Speak to a specialist

Register and we will customize a solution that meets your exact needs. When you speak to one of our experts, you may be qualified to sample our industry-leading products on a no-cost basis.

You can unsubscribe from these updates at any time. We manage your personal data in accordance with our privacy policy.
Generic Hero BannerGeneric Hero Banner
Latest market news

USGC fuel oil deliveries sink to 43-month low

  • Market: Freight, Oil products
  • 28/12/23

Waterborne deliveries of residual fuel oil at the US Gulf coast are on pace for the lowest month since May 2020 as Panama Canal delays slow long-haul arrivals.

Gulf coast fuel oil imports were slashed by 17pc to 275,700 b/d through the first 27 days of December compared to full-month November, and arrivals lagged year-earlier levels by 39pc, according to data from oil analytics firm Vortexa. This put December deliveries on track for the lowest for any month since averaging just 266,400 b/d in May 2020 during the early months of the Covid-19 pandemic.

Drought conditions and low water levels have prompted transit restrictions at the Panama Canal, slowing fuel oil shipments from the Middle East, Asia, and Europe to US Gulf coast destinations.

Fuel oil arrivals from the Middle East sank by 41pc to 65,900 b/d in the first 27 days of December compared to November, and this was down by 46pc from December 2022. Arrivals from Europe saw sharper declines of 84pc and 80pc, respectively, during that span.

The dip in imports has weighed on Gulf coast fuel oil stockpiles, which fell to a 12-week low of 14.733mn bl during the week ended 22 December, US Energy Information Administration (EIA) data show. Inventories were trimmed by 3.6pc from the prior week and fell 21pc below the same week last year.

Panama Canal issues are expected to persist into early 2024, but canal officials last week increased the planned number of daily transits for January after a recent spate of rainfall.

Supply tightness at the Gulf coast has buoyed 0.5pc low-sulphur fuel oil prices to an average premium of $3.52/bl to Brent futures this month, more than double the $1.38/bl premium recorded in November and well above an average discount of $2.45/bl recorded a year earlier.

US residual fuel oil products supplied — a proxy for demand — declined by 82pc to 67,000 b/d last week to the lowest since the first week of August, according to EIA estimates. Fuel oil demand through the first three weeks of December lagged year-earlier levels by 1.9pc at 229,250 b/d.

By Jared Ainsworth

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
19/12/25

Mexico central bank cuts target rate to 7pc

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.

Find out more
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

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

18/12/25
News
18/12/25

Viewpoint: Japan's hybrid EV use keeps gasoline in mix

Tokyo, 18 December (Argus) — Japan's gasoline consumption will continue falling because of its decarbonisation drive, but the country's gasoline consumption is unlikely to reach zero as gasoline-powered cars and hybrid gasoline-electric vehicles (HEVs) account for a vast majority of newly registered passenger cars. Japan's gasoline sales declined at least over 2016-24, with the exception of a slight year-on-year increase of 0.03pc in 2022, data from the Petroleum Association of Japan (PAJ) show. The country's gasoline sales totalled 330mn bl (904,100 b/d) in 2016, falling to below 280mn bl (767,100 b/d) in 2024. The country's transport sector accounted for 19.2pc of total CO2 emissions in the April 2023-March 2024 fiscal year, according to Japan's environment ministry. Half of the transport sector's CO2 emissions came from gasoline in the 2023-24 fiscal year. Tokyo renewed its global warming countermeasures plan in February 2025, which reiterated its target of having all new car sales be "electrified vehicles" by 2035 and to achieve net-zero CO2 emissions through the vehicle lifecycle by 2050, in efforts to abate emissions. But these "electrified vehicles" do not only refer to fully electric-powered EVs nor fuel cell vehicles (FCVs) but also include gasoline-consuming HEVs and plug-in hybrid electric vehicles (PHEVs). This means that Japanese passenger car owners will likely remain dependent on gasoline, even as gasoline consumption declines, given that Japan's preference for hybrids is likely to sustain its momentum for the foreseeable future. The country's gasoline requirement will fall by 2.4pc to 260mn bl (712,300 b/d) in the April 2026-March 2027 fiscal year, compared with the 2025-26 level, based on Japan's trade and industry ministry Meti's outlook. This downtrend is expected to continue by declines of 2.1-2.5 pc/yr at least until 2029-30, largely because of higher fuel efficiency and wider use of HEVs, Meti said. The number of newly registered passenger cars, including imported cars, totalled slightly below 2.4mn units over January-November 2025, data from the Japan Automobile Dealers Association (JADA) show. Out of this total, gasoline-consuming HEVs accounted for 60pc, and gasoline cars hold a 32pc share. Gasoline-powered cars and HEVs have jointly accounted for around 90pc at least since 2020. The share of HEVs in newly registered cars has also grown consistently every year, from 37.1pc in 2020 to 61.1pc in 2024, mostly replacing the share of gasoline cars, while the share of EVs has stalled at 0.6-1.7pc of the total of registered units every year over the same period, data from the JADA show. "The hybrid trend is likely to remain strong going forward. Compared with the time when it seemed the global shift to EVs would happen decisively and rapidly, the momentum now appears to have slowed somewhat," Japan's trade and industry minister Ryosei Akazawa said at an interview with reporters, including Argus , in October. The shift towards EVs has not been as strong as expected, which could have benefited gasoline car makers. But US tariffs on Japanese automobiles likely eroded the profitability of Japanese automakers, with 15pc of their domestic car output exported to the US in 2024, according to Meti. The US tariff rate was lowered to 15pc from 27.5pc in September, but is still far higher than 2.5pc, the rate before US president Donald Trump's additional 25pc automobile tariff took effect in April. To support Japanese automakers given the challenging tariff environment, Tokyo could freeze its environmental performance tax — a levy of 0-3pc — imposed on car owners at the point of acquisition depending on automobile features, such as fuel efficiency. This move could pave the way for gasoline-powered vehicles to regain momentum or pose obstacles to the expansion of EV cars' market share in the coming years. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Viewpoint: Global trade shifts to add pressure to MRs

17/12/25
News
17/12/25

Viewpoint: Global trade shifts to add pressure to MRs

London, 17 December (Argus) — Lower US and west African gasoline demand is likely to keep European Medium Range (MR) tanker rates drifting in 2026. The US has become more reliant on domestic gasoline production, as weaker European refinery output made oil products from the region more expensive and uncompetitive. Freight rates on average in 2025 on the UK Continent to US Atlantic coast route stood at $22.46/t, compared with $26.38/t in the same period in 2024, as US gasoline imports on MRs have plunged since mid-2025, slumping to just 90,000 b/d in November from 349,000 b/d in May. Trade on the UK Continent to west Africa MR route has also waned, although it rallied briefly in late 2025 as a result of a now-scrapped Nigerian import tariff on gasoline and diesel and a seasonal increase in demand. Rates averaged $30.84/t in 2025, down from $33.67/t in the same period a year earlier. Nigeria's independently-owned 650,000 b/d Dangote refinery cut its gasoline asking prices from 872 naira/l ($0.60/l) in early November to N828/l ($0.57/l) by 10 November. This will probably keep European imports uneconomical for Nigerian buyers. Dangote said it will supply 50mn litres/d (315,000 b/d) of gasoline in December and January to its domestic market, and 57mn l/d (359,100 b/d) from February, which could make imports from Europe largely redundant. For comparison, gasoline consumption in Nigeria was around 50.9mn l/d (320,670 b/d) in the 12 months to October. But sanctions on Russian oil firms Lukoil and Rosneft have weighed on diesel exports from India and Turkey, creating concerns about European supplies and turned participants' focus towards other exporters. This could provide support to the transatlantic rate, as participants will seek to replace Russian-related product with non-Russian, potentially importing more diesel from the US. US spat US president Donald Trump's build-up of military hardware in Caribbean waters could put 20pc of US Gulf coast refined product exports in shaky territory if tension between the US and Venezuela escalates into open conflict. Over the past 12 months, the Caribbean region — which includes buyers in Colombia, Dominican Republic, the US Virgin Islands, Jamaica and Saint Lucia as well as Central American countries such as Panama — has imported the majority of US Gulf coast refined products at an average of 643,300 b/d, Vortexa data show. These shipments were primarily diesel and gasoline, alongside smaller amounts of naphtha. Venezuela's naphtha imports from the US Gulf in May 2025, when the last of US sanction waivers expired, were 87,500 b/d, according to Vortexa. The product is used to dilute the country's extra-heavy crude. Only 15,000 b/d of naphtha flowed back to Venezuela when Chevron received a new waiver in August. Venezuelan buyers have turned to Russian supply from the Mediterranean carried on larger tankers, removing tonne-mile demand overall from the MR segment while lowering the amount of physical activity within the US Gulf coast spot market. Escalating conflict between the US and Venezuela could add war-risk premium insurance costs to Caribbean islands and Colombian trade, making Russian suppliers more competitive and potentially rerouting some of the 420,900 b/d the US Gulf coast exports to other destinations. This could make suppliers like Russia more competitive for this traditionally US Gulf coast-supplied region. If shipowners avoid the Caribbean region because of a conflict, this could increase competition for west coast South America-bound voyages and could boost Panama Canal transit if demand from Chile and Peru increases. This would raise the average auction cost for the Panamax locks for MRs, which typically carry refined products from the US Gulf coast. By Erika Tsirikou and Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US to blockade Venezuela oil flows: Trump

17/12/25
News
17/12/25

US to blockade Venezuela oil flows: Trump

Washington, 16 December (Argus) — US president Donald Trump dramatically escalated the conflict with Venezuela Tuesday night by declaring a blockade of most Venezuelan seaborne oil shipments. Trump, in a social media post, also demanded — without providing any credible explanation — that Venezuela return "all of the Oil, Land, and other Assets that they previously stole from us." Venezuelan oil flows to Cuba already have stopped and cargoes to other destinations were grinding to a halt, following the 10 December seizure of a Cuba-bound Venezuelan oil tanker by the US Coast Guard. "I am ordering A TOTAL AND COMPLETE BLOCKADE OF ALL SANCTIONED OIL TANKERS going into, and out of, Venezuela," Trump said. The tanker seized by the US was previously sanctioned for alleged involvement in transporting Iranian oil. More than 30 tankers could be within the reach of US naval forces positioned near Venezuela if Washington decides to continue seizing ships on its sanctions list. It is not clear what Trump meant by claiming that Caracas "stole" US-owned oil, land or assets, especially his reference to "land". Venezuela during the rule of former president Hugo Chavez nationalized assets of US and other western companies. The government of President Nicolas Maduro also faces claims of expropriation of mining and other western assets, and it has defaulted on sovereign debt obligations. All in all, almost $60bn worth of claims have been advanced against Caracas and state-owned PdV in US courts and international tribunals. A US federal court ordered the sale of PdV-owned US refiner Citgo to partially satisfy those claims. Trump's post concluded a day that featured his senior national security advisers briefing US lawmakers on the US military operations near Venezuela, without mentioning a possible escalation that likely requires congressional approval. The US has stationed a large naval force in the waters near Venezuela since early September as part of an effort ostensibly aimed at stopping waterborne drug shipments. The US Navy has reported having destroyed 25 boats allegedly carrying drugs near the coasts of Venezuela and Colombia since early September, killing 98 crew members. The most recent strikes, destroying three boats, took place on Monday. US lawmakers briefed by defense secretary Pete Hegseth and secretary of state Marco Rubio earlier on Tuesday said they were left wondering about the ultimate objectives of the US military operation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Related Products

Argus Specialised Freight

Argus Specialised Freight

Data, insights and unique tools to help manage freight risk in biofuels, renewable feedstocks and chemicals markets
Find out more

Argus Asphalt Forward Curves

Argus Asphalt Forward Curves

Independent market valuation tool to support investment and trading decisions on Asphalt markets
Find out more

Argus North American Long-Term Natural Gas Forward Curves

Independent market valuation tool to support investment and trading decisions on North America Electricity markets
Find out more

Argus O.M.R. Fuels

Germany's robust and comprehensive basis for supply contracts
Find out more

Argus O.M.R. Intraday

One place for German fuels price references throughout the day
Find out more
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