Marine fuel global weekly market update

Market: Biofuels, Fertilizers, Hydrogen, Natural gas, Oil products, Petrochemicals
10/04/23

A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. Argus' offices were closed on 7 April. To speak to our team about accessing the stories below, please contact: oil-products@argusmedia.com.

Alternative marine fuels

6 Apr Indonesia ships first sizeable volume of UCO to the US Indonesia exported the first ever sizeable volume of used cooking oil (UCO) to the US in...

6 Apr Malaysia's Petronas sells ammonia on formula to Gemoil Malaysia's state-owned Petronas has sold...

6 Apr Brazil's diesel consumption drops in February Brazil's diesel consumption fell in February amid lower demand from the agriculture sector, while gasoline consumption increased.

5 Apr Planned e-methanol site in southern Spain progresses Project developer Cetaer is advancing plans to develop an e-methanol production site in ...

5 Apr West Virginia 2.2mn t/yr blue ammonia plant secures gas One of the largest blue hydrogen projects under development, in West Virginia, US, has secured a supply ...

4 Apr Biodiesel share in German fuel mix up in January The share of biodiesel in Germany's road fuel mix rose on the month in ...

4 Apr UK's Atome actualises Iceland green ammonia plans UK-based green hydrogen and ammonia firm Atome Energy has announced a ...

4 Apr France remained an RME biodiesel market in 2022 French domestic supply and demand for biodiesel remains dominated by ...

4 Apr LNG discount to methanol renews LNG bunker interest The premium for LNG compared with grey methanol flipped to a discount in ...

4 Apr US methanol spot prices sink to multiyear lows The US Gulf coast methanol spot price assessment for the front-month sank to ...

3 Apr Morocco's OCP targets 1mn t of green ammonia by 2027 Moroccan fertilizer firm OCP has announced ambitious green ammonia ...

3 Apr Ireland's ethanol, biodiesel demand edges higher in Feb Irish biodiesel and ethanol consumption increased on the month and the year in …

3 Apr Q&A: EU boosts green marine fuels, says OCI CEO Inclusion of shipping emissions under the EU's emissions trading system (ETS) and mandatory reduction in the greenhouse gas (GHG) intensity of marine fuels excites OCI Global and Fertiglobe chief executive Ahmed El-Hoshy. The ETS, GHG fuel intensity cuts for EU maritime fuels and upwards revised renewables targets are building the market, he told Argus.

3 Apr Methanex cuts April Asia methanol contract price Canada-based methanol producer Methanex has cut its Asian Posted Contract Price (APCP) to ...

Conventional marine fuels

6 Ap ExxonMobil workers end strikes at French refineries Workers at ExxonMobil's downstream sites in France are ending a...

6 Apr Capesize bulkers face ‘anemic' port congestion: BRS The recent rise in Capesize rates on the back of rebounding...

5 Apr US Gulf coast fuel oil output at 3½-year high in March US Gulf coast residual fuel oil production in March rose to the highest in more than...

5 Apr Croatia's Ina seeks diesel made from non-Russian crude Croatia's Ina has issued a tender to buy diesel on a...

5 Apr India removes crude windfall levy, halves diesel tax India has removed a windfall tax on crude production and...

5 Apr Non-Russia origin bunker fuel sold at premium in UAE Guaranteed non-Russia origin fuel oil has been trading at substantial ...

4 Apr Pemex output of less-desired HSFO at 10-year high Pemex produced 305,100 b/d of heavy sulfur fuel oil (HSFO) in February, a high not seen since ...

4 Apr Japan sees higher oil product demand in FY2023-24 Japan's oil product demand is forecast to increase in the April 2023-March 2024 fiscal year, on the back of ...

4 Apr Lowest European diesel crack spread since war began European non-Russian diesel prices have fallen to their lowest premium against crude since ...

3 Apr Higher Asian bunkers may lift Pacific Panamax rates Freight rates for Pacific dry bulk Panamax vessels could continue to rise on ...

3 Apr NE Asian MR freight rises on higher Chinese exports Freight rates for clean Medium Range (MR) tankers from northeast Asia are higher, supported by ...

3 Apr Oil tanker backlog grows as French strikes rumble on Strikes over pension rights are continuing to hamper operations at French refineries, while a ...

3 Apr Russian Black Sea product exports rise Product loadings at Russian Black Sea ports increased by 60pc ...

3 Apr Fire hits Pertamina's Indonesian Dumai refinery An explosion and a fire hit state-controlled Indonesian refiner Pertamina's ...

3 Apr Boarded tanker found but some crew missing A tanker that was boarded by pirates on 25 March has been recovered, but ...

3 Apr German's Bayernoil refinery extends partial shutdown The shutdown at the Neustadt section of the 207,000 b/d Neustadt-Vohburg refining complex is ...

3 Apr Germany's costly return to diesel cargo market looms German diesel stockpiles are steadily sinking and ...

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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.

News

02/12/24

Lower prices support German fuel demand

Hamburg, 2 December (Argus) — German demand for heating oil, diesel and E5 gasoline increased in the week to 29 November, supported by a fall in domestic prices. The switch to winter grades and low stocks further boosted fuel demand. Middle distillates traded at lower prices nationwide last week, with heating oil and diesel prices falling by around €0.60/100 litres compared with the previous week. The drop was in line with a decline in the value of Ice gasoil futures, which came under pressure from the prospect of US tariffs against Canada, China and Mexico indicated by president-elect Donald Trump. Oversupply from refineries in the south and west of Germany put further downward pressure on domestic prices last week. Suppliers offered heating oil, diesel and gasoline from Bayernoil's 215,000 b/d Neustadt-Vohburg complex, Miro's 310,000 b/d Karlsruhe refinery and Shell's 334,000 b/d Rhineland complex at lower prices than surrounding loading locations in order to fulfil their contractual offtake volumes by the end of the month. The switch to winter grades supported German fuel demand last week. Consumers ordered smaller quantities of diesel in recent weeks as they waited for the switch to winter specification grades before replenishing their stocks. Since the switch, traded diesel spot volumes reported to Argus have steadily risen. An anticipated €10/t rise in Germany's CO2 tax next year will likely lead to increased stockpiling of product from mid-December, according to traders. End-consumer tank levels for diesel were at just 52pc at the end of last week. The extent to which the increase in the CO2 tax will put pressure on diesel imports depends on whether German refineries can maintain current high throughput levels. For the time being, imports into Germany via the country's northern ports or along the Rhine are not feasible because of the comparatively low domestic prices. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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News

China's sulphur prices set to cool

02/12/24

News

02/12/24

China's sulphur prices set to cool

London, 2 December (Argus) — Prices of sulphur delivered to China are expected to lose momentum in the coming weeks, following lower volumes of phosphates exports. Sulphur prices have rallied over the past few months, with delivered granular sulphur prices to China rising $73.5/t, or 69pc, from the start of the third quarter to $179.5/t cfr as of 28 November, as a result of robust demand meeting tight supply in the sulphur market. Delivered prices are expected to now peak in the coming weeks, before softening. Scheduled refinery maintenance in Saudi Arabia, and port congestion at a few ports significantly reduced spot availability in the third quarter, and product moving from east to west of Suez during the fourth quarter also shortened supply to cover demand from east of Suez markets. Meanwhile an increase in sulphur burning activity in countries like India and Indonesia supported demand, with the latter purchasing as much as 350,000-370,000t of granular sulphur in just one round of buying. Domestic Chinese ex-works prices also rose by Yn507.5/t, or 48pc, over the same period to Yn1,565/t ex-works, equivalent to around $175.6/t cfr. However, talk of a potential halt DAP and MAP exports from December may soften domestic sulphur prices instead. Fertilizer producers are also expected to continue taking a cautious approach to raw material buying, and moderate any stockpiling while fertilizer exports are curbed. China's port stocks have been on a declining trend in recent weeks, as a low level of import bookings in the spot market during October and November has limited the replenishing of inventories, and end users have consumed some tonnes from existing stockpiles. Port inventories have dropped from 2.59mn t on 13 September to 2.18mn t on 29 November. This is expected to lead to some stock build from import buying in the run up to the lunar new year starting on 28 January 2025. This holiday typically marks the point by which fertilizer producers aim to have sufficient stocks to enable them to slow buying over the holiday period. Demand from southern Africa and Indonesia for December and January cargoes remains open, and buyers are expected to accept higher announced prices from the Middle East. Qatar's Muntajat/QatarEnergy increased its Qatar Sulphur Price (QSP) by $27/t to $163/t fob Ras Laffan/Mesaieed for December. Offer prices for delivered markets have reflected a rising cost level, with Indonesian offers against in the week of the 28 November ranging from the high-$180s/t cfr to the low $190s/t cfr for December-lifting Middle East parcels. Higher sulphur burning operations in both north Africa and Indonesia continue to drive demand in the short term. In north Africa, Morocco's OCP is ramping up its latest sulphur burner, and this is expected to contribute around 550,000 t/yr of sulphur demand at capacity. This is in addition to the sulphur burner with 417,000 t/yr capacity that started in the second quarter of 2024. The actual capacity usage is expected to be driven by market realities in the phosphate fertilizer market, with the producer typically tailoring capacity usage to market dynamics and demand levels. In Indonesia nickel-driven sulphur demand is also expected to continue growing. Indonesian sulphur imports for the year are expected to exceed the 3mn t threshold from 2.66mn t last year, following an increase in PT QMB New Energy's sulphur burning as part of its HPAL Phase 2 operations. This will contribute around 333,000 t/yr of additional sulphur demand when operating at full capacity, data show. By Deon Ngee and Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

India's Fact tenders to buy sulphur

02/12/24

News

02/12/24

India's Fact tenders to buy sulphur

London, 2 December (Argus) — Indian fertilizer producer Fact issued a tender to buy 15,000-25,000t +/- 10pc of granular sulphur for 20-30 December arrival at Kochi Port on the east coast of India. The tender closes for offers on 5 December. By Maria Mosquera Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Pupuk Indonesia supplies 6.6mn t subsidised fertilizers

02/12/24

News

02/12/24

Pupuk Indonesia supplies 6.6mn t subsidised fertilizers

Singapore, 2 December (Argus) — State-owned Pupuk Indonesia has distributed about 6.6mn t of subsidised fertilizers to registered domestic farmers as of late November. This is around 87.7pc of the total contract volume of 7.54mn t with the Ministry of Agriculture, according to Pupuk on 2 December. The distributed volumes consists of 3.36mn t of urea, 3.21mn t of NPK fertilizers, and 38,400t of Pupuk's Petroganik organic fertilizers. The recent allocations of subsidised fertilizers aim to help domestic farmers maximise crop productivity during the seasonal crop application period from October to March. Farmers that are members of a farmers' group, individually registered with the Agricultural Extension Management Information System (SIMLUHTAN), and farm no more than two hectares of land are eligible to receive the subsidised fertilizers. The allocation of subsidized fertilizers is also limited to farmers who cultivate nine strategic crops: rice, corn, soybeans, chilli, onions, garlic, coffee, sugarcane, and cocoa. The Indonesian Ministry of Agriculture increased Pupuk Indonesia's 2024 subsidised fertilizer allocation volumes to 9.5mn t in April. This aimed to boost domestic agricultural productivity and support national food security efforts. Pupuk Indonesia is likely to continue increasing its production and distribution of subsidised fertilizers for the domestic sector next year, in line with the Indonesian government's plan to launch a program to develop around 3mn hectares of new rice fields . By Dinise Chng Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Countries diverge on plastic production in global talks

02/12/24

News

02/12/24

Countries diverge on plastic production in global talks

Singapore, 2 December (Argus) — Countries have failed to reach a consensus in negotiations for a global treaty to tackle plastic pollution, partly because of disagreements about whether its scope should include plastic production. The fifth session of the UN's Intergovernmental Negotiating Committee (INC) which took place over 25 November-1 December was supposed to result in an international, legally binding instrument to tackle plastic pollution. But negotiations ultimately ended without an agreement in South Korea on 1 December. The UN Environment Programme's (UNEP's) executive director Inger Andersen acknowledged on 1 December that the session did "not quite" achieve consensus, but added that it is "not for want of trying". Countries instead agreed on a draft text, which will "serve as the starting point for negotiations" next year, the UNEP said on 2 December. Plastic production A key point of disagreement was regarding the inclusion of a legally-binding pledge to cut plastic production, echoing the discussions during a preliminary meeting in September when plastic production limits also emerged as a major sticking point. Many countries want the treaty to tackle the entire plastic value chain, including production, but this met resistance from oil-producing countries. Panama on 28 November put forth a proposal, backed by over 100 countries, to adopt a global target to "reduce the production of primary plastic polymers to sustainable levels" under article 6 of the draft text. It also suggested that countries must report their production, imports and exports of primary plastic polymers and measures taken to achieve the global target. But Kuwait, on behalf of like-minded countries, reiterated on 1 December that "the objective of this treaty is to end plastic pollution — not plastic itself." Kuwait hopes that the treaty will address the "core issue" of plastic pollution through "improved waste management systems, recycling infrastructure, and innovations in material design", as opposed to plastic production cuts. "Attempting to phase out plastic as a material, rather than addressing the issue of plastic pollution, risks undermining global progress and exacerbating economic inequalities," Kuwait added, noting that there has been no solution offered on what can replace plastic across its applications. By Tng Yong Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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