogen and CCS systems to underpin low-carbon hydrogen from fossil fuels. But too few projects have been able to access the schemes and developers are losing confidence that the UK will match their ambition with sufficient and timely funding. "It's like building a great motorway with five lanes but very few, or no junctions," industry body OEUK's head of energy policy Enrique Cornejo said. "We have a great policy framework, but we don't have access, apart from a very small number of projects," he told the UK CCUS and Hydrogen Decarbonisation Summit in Leeds, northern England this month. Cornejo welcomed a recent final investment decision (FID) for the Teesside CCS system and progress made on northwest England's HyNet cluster, which is expected to reach FID this year, but he urged the government to set out funding and timelines for the Scottish "Acorn" and Humberside "Viking" CCS projects that are supposed to be next in line. "It's been a really long wait for these projects and the risk is very clear that if we don't hear some positive news from the government" there could be "lost investment", he said. It is a view shared by Norway's Equinor, which owns 45pc of the Teesside CCS project and a portfolio of Humberside hydrogen proposals that are in limbo having been overlooked in initial government selections. "Keeping projects on life support costs a lot of money," said the company's director of UK low-carbon solutions hydrogen, Dan Sadler. Equinor has spent "hundreds of millions" on its proposals for CCS-based hydrogen production, electrolytic hydrogen production, transport and storage infrastructure, he said. Sadler made the same appeal 12 months ago but has still received no update on the timing for the so-called "track 1 expansion process" which would allow its CCS-hydrogen project to move ahead. Optimism over the "fantastic" Teesside FID and contracts signed with three electrolytic projects must be balanced against concerns that HyNet has not reached FID nor have any of the UK's CCS-based hydrogen plants , Sadler said. On electrolytic hydrogen, the UK missed its deadline to shortlist winners of second round projects in 2024. Multiple electrolysis-focused developers at the Leeds conference talked of "standstill" in the sector, while financiers echoed the importance of the UK's second hydrogen allocation round (HAR2) shortlist. "We're waiting with bated breath for HAR2 so we know which projects we can look to finance," UK-based National Wealth Fund's managing director of banking and investments, Emily Sidhu, said. Opening applications for the UK's subsidy scheme for hydrogen pipeline and storage infrastructure has slipped to the fourth quarter of this year, which means it could be many months into 2026 before winners are selected and years until the projects get built. UK pipeline operators envy the government support that peers in continental Europe have received and have been trying to alert London about what companies perceive to be unduly arduous permitting processes, one pipeline firm told Argus . Emperor's new clothes The funding appeals come at a difficult time. The Labour government, which was elected last year, is reviewing spending across all departments, creating extra doubt. The total cost of the UK's ambitions for hydrogen and CCS would surpass several times over the £21.7bn ($27.3bn) for CCS and £2bn for electrolytic hydrogen that the government has confirmed for the first rounds. While raising funds from the government, the Emissions Trading System (ETS) or the so-called gas shipper obligation are possibilities, it is not sufficiently clear to give confidence to investors, Equinor's Sadler said. Moreover, the Labour administration has not said if it will stick to the former Conservative government's targets, Sadler noted. "It's rhetoric. Government policy for hydrogen and CCS? There isn't any. People quote 10GW [hydrogen production] and four [CCS] clusters by 2030 and 30mn t/yr [CO2 sequestration] by 2030. That's the Tory [Conservative] policy, the Labour government hasn't got a policy at the moment," Sadler said. The industry's belief in the UK as an investment proposition cannot be sustained forever, he said. The UK's Department for Energy Security and Net Zero has not responded to questions about the Labour government's hydrogen targets. By Aidan Lea Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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German heating oil sales in February higher on the year


17/02/25
News
17/02/25

German heating oil sales in February higher on the year

Hamburg, 17 February (Argus) — German heating oil sales in February are up from the same month last year, mainly driven by colder weather. Diesel demand, on the other hand, is down. Heating oil volumes submitted to Argus in the week ending 14 February held steady compared with the week prior. But volumes in the first half of February have been around 70pc higher than in the same period in 2024, and many buyers' tank levels are very low. Temperatures in most regions of Germany in February were 1.1-2.1°C lower than the 1991-2020 average, according to weather information website Wetterkontor. Average consumer stock levels were just over 51pc on 12 February, according to Argus MDX. This is not unusually low for the time of year, but is 1.2 percentage points below the same day in 2024. Traded diesel volumes in February to date are around 15pc lower than in the first half of February 2024. Traders attribute this to worsening economic conditions and an increase in bankruptcies. The production index for the manufacturing sector in December was at its lowest since May 2020. Increasing use of alternative fuels such as HVO100 could also be linked declining diesel demand, at least regionally, although only to a small extent. HVO100 sales in Germany are gradually increasing, and Argus estimates that around 15,000m³ (around 3,150 b/d) are sold per month. Meanwhile, 65,000 b/d of diesel arrived in northern German ports in February. This is an increase of around 68pc compared with January. Of the arrivals this month, 40pc came from India. These are the first cargo deliveries from the Jamnagar refinery in India to northern Germany since November 2024. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Japan’s economy grows in 2024


17/02/25
News
17/02/25

Japan’s economy grows in 2024

Osaka, 17 February (Argus) — Japan's economy expanded for a fourth consecutive year in 2024 as corporate investment increased, even as oil product demand fell. Gross domestic product (GDP) rose at an annualised rate of 2.8pc in October-December, according to preliminary government data released on 17 February, following growth of 1.7pc in July-September and 3pc in April-June. This sent Japan's full-year 2024 GDP up by 0.1pc from a year earlier, its fourth straight year of growth after a Covid-19 induced slump in 2020. Nominal GDP amount totalled ¥609.3 trillion ($4 trillion) in 2024, exceeding ¥600 trillion for the first time. Investment by private-sector companies rose by 1.2pc from a year earlier in 2024, recording annualised growth of 1.9pc in October-December. The rise partially reflected a government push for a green and digital transformation of the economy in line with its 2050 net-zero emission goal. Such spending is expected to continue to increase under Tokyo's economic stimulus package. Japanese business federation Keidanren has forecast that nominal capital investment could rise to ¥115 trillion in the April 2027 to March 2028 fiscal year, up by 7.5pc from an estimated ¥107 trillion in 2024-25. But private consumption, which accounts for more than 50pc of GDP, dropped by 0.1pc from a year earlier in 2024, as inflation capped spending by consumers. This also probably weighed on demand for oil products such as gasoline, despite government subsidies. Japan's domestic oil product sales averaged 2.4mn b/d in 2024, down by 5.2pc from a year earlier, according to data from the trade and industry ministry Meti. Gasoline sales, which accounted for 31pc of the total, dropped by 2.2pc to 752,700 b/d over the same period. But Japanese electricity demand edged up by 0.7pc year on year to an average of 98.8GW in 2024, according to nationwide transmission system operator the Organisation for Cross-regional Co-ordination of Transmission Operators. Stronger power demand reflected colder than normal weather in March and unusually hot weather in October. Japan's real GDP is predicted to rise by 1.2pc during the 2025-26 fiscal year, following predicted 0.4pc growth in 2024-25 and a 0.7pc rise in 2023-24, the Cabinet Office said on 24 January. The figures are the Cabinet Office's official estimates and form the basis of its economic and fiscal management policies. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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