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Latest market news

Brazil's energy minister taps new secretaries

  • Market: Biofuels, Electricity, LPG, Natural gas, Oil products
  • 09/02/23

Brazil's mines and energy minister Alexandre Silveira has announced the names of the officials who will lead the ministry's departments of energy planning, electricity, and oil, gas and biofuels.

The former president of the government energy research agency Epe, Thiago Barral, was named as the ministry's energy planning secretary.

For the electricity department, Silveira tapped Gentil Nogueira de Sa Junior, who held positions at the electricity regulator Aneel from 2007-2016.

The minister named Pietro Mendes as the oil, gas and biofuels secretary. Mendes previously occupied the positions of biofuels director and deputy secretary of the same department at the mines and energy ministry under the prior administration.

Silveira underscored the experience and technical background of the new secretaries in his announcement.

By Nathalia Giannetti

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Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

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02/04/26

US seeks bids for 10mn bl crude release from SPR

US seeks bids for 10mn bl crude release from SPR

Washington, 2 April (Argus) — President Donald Trump's administration is offering to loan out up to 10mn bl of sour crude from the US Strategic Petroleum Reserve (SPR) as part of a release of 172mn bl intended to ease supply shortages caused by the war with Iran. The US Department of Energy's (DOE) second round of "exchange" contracts, announced on Wednesday, is offering 2mn bl of sour crude in April and 8mn bl of sour crude in May from the SPR's Bryan Mound site in Texas. Participating companies will be required to return the crude they borrow by no later than November 2027, in addition to providing an in-kind payment, which will result in the SPR holding more crude than before Trump authorized the drawdown. "Today's action furthers the United States' efforts to move oil quickly to the market and mitigate short-term supply disruptions," DOE assistant secretary of hydrocarbons Kyle Haustveit said. Bids for the second round of exchange contracts are due by 12pm ET on 6 April. DOE already awarded a first round of exchange contracts that will release 45.2mn bl of sweet and sour crude from the SPR by the end of May. Companies awarded contracts will be required to return crude to the SPR between November 2026 and the end of September 2028. For the second round, DOE switched to a formula that will reward companies for the early return of crude to the SPR. That will avoid a financial incentive for most of the returns to take place near the end of 2027. Nymex WTI crude futures at the end of 2027 are trading at a discount of nearly $3/bl compared to the first quarter, based on settlement prices on Wednesday. Under the formula for the 10mn bl release, bidders will be required to return a "minimum" of 17pc more crude than they borrowed for crude returned to the SPR in the first quarter of 2027. For each additional quarter they wait, the minimum will rise by 0.5 percentage points, reaching a maximum rate of 18.5pc for crude returned by November 2027. DOE said it will award contracts primarily based on which companies offer to return the most crude to the SPR. Trump last month granted a 60-day waiver of the Jones Act for crude and other commodities shipped between US ports. The waiver, which is set to expire at 11:59pm ET on 17 May, will enable crude from the SPR to be transported to other US ports without needing to charter US-flagged, US-built tankers that are compliant with the Jones Act. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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New furnaces to support Italian steel power demand

02/04/26
News
02/04/26

New furnaces to support Italian steel power demand

London, 2 April (Argus) — Rising steel demand and upcoming furnace expansions within Italy's highly electrified steel sector could increase the country's industrial power consumption. But high energy prices in the wake of the US-Iran conflict may limit sector growth. Italy is the second-largest steel producer in Europe, after Germany. It has the most electrified steel industry in the region, with 90pc of production coming from secondary steel made from scrap processed in electric arc furnaces in 2024, compared with an EU average of 45pc, according to steel association Federacciai. The country had 26 electric arc furnaces with a combined capacity of 23.9mn t/yr at the end of 2025, according to independent research body Global Iron and Steel Tracker ( see capacity graph ). Italy's wholesale power prices are consistently among the highest in Europe and prices have risen further since the onset of the US-Iran conflict, owing to Italy's strong gas marginality. Italy's second and third quarter power contracts were up by 39pc at the end of March compared with the end of February. Italian firms are constructing new electric furnaces that are expected to start operating in the next few years, which could increase steel sector electricity demand. Producer Acciaierie Venete announced a new 100t electric arc furnace in Padova, expected to be operational by this summer and projected to produce 750,000 t/yr of steel. This furnace alone would consume about 500 GWh/yr of power, assuming energy consumption of modern electric arc furnaces is around 670 kWh/t, based on steel output and power demand recorded in 2025. Fellow Italian steel producer Metinvest aims to break ground at a site in Piombino in central Italy by mid-2026. The new mill will have two electric arc furnaces and 2.7mn t/yr of hot-rolling capacity for low-emissions hot-rolled products, with production targeted for 2029. These furnaces would add a further 1.8 TWh/yr of power demand. And steelmaker Acciaierie d'Italia plans to phase out Italy's only coal-fired blast furnaces at its Taranto plant and replace them with electric furnaces. The firm's Taranto facility has operated below full capacity for more than 10 years and was placed under extraordinary administration in February 2024. The Italian government has put the Taranto assets up for tender, requiring any buyer to commit to replacing the furnaces with electric ones, with authorisation for 6mn t/yr. Private equity firm Flacks Group has been selected as the preferred bidder, proposing a plan for 4mn t/yr. The switch to electric furnaces was scheduled for 2027, but doubt has been case over the future of the Taranto site owing to production issues and a court order mandating a shutdown because of health concerns. State of play Italy's steel sector accounted for 42.4pc of total power demand from energy-intensive sectors in 2025, at 13.8TWh. This marks a 3.7pc increase from the previous year, according to transmission system operator Terna ( see sectoral graph ). Italy's crude steel output rose by 3.6pc to 20.7mn t in 2025, Federacciai data show. Steel power demand fell by 10pc on the year in 2022 and was stagnant over 2023-24 but turned to growth in 2025 ( see long-term demand graph ). Monthly power demand has consistently increased year on year since July 2025, driven by increased production in anticipation of higher steel demand in 2026 ( see monthly graph ). Steel sector power demand reached 1.3TWh in February, up by 3.7pc on the year, mirroring a 2.6pc increase in crude steel output to 1.9mn t. EU steel demand is forecast to rise by 1.3pc to around 134mn t in 2026, according to European sector association Eurofer. And the EU plans to cut import quotas for flat steel from 1 July. Italy is a major importer of flat steel so the lower quota could boost domestic production. Energy efficiency in the sector increased over 2015-21, with consumption falling from roughly 800 kWh/t to below 700 kWh/t, data from Federacciai show. But power demand per ton of output has been slowly edging up since 2021. Geopolitical worries The Italian government has taken steps to insulate industry from power price increases, but geopolitical risks continue to influence prices. Italy launched its Energy Release Scheme late last year, offering electricity to energy-intensive users at a fixed price of €65/MWh in exchange for commitments to develop renewable capacity and return equivalent power over 20 years. But high energy costs will continue to weigh on steelmakers this year, Eurofer director-general Axel Eggert said, pointing to the impact of the Middle East war on gas markets after the Dutch TTF benchmark moved above €50/MWh in early March. Italian steel and scrap association Assofermet flagged the conflict as a source of potential additional cost pressures in an already volatile market. "Operating complexity and growing concerns related to the Carbon Border Adjustment Mechanism (CBAM) and the upcoming entry into force of the new safeguard measure are significantly weighing on the market," it said. The rollout of the CBAM — which raises import costs — will be accompanied by a gradual reduction of free allowances under the Emissions Trading System, from which energy intensive industries have long benefited. As free allocations decline, steelmakers will need to buy more allowances, adding further cost burdens. By Ilenia Reale Electric arc furnace capacity by country mn t/yr Sectoral breakdown of industry power demand % Steel power demand, 12-month trailing average TWh/m Power demand vs steel output, monthly Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

WTI soars after Trump vows more weeks of attacks

02/04/26
News
02/04/26

WTI soars after Trump vows more weeks of attacks

Houston, 2 April (Argus) — US benchmark WTI crude futures rose by as much as 14pc in early trading today before paring gains as president Donald Trump vowed to hit Iran "extremely hard" over the next two or three weeks. May Nymex WTI was up by about 9pc at $108.84/bl at 11am ET Thursday, after trading as high as $113.97/bl earlier in the session. In his first prime time address to the US public since launching the war with Iran on 28 February, Trump on Wednesday said the US is on track to finish all of its military objectives in the war against Iran "very shortly", but also said he expects the war will continue for weeks, during continued negotiations with Iran. "We're going to hit them extremely hard over the next two to three weeks," Trump said. "We're going to bring them back to the stone ages, where they belong." North Sea Dated crude also hit an 18-year high today , while European jet and diesel prices continued to hit consecutive record highs . Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway where 20pc of global oil flows. Iranian president Masoud Pezeshkian [said late on 31 March}(https://direct.argusmedia.com/newsandanalysis/article/2809002) that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end but only once it has ironclad guarantees that they will not attack Iran in the future. Meanwhile, Iran has given assurances that Philippine-flagged vessels will be granted safe passage through the strait of Hormuz, the Philippine Department of Foreign Affairs (DFA) said on 2 April. The agreement was made during a phone call between foreign affairs secretary Maria Theresa Lazaro and Iran's foreign minister Seyed Abbas Araghchi, DFA said. Several other southeast Asian governments recently stepped up to initiate negotiations with Iran, which has since resulted in the safe passage of some vessels through the strait. The war in the Middle East is in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Brazil’s industrial output falls in February

02/04/26
News
02/04/26

Brazil’s industrial output falls in February

Sao Paulo, 2 April (Argus) — Brazil's industrial output stepped down by an annual 0.7pc in February, mainly driven by auto, chemical products and machinery, according to national statistics agency IBGE. The decrease follows an annual 0.2pc increase in January and a 0.1pc decline in December. Production of intermediate goods — feedstocks for industries that do not directly reach the final consumer — rose by 1.1pc in February from a year earlier. Output of non-durable and semi-durable goods fell by 0.3pc from a year earlier. Output of capital goods and durable consumer goods were down by 13.5pc and 9.3pc, respectively, from February 2025. It is the ninth consecutive annualized decline in capital goods production. Auto, chemical products and machinery were among the largest negative contributors, down by 7.3pc, by 6.4pc and 11pc, respectively, from a year prior. Heavy vehicles and NPK fertilizers pushed down their respective categories, IBGE said. Output of petroleum coke, oil products and biofuels rose by 4pc in February from a year earlier, following a 1.2pc decline in January. Metal products output was down by 8.4pc. Brazil's central bank lowered its target rate to 14.75pc in March. Brazil's headline inflation decelerated to an annual 3.81pc in February . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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European jet, diesel prices hit new all-time highs

02/04/26
News
02/04/26

European jet, diesel prices hit new all-time highs

London, 2 April (Argus) — Northwest European jet fuel and diesel prices surpassed $1,900/t and $1,600/t respectively on Thursday, jumping significantly to fresh all-time highs, as market participants anticipated further escalation in the Middle East over the long Easter weekend. Argus assessed cif northwest European jet fuel at $1,903.50/t on Thursday, rising sharply by almost $300/t on the day. This was over $100/t higher than the previous record of $1,794/t set on 20 March. And fob ARA diesel was assessed at $1,604/t, over $200/t higher on the day and almost $150/t more than the previous record from the same date. Middle distillate prices were supported by a rise in underlying Ice gasoil values, which also hit an all-time high of $1,569.75/t on Thursday, up by 15pc on the day. US president Trump threatened to "hit [Iran] extremely hard over the next two to three weeks" on Wednesday evening , which probably supported the futures prices, traders said. Thousands of US troops have been arriving in the Middle East, spreading fears of a ground invasion. Participants may have built their long positions before the Easter weekend, not wanting to get caught out by further escalation before the next session on 7 April, market participants said. Participants also reiterated the extreme volatility in middle distillate markets, likely contributing to Thursday's sharp price increases. Jet fuel prices fell by around $140/t the day before. The volatility has deterred ‘market marker' firms from trading as heavily, while some companies have tightened risk management rules to mitigate losses. But the thinner liquidity has only further exacerbated volatility, causing a vicious cycle. Jet fuel and diesel prices have more than doubled since the start of the war because the disruption of flows from the Mideast Gulf has jeopardised around 50pc of Europe's jet fuel imports and 15-20pc of its diesel imports. By Amaar Khan and Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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