Marine fuel global weekly market update

Market: Biofuels, E-fuels, Emissions, Fertilizers, Hydrogen, Natural gas, Oil products, Petrochemicals
01/05/23

A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. To speak to our team about accessing the stories below and access to Argus Marine Fuels, please contact: oil-products@argusmedia.com.

Alternative marine fuels

28 Apr Yara curtails European ammonia output to 56pc capacity Norwegian fertilizer producer Yara was operating at just 56pc of its European ammonia production capacity in ...

28 Apr Port of Aberdeen sets out plan to hit net zero by 2040 The port of Aberdeen, in northeast Scotland, plans to reach net zero emissions by ...

28 Apr China's Sinopec to use two new LNG carriers Two new LNG carriers with a capacity of 175,000m³, each will be used in ...

28 Apr Livorno halt may herald move to biorefinery switch An imminent maintenance turnaround at Italian firm Eni's 88,400 b/d Livorno refinery ...

28 Apr Norway's Scatec pulls out of Oman green ammonia project Norwegian renewables developer Scatec has pulled out of plans to jointly develop a ...

27 Apr US policy threatens Canadian ammonia export: CEO The hydrogen production tax credits from the US' Inflation Reduction Act (IRA) have threatened Canada's status as a ...

27 Apr Singapore moves towards ship-to-ship ammonia bunkering Singapore-based The Global Centre for Maritime Decarbonisation (GCMD) announced today the results of an ammonia bunkering safety study...

27 Apr Maersk to invest in Danish biofuel company Shipping company AP Moller-Maersk's venture arm Maersk Growth is joining forces with sustainable investment ...

27 Apr Brazil B100 prices rise on tax, blend changes Differentials for Brazilian biodiesel contracts to supply fuel distributors in ...

27 Apr Methanex reports 7.2pc drop in 1Q methanol production Vancouver-based Methanex reported an 8.7pc increase in its global methanol ...

26 Apr ECA, ETS to drive up Mediterranean biofuels demand Demand for biofuels for bunkering in the Mediterranean could be driven up ...

26 Apr PetroChina, Petronas sign LNG deal China's state-owned PetroChina and Malaysia's state-owned Petronas signed an LNG ...

26 Apr Republicans spare biofuels to advance debt bill: Update Republican leaders in the US House of Representatives gave up trying to eliminate tax credits for biofuels and ...

26 Apr Brazil biofuels investments target diverse feedstocks Brazil is seeing a slow but steady expansion of investments in advanced biofuels, including hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF), despite a lack of ...

26 Apr European Parliament eyes stricter, wider methane limits The European Parliament is next month expected to confirm a clear majority position taken in committee to expand the scope of the EU methane ...

26 Apr TotalEnergies supplies LNG to Marseille cruise ship TotalEnergies has completed a first ship-to-ship transfer of 2,500 m³ of LNG to ...

26 Apr Port of Melbourne signs biomethanol bunkering agreement The Port of Melbourne has signed an initial agreement to explore the potential of a biomethanol ...

25 Apr First barge-to-ship methanol fueling in US Gulf Joint venture Proman Stena Bulk said it has completed the first barge-to-ship methanol bunkering operation in ...

25 Apr Yara and VNG to develop German clean ammonia operations Norwegian fertilizer firm Yara has co-signed an agreement with ...

25 Apr Carbon capture coalition forms for Europe A group of energy companies, maritime industry groups and non-governmental organizations have joined together to push for ...

25 Apr Anglo American gets two more LNG-fuelled Newcastlemaxes Iron ore producer Anglo American has received two LNG-fuelled Newcastlemax ...

25 Apr Japan's Mol diversifies marine fuel for net zero goal Japanese shipping firm Mitsui OSK Line (Mol) is diversifying its alternative marine fuel options...

25 Apr EU norms may shut out Chinese electrolysers Chinese electrolyser manufacturing capacity is set to rise sharply in the coming years, with ...

24 Apr Denmark seeks Singapore support for zero-GHG shipping Denmark is looking for Singapore's support to reach zero emissions from ...

24 Apr Norwegian Cruise adds short-term GHG targets US-based Norwegian Cruise Line (NCL) said it has added new short-term greenhouse gas (GHG) emissions targets ...

24 Apr Belgium, Norway begin talks on CO2 transport, storage Belgium's federal government and the country's Walloon and Flemish regional governments have started formal negotiations with Norway for a ...

24 Apr Ecopetrol eyes green methanol production Colombia's state-controlled oil company is considering adding green methanol production ...

24 Apr China exports more biodiesel, feedstock in March Chinese biodiesel exports increased to 215,000t in March, supported by ...

24 Apr Singapore, US advance green digital shipping corridor The Maritime and Port Authority of Singapore (MPA), the Port of Los Angeles (POLA) and the Port of Long Beach (POLB), have signed an agreement …

Conventional marine fuels

28 Apr World Fuel Services marine fuel sales fell in Q1 US-based fuel supplier World Fuel Services (WFS) marine fuel sales ...

28 Apr Oversupply pushes Asian gasoil market into contango The Asian gasoil market has flipped into contango, with ...

28 Apr Gasoil stocks at ARA hit 13-week low Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp (ARA) trading hub fell ...

28 Apr Turkey's diesel imports from Russia rose in February Turkey's reliance on Russia for its diesel imports ...

28 Apr EU's diesel imports stay low The EU is still importing less diesel and gasoil than it did ...

28 Apr Petrobras cuts diesel prices by 9.9pc Brazil's state-controlled Petrobras reduced wholesale diesel prices by ...

28 Apr Spain to ask EU for stricter rules on product origins Spain wants the EU to demand stricter controls over refined oil products imports, after ...

28 Apr Italy's Livorno refinery to start maintenance end-April Italian integrated energy firm Eni plans to start maintenance on its ...

28 Apr Spain's Engas connects biomethane plant to gas grid Spanish gas system operator Engas has connected a biomethane plant in ...

27 Apr Shandong refiners face feedstock import limits Shandong independent refiners increased fuel oil processing in response to ...

27 Apr Repsol says biofuels supporting refining margins The increase in biofuels production from Spanish integrated Repsol's 890,000 b/d domestic refining portfolio will boost its ...

27 Apr EU's diesel imports stay low The EU is still importing less diesel and gasoil from outside the bloc than it did ...

27 Apr VLSFO 1Q viscosity levels up from last 2 years Global viscosity for very low-sulphur fuel oil (VLSFO) for the first quarter of 2023 increased compared with ...

27 Apr Singapore's middle distillates stocks slip Singapore's onshore oil product inventories inched downwards to 46.23mn bl in the week to 26 April, led by a drop in ...

27 Apr Diesel margins soften as stocks build A slow start to this year's construction season has caused stock levels to rise, weighing on ...

26 Apr Vitol Bunkers enters Turkish market Vitol Bunkers is now offering marine fuel through its ...

26 Apr Shippers to pass along ETS costs: Clyde & Co Shipping's EU emissions trading scheme (ETS) costs are expected to be passed down ...

26 Apr Diesel demand falling in Germany Diesel demand in Germany has declined significantly in April, with falling orders from ...

26 Apr US Gulf clean tanker rates at multi-month lows Medium range (MR) clean tanker rates for spot shipments out of the US Gulf coast ...

26 Apr Oman's refinery output rises by over 40pc Oman's refinery output rose by 40.4pc on the year to 223,500 b/d in January-March, according to ...

26 Apr Japanese weekly refinery activity: Runs stable Japanese refinery runs averaged 77.3pc in the week to ...

25 Apr Rotterdam throughput falls despite oil uptick Freight throughput at the port of Rotterdam fell in the first quarter of this year on reduced ...

25 Apr Atlantic clean tankers at discount to Pacific Earnings for medium range (MR) clean tankers in the Atlantic basin are currently at a stark discount to ...

24 Apr Turkey leads throng of Russian diesel buyers Turkey is receiving about three times as much diesel and gasoil from Russia ...

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

19/12/25

Trinidad not part of US blockade of Venezuela: PM

Kingston, 19 December (Argus) — Trinidad and Tobago is not involved in the US blockade of oil tankers entering and leaving from neighboring Venezuela, prime minister Kamla Persad-Bissessar said on Thursday. She rejected a Venezuelan government claim that her country is part of US president Donald Trump's current campaign against Venezuelan president Nicolas Maduro, and that it is supporting "the theft of Venezuelan oil." "We have no intention of engaging in any war with Venezuela," Persad-Bissessar said. But Trinidad's foreign ministry said on 15 December that the US is using the country's two airports for "logistical activities," including resupply for US operations and personnel rotations. Venezuelan vice-president Delcy Rodriguez accused Persad-Bissessar of being "hostile" to Venezuela, saying she "has turned her country into a US aircraft carrier to attack Venezuela, in an unequivocal act of vassalage." The US has stationed a large naval force in the waters near Venezuela since September and has destroyed several small boats in the area it said were carrying drugs, killing more than 80 people. Trump said in November he would order land strikes against Venezuela soon, and the US seized a tanker carrying Venezuelan crude earlier this month. Trinidad's rejection of the Venezuelan claims follow a standoff between the hydrocarbon producers over agreements to develop an offshore natural gas field in Venezuelan waters close to their maritime border that has an estimated 4.3 Tcf in reserves. Trinidad described a Venezuelan decision to terminate all natural gas supply contracts with it as "propaganda". The southwestern tip of gas-short Trinidad is 11 miles from Venezuela's north coast, and the country has been seeking gas from Venezuelan offshore fields to support up declining domestic output. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more

News

Mexico central bank cuts target rate to 7pc

19/12/25

News

19/12/25

Mexico central bank cuts target rate to 7pc

Mexico City, 19 December (Argus) — Mexico's central bank cut its benchmark interest rate by 25 basis points to 7pc, its lowest level since June 2022, maintaining a slower pace in the easing cycle on inflation concerns. The decision marked the eighth rate cut this year and the fourth quarter-point reduction following four consecutive half-point cuts. This year's cuts follow five quarter-point cuts in 2024 from a cyclical peak of 11.25pc in March. The board approved the cut in a 4-1 vote, with deputy governor Jonathan Heath dissenting in favor of holding the rate at 7.25pc. Heath has been the lone dissenter in the past five decisions, consistently urging greater caution. The central bank said the decision reflected "the behavior of the exchange rate, the weakness of economic activity and the possible impact of changes in global trade policies," repeating language used in its last four statements. Gabriela Siller, chief economist at Banco Base, pointed to a "significant change" in the bank's forward guidance, noting a shift toward a less dovish tone. The board said it "will consider when to make further adjustments" to the policy rate, replacing the "will consider cutting" language used in November. Mexican bank Banorte also said the central bank struck a less dovish tone, pointing to a change in its forward guidance. Annual inflation rose to 3.8pc in November from 3.57pc in October, according to statistics agency Inegi. Core inflation, which excludes volatile food and energy prices, accelerated to 4.43pc from 4.28pc. The central bank now sees headline inflation ending 2025 at 3.7pc, up from 3.5pc in its November forecast, while core inflation is projected at 4.3pc, revised from 4.1pc. It also raised its headline and core forecasts for the first two quarters of 2026, while maintaining that both will converge to its 3pc target by the third quarter. The bank said the revisions mainly reflect a "more gradual-than-expected" easing in services inflation, along with a smaller contribution from accelerating consumer goods prices. The board also addressed recent tax reforms, which it expects will have a temporary and not necessarily proportional impact on prices, adding it will update its forecasts as it conducts a comprehensive assessment of the revised tax code's effects. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Australia needs electricity carbon policy: Commission

19/12/25

News

19/12/25

Australia needs electricity carbon policy: Commission

Sydney, 19 December (Argus) — The Australian government should introduce a national market-based policy to drive electricity sector decarbonisation, potentially modelled on the existing safeguard mechanism, economic research and advisory body the Productivity Commission (PC) said in a final report today. The PC had previously recommended applying the safeguard mechanism to electricity generators at the facility level, but it may be better to consider this issue separately, it noted in a final inquiry report into "investing in cheaper, cleaner energy and the net zero transformation". "Multiple policy options will need to be considered for the electricity sector, and even if a baseline-and-credit scheme is preferred, it may be better to keep this separate from the safeguard mechanism, at least at first, to avoid risks of uncertainty and disruption in the carbon credit markets that support that policy," the PC said. Currently there is little relationship between the emissions intensity of Australia's remaining coal-fired power plants and their announced retirement dates, according to the commission. Recognising the value of emissions reduction would pave the way for more emissions-intensive plants to retire earlier, it argued. Electricity excluded from safeguard mechanism Under the safeguard mechanism, facilities emitting more than 100,000t of CO2 equivalent (CO2e) in a compliance year across several sectors earn safeguard mechanism credits (SMCs) if they report scope 1 emissions below their baselines, and must surrender SMCs or Australian Carbon Credit Units (ACCUs) if their emissions are above the threshold. The electricity sector, Australia's largest emitter, is effectively excluded from the mechanism because the emissions reduction policy for the segment has been focused on renewable electricity targets. The mechanism applies a single sectoral baseline of 198mn t CO2e/yr across all electricity generators connected to Australia's main electricity grids, which is way above recent data — emissions from the electricity generation sector reached a combined 138.9mn t CO2e in the 2023-24 compliance year. A decision on whether to expand the mechanism to electricity may be considered in the upcoming safeguard mechanism review in 2026-27 . NEM review But any new policy will need to complement reforms arising from the National Electricity Market (NEM) review, which also received a final report this week . The decision will also need to be consistent with several policies and agreements already in place to support new investment or manage the exit of coal plants across Australia, the PC noted. While the existing Capacity Investment Scheme (CIS) and the proposed Electricity Services Entry Mechanism (ESEM) scheme mainly target renewable output or capacity, a least-cost emissions-reduction policy would help companies deciding when to retire coal and gas plants, according to the commission. This will be even more important if the Australian government prioritises firming auctions, which may support new gas-fired plants. Emissions policy uncertainty has been a major barrier to investment in gas-powered generation, the PC said. "Firming auctions will be more effective if project proponents know in advance how their emissions will be treated," it noted. Apart from a policy to drive electricity sector decarbonisation, the PC's final report urges the government to expand the safeguard mechanism , phase out fuel tax credits for on-road heavy vehicle operators, and reduce barriers to adopting low-emissions technology for heavy vehicles. And it also calls the government to phase out the fringe benefits tax exemption for electric vehicles (EVs), a recommendation that was criticised by industry body EV Council . By Juan Weik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Viewpoint: Bitumen markets eye pockets of demand

19/12/25

News

19/12/25

Viewpoint: Bitumen markets eye pockets of demand

London, 19 December (Argus) — Paving activity may strengthen in some European and north African markets in 2026, but several others are expected to see continued declines in bitumen demand. Germany could lead any recovery, market participants said, as a new government plans to expand and maintain the road network. The country — once Europe's bitumen powerhouse — had a weak 2025, but paving work is expected to lift consumption from mid-2026. German bitumen demand has fallen by more than 20pc since 2021, while France and the UK are down by over 25pc in the same period. Budget constraints and high inflation drove these declines. Sweden, Norway and Denmark — already demand drivers in 2025 — could strengthen further in 2026. Road budgets are set to rise as governments prioritise infrastructure and the value of well-maintained highways, possibly linked to higher defence spending as Nato strengthens in Europe. North Africa has also drawn European Mediterranean surplus cargoes , and market participants expect demand from the region to increase next year, led by Algeria, Morocco and some Libyan consumption. Elsewhere, there is little cause for optimism. In France, most participants expect 2026 demand to be weaker than in 2025. With the government beset by regular upheaval and parlous public finances, road spending seems an unlikely priority. Several other northwest and central European countries will also see steady to lower bitumen consumption in 2026. Meanwhile, prospects for a peace deal between Ukraine and Russia remain slim, so a large upswing in Ukrainian import demand looks unlikely next year. Export opportunities outside Europe also appear limited, as Asia-Pacific and the Middle East remain well supplied and demand there stays slow. South Africa, now reliant on imports, is more likely to source from the Mideast Gulf or Pakistan than from the Mediterranean. The prospects of shipping product to the US could improve in the coming months, with Mediterranean bitumen values currently firm relative to crude and fuel oil. But large volumes seem unlikely. Some Mediterranean cargoes moved to the US last year, but the trend was short-lived. In the bitumen freight market, several new larger tankers will enter service in 2026, increasing vessel availability in what will still be a weak market. This could weigh on freight rates but help offset higher costs from the EU ETS scheme, which comes fully into effect in 2026 after its 2024 implementation. Bitumen prices fell in 2025 and are expected to stay under pressure through winter, before seasonal gains from March 2026. Markets should see greater strength relative to fuel oil in summer as bitumen demand typically rebounds then. Demand for bitumen was generally weaker across most European countries in 2025 than in 2024, weighing on prices. Budgets came under pressure and political challenges contributed to a lack of focus on infrastructure and road maintenance spending. Bitumen prices hit historic lows in 2025, partly offsetting inflation-driven increases in building, equipment and material costs. By Jonathan Weston Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

W Australia's gas surplus outlook strengthens: Aemo

19/12/25

News

19/12/25

W Australia's gas surplus outlook strengthens: Aemo

Sydney, 19 December (Argus) — The Australian Energy Market Operator (Aemo) is forecasting a bigger gas supply surplus in Western Australia (WA) for most of 2026-30, according to its 2025 WA Gas Statement of Opportunities (GSOO) report released today. Aemo now projects that both gas supply and demand will be lower than previously expected in the period, because of cutbacks at major industrial users and downward revisions to its production forecasts. But its demand revisions were larger than its supply revisions, increasing its projected surplus. The state's gas supply will exceed demand over most of that period, except in 2028 and 2030 (see table) . It has increased its projections for the size of the surplus compared with those in its 2024 WA GSOO report. Supply side Aemo cut its WA gas supply forecast because of delays, gas reserve depletions, and decreased expected production at the Gorgon, Scarborough, and Pluto projects, it said. The market operator previously expected Australia producer Strike Energy to open its 87 TJ/d (2.3mn m³/d) West Erregulla project in 2026. But Strike only aims to make a final investment decision on the project in July-December 2026 , later than originally anticipated . Strike's West Erregulla delay lowered WA's expected gas production by 52 TJ/d in 2027 and 63 TJ/d in 2028, Aemo said. Aemo has also cut its production expectations for the Scarborough and Pluto gas fields by up to 24 TJ/d in 2030, it said. Australian developer Woodside Energy aims to process 7mn t/yr of Scarborough gas and 3mn t/yr of Pluto gas from early 2027, it said in November. Workers building a 5mn t/yr LNG train at the Pluto LNG terminal plan to launch a strike on 6 January. Their current enterprise bargaining agreement with Australian engineering firm Bechtel will expire on 19 December, Argus understands. Planned maintenance and lower utilisation at the Gorgon project contributed to a 16 TJ/d cut to Aemo's forecasts, it said. The project's owners — which include Chevron, ExxonMobil, Shell, Osaka Gas, Tokyo Gas and Jera — will modify its three-train Gordon LNG terminal as part of a A$3bn ($1.98bn) project, it said in December. Reserve downgrades and depletions at the Walyering, Beharra Springs, Macedon, and Varanus Island fields mostly account for the rest of the supply revisions, Aemo said. The Walyering and Beharra Springs field reserve downgrades cut Aemo's WA supply forecast by 5 TJ/d in 2026 and 23 TJ/d in 2029, it added. Demand side The closure of nickel mining and alumina refining operations cut Aemo's 2026-30 demand forecast, the operator said. But demand will still rise over that period, from 1,085 TJ/d in 2026 to 1,295 TJ/d, because of new mining and processing activity, it said. US producer Alcoa opted to permanently close its 2.2mn t/yr Kwinana alumina refinery on 30 September , after it paused the site in July 2024. It has not announced a full closure timeline yet, Alcoa Australia president Elsabe Muller told Argus at the time. Australian miner IGO has also paused its Forrestania and Cosmos nickel projects over recent years. Multiple developers including Australian producers Iluka Resources , Cobalt Blue , and RZ Resources will develop critical mineral mining or processing projects in WA over the coming years. By Avinash Govind WA projected gas surplus TJ/d Year Surplus (2024 WA GSOO) Surplus (2025 WA GSOO) 2026 4 54 2027 5 20 2028 -12 -89 2029 5 132 2030 -2 -11 *GSOO refers to Gas Statement of Opportunities Source: Australian Energy Market Operator Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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

Marine fuel global weekly market update

Alternative marine fuels

Conventional marine fuels

Related news posts

Trinidad not part of US blockade of Venezuela: PM

Trinidad not part of US blockade of Venezuela: PM

Mexico central bank cuts target rate to 7pc

Mexico central bank cuts target rate to 7pc

Australia needs electricity carbon policy: Commission

Australia needs electricity carbon policy: Commission

Viewpoint: Bitumen markets eye pockets of demand

Viewpoint: Bitumen markets eye pockets of demand

W Australia's gas surplus outlook strengthens: Aemo

W Australia's gas surplus outlook strengthens: Aemo

Related Products

Argus Methanol

Argus Methanol

Argus Africa Fertilizer

Argus Africa Fertilizer

Argus Specialised Freight

Argus Carbon

Argus Low Carbon Hydrogen Strategy Report

Business intelligence reports