Latest market news

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 ...


Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

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
04/11/24

US railroad-labor contract talks heat up

US railroad-labor contract talks heat up

Washington, 4 November (Argus) — Negotiations to amend US rail labor contracts are becoming increasingly complicated as railroads split on negotiating tactics, potentially stalling operations at some carriers. The multiple negotiating pathways are reigniting fears of 2022, when some unions agreed to new contracts and others were on the verge of striking before President Joe Biden ordered them back to work . Shippers feared freight delays if strikes occurred. This round, two railroads are independently negotiating with unions. Most of the Class I railroads have traditionally used the National Carriers' Conference Committee to jointly negotiate contracts with the nation's largest labor unions. Eastern railroad CSX has already reached agreements with labor unions representing 17 job categories, which combined represent nearly 60pc of its unionized workforce. "This is the right approach for CSX," chief executive Joe Hinrichs said last month. Getting the national agreements on wages and benefits done will then let CSX work with employees on efficiency, safety and other issues, he said. Western carrier Union Pacific is taking a similar path. "We look forward to negotiating a deal that improves operating efficiency, helps provide the service we sold to our customers" and enables the railroad to thrive, it said. Some talks may be tough. The Brotherhood of Locomotive Engineers and Trainmen (BLET) and Union Pacific are in court over their most recent agreement. But BLET is meeting with Union Pacific chief executive Jim Vena next week, and with CSX officials the following week. Traditional group negotiation is also proceeding. BNSF, Norfolk Southern and the US arm of Canadian National last week initiated talks under the National Carriers' Conference Committee to amend existing contracts with 12 unions. Under the Railway Labor Act, rail labor contracts do not expire, a regulation designed to keep freight moving. But if railroads and unions again go months without reaching agreements, freight movements will again be at risk. By Abby Caplan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Find out more
News

Mexico GDP outlook dims in October survey


04/11/24
News
04/11/24

Mexico GDP outlook dims in October survey

Mexico City, 4 November (Argus) — Private-sector analysts have again lowered their projections for Mexico's gross domestic product (GDP) growth this year, with minimal changes in inflation expectations, the central bank said. For a seventh consecutive month, median GDP growth forecasts for 2024 have dropped in the central bank's monthly survey of private sector analysts. In the latest survey conducted in late October, analysts revised the full-year 2024 growth estimate to 1.4pc, down from 1.46pc the previous month. The 2025 forecast also dipped slightly, to 1.17pc from 1.2pc. The latest revisions are relatively minor compared to the slides recorded in preceding surveys, suggesting negativity in the outlook for Mexico's economy may be moderating. This aligns with the national statistics agency Inegi's preliminary report of 1.5pc annualized GDP growth in the third quarter, surpassing the 1.3pc consensus forecast by Mexican bank Banorte. Inflation projections for the end of 2024 inched down to an annualized 4.44pc from 4.45pc, while 2025 estimate held unchanged at 3.8pc. September saw a second consecutive month of declining inflation, with the CPI falling to 4.58pc in September from 4.99pc in August. The survey maintained the year-end forecast for the central bank's target interest rate at 10pc, down from the current 10.5pc. This implies analysts expect two 25-basis-point cuts to the target rate, most likely at the next meetings on 14 November and 19 December. The 2025 target rate forecast held steady at 8pc, with analysts anticipating continued rate reductions into next year. The outlook for the peso remains subdued, following political shifts in June's elections that reduced opposition to the ruling Morena party. The median year-end exchange rate forecast weakened to Ps19.8 to the US dollar from Ps19.66/$1 in the previous survey. The peso was trading weaker at Ps20.4/$1 on Monday, reflecting temporary uncertainty tied to the US election. Analysts remain wary of Mexico's political environment, especially after Morena and its allies pushed through controversial constitutional reforms in recent months. In the survey, 55pc of analysts cited governance issues as the primary obstacle to growth, with 19pc pointing to political uncertainty, 16pc to security concerns and 13pc to deficiencies in the rule of law. By James Young Mexican central bank monthly survey Column header left October September Headline inflation (%) 2024 4.45 4.44 2025 3.80 3.80 GDP growth (%) 2024 1.40 1.46 2025 1.17 1.20 MXN/USD exchange rate* 2024 19.80 19.66 2025 20.00 19.81 Banxico reference rate (%) 2024 10.00 10.00 2025 8.00 8.00 Survey results are median estimates of private sector analysts surveyed by Banco de Mexico from 17-30 October. *Exchange rates are forecast for the end of respective year. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Construction spending up in September, asphalt weakens


04/11/24
News
04/11/24

Construction spending up in September, asphalt weakens

Houston, 4 November (Argus) — US construction spending rose slightly in September, with spending on highways and streets higher. Still, asphalt prices declined. Total highway and street spending rose by 0.4pc in September from August to a seasonally adjusted annual rate of about $141.95bn, according to the latest data from the US Census Bureau. This was 1.5pc above September 2023 levels. Despite the increase in highway spending, wholesale asphalt prices in the US midcontinent hit a four-year low for September on excess supply and subdued demand. Midcontinent railed asphalt prices dropped by $45/st for September delivery to $290-$320/st from August. Waterborne prices in the region saw a similar, $45/st decrease to $300-$335/st. The sharp decline stemmed from turnaround activity beginning in late August at BP's 435,000 b/d Whiting, Indiana, refinery which boosted supplies as adverse weather in the southeastern US stifled wholesale demand. The National Weather Service reported above-average precipitation from Louisiana to Virginia in September with Tennessee seeing its fourth wettest September on record. Hurricane activity in early July and late September also impacted demand for the month with construction firms reporting lower third quarter product shipments because of extreme weather conditions. Total spending was up 7.3pc through the first nine months of 2024 compared to the same period in 2023. Private construction spending was supported by residential investment while nonresidential spending fell. Manufacturing spending fell while commercial spending rebounded from August, reversing previous month's trends. Spending on water supply continues to grow. By Aaron May and Cobin Eggers US Construction Spending $mn 24-Sep 24-Aug +/-% 23-Sep +/-% Total Spending 2,148,805.0 2,146,048.0 0.1 2,055,216.0 4.6 Total Private 1,653,624.0 1,653,160.0 0.0 1,592,388.0 3.8 Private Residential 913,632.0 912,186.0 0.2 877,629.0 4.1 Private Manufacturing 234,302.0 234,803.0 -0.2 194,941.0 20.2 Private Commerical 119,191.0 118,927.0 0.2 139,861.0 -14.8 Total Public 495,182.0 492,888.0 0.5 462,829.0 7.0 Public Water/Sewage 76,805.0 76,462.0 0.4 69,634.0 10.3 Public Highway/Road 141,049.0 140,349.0 0.5 138,694.0 1.7 US Census Bureau Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Saudi Luberef’s profit down on year in Jan-Sept


04/11/24
News
04/11/24

Saudi Luberef’s profit down on year in Jan-Sept

Singapore, 4 November (Argus) — State-controlled Saudi Aramco's base oil subsidiary Luberef posted a significant decrease in profit in January-September as a result of lower margins. Profit in January-September dropped by 38pc from the previous year to 764mn Saudi riyals ($203mn), although revenue rose by 6.5pc on the year to SR7.4bn. This is because base oil and by-products margins decreased. Luberef's base oil sales volumes in the first nine months of this year were up 1pc to 929,000t as compared with 918,000t in the same period last year. Luberef's profit in the third quarter was down by 34pc on the year to SR226mn, against a 2pc on the year drop in revenue to SR2.5bn. Argus -assessed Asian fob Group I and II base oil export prices were largely lower over the third quarter, especially for light grades, while heavy-grade prices were relatively supported because of tighter supply. The Yanbu "Growth II" expansion project is expected to completed at the end of 2025, the company said. This will bring the base oil production capacity at the Yanbu facility to around 1.3mn t/y. Luberef is also studying a project to produce Group III/III+ base oils, which is at the pre-front end engineering design stage. By Chng Li Li Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Oil services upturn takes a pause for breath


04/11/24
News
04/11/24

Oil services upturn takes a pause for breath

New York, 4 November (Argus) — The boom in demand for oil field services is showing signs of wavering in the short term as international customers signal greater caution around spending and the outlook for US shale remains challenged. Upstream spending growth in the North American onshore market is expected to be flat in 2025, with low natural gas prices, drilling efficiencies and further consolidation among producers in the shale patch all exerting downward pressure. Given a mixed international outlook, one bright spot will be offshore markets, and deepwater in particular, according to investment management firm Evercore ISI. "The solid growth years of 2023 and 2024 are over as the cycle resets," senior managing director James West says. "We view 2025 as an aberration in a long-term, albeit slower, growth cycle." In the near term, the sector's attention will be focused on spending plans by top producers including state-run Saudi Aramco and Brazil's Petrobras, as well as any signs of a potential recovery in Chinese oil demand given the government's latest stimulus efforts to kick-start growth. The sector has had to contend with more than $200bn of shale mergers and acquisitions over the past year, which has shrunk the pool of available customers, and led to oil field services providers beginning their own round of consolidation. Moreover, with capital discipline remaining the rallying cry, significant productivity gains have enabled producers to do more with less. Its immediate challenges were put into stark contrast this week by oil's renewed plunge, this time on the back of Israel's decision to spare Iran's energy infrastructure from retaliatory strikes. SLB, the biggest oil field services contractor, has attributed recent price volatility to concerns over an oversupplied market owing to higher output from non-Opec producers, as well as questions over when the cartel will return barrels to the market and weak economic growth. That spurred some customers to adopt a "cautionary approach" when it came to activity and spending in the third quarter. Gas to the rescue But SLB remains upbeat over the long-term outlook, given the current emphasis on energy security, a key role for natural gas in the energy transition, and expectations that oil will remain a "large part" of the energy mix for decades to come. Gas investment remains robust in international markets, particularly in Asia, the Middle East and the North Sea. "While short-cycle oil investments have been more challenged, long-cycle deepwater projects globally and most capacity expansion projects in the Middle East remain economically and strategically favourable," SLB chief executive Olivier Le Peuch says. Exploration successes in frontier regions from Namibia to Suriname are also unlocking vast reserves that only serve to bolster confidence in the offshore market. Global offshore investment decisions will approach $100bn this year and in the next 2-3 years, adding up to more than $500bn for 2023-26, according to Le Peuch, representing a "growth engine for the industry going forward". Meanwhile, Baker Hughes expects to capitalise on a growing market for gas infrastructure equipment. The company forecasts natural gas demand will grow by almost 20pc by 2040, with global LNG demand increasing at a faster rate of 75pc. "This is the age of gas," chief executive Lorenzo Simonelli says. The top services firms see limited short-term growth prospects for North America, with the exception of the Gulf of Mexico. Hydraulic fracturing services provider Liberty Energy plans a temporary reduction in its fleet in response to slower customer activity and market pressures. And SLB says any potential pick-up in gas rigs could be offset by a further decline in oil rigs owing to efficiencies. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more