CN rail shipments resume through Jasper, Alberta

Market: Crude oil, Fertilizers, Oil products
29/07/24

Canadian National (CN) said today it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area.

CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver.

The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July.

Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow.

Jasper was put under evacuation notice on 22 July.

By Meghan Yoyotte

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10/11/25

Cop: IMO pushes forward with carbon pricing

Belem, 10 November (Argus) — External politics rather than any failure of the International Maritime Organization (IMO) led to the delay in adopting a greenhouse gas (GHG) emissions pricing mechanism for global shipping, proposal supporters said on Monday. IMO members last month voted to delay the adoption of the Net-Zero Framework (NZF) by a year, despite some of those backing the delay previously supporting the carbon pricing system. The October gathering was "not a typical IMO" meeting, IMO secretary general Arsenio Dominguez said during a side event at the UN Cop 30 climate talks in Belem, Brazil. "We were affected by the global geopolitics that we all face right now. We're not immune to it," he said. Dominguez also sought to assure critics of the vote that the IMO is not backing down from the proposal, citing ongoing work to address some questions that member states raised during last month's meeting. "My message to you is very clear, don't judge IMO for what happened last October. Don't think that IMO stops there because we don't," he said. Dutch climate envoy Jaime de Bourbon Parme struck a similar tone, telling the audience that while the delay may give supporters a "sense of failure" very few countries last month argued the NZF should not be adopted. "I know the Netherlands and many other countries were ready to sign, however, the meeting went a very different direction," he said. While Dominguez and the Dutch prince did not single out any country for causing the delay, many NZF supporters have put the blame on the US. In the days leading up to the vote, the administration of US president Donald Trump threatened to retaliate against countries that back the proposal with measures such as visa restrictions, new port fees or sanctions on officials that sponsor "activist-driven" climate policies. The Trump administration "went outside the rules of engagement," said Andrew Forrest, non-executive chairman of Australian mining company Fortescue, calling US actions before the vote a form of "thuggery." By Michael Ball Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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European gasoline cracks hit 18-month high

10/11/25

News

10/11/25

European gasoline cracks hit 18-month high

London, 10 November (Argus) — European gasoline margins to crude hit an 18-month high on Monday. Benchmark non-oxy gasoline barge premiums to Ice Brent crude futures were $22.11/bl at Monday's close, surpassing seasonal peaks during the 2025 and 2024 summer driving seasons and the highest since 7 May 2024. Non-oxy barge refining margins have averaged $18.59/bl to date in October, the highest for the period since 2022 when global demand began returning following the Covid-19 pandemic. Ambiguity about the future of Russian firm Lukoil's subsidiary Litasco and its European refining and product assets has supported European gasoline cracks. The US blocked trading firm Gunvor's bid for the assets, throwing the future of Litasco's downstream European operations in doubt. Prices were already underpinned by European refinery maintenance and tighter prompt supply availability, according to traders. Gasoline barge loading delays have been reported since late September-early October, limiting the amount of product making its way into storage. Cracks have also been supported recently by refiners pivoting to diesel production to capture strong distillate margins, a trader said, as the global diesel pool is shrunken by lower Russian export loadings. Europe appears to be rolling back the amount of gasoline made available for export. Cargo loadings from the EU, UK and Norway for overseas destinations in the first 10 days of November were the the lowest daily rate on record for the period at 736,000 b/d, according to Kpler. This was down from 844,000 b/d in 1-10 October. And Europe has imported 104,000 b/d of gasoline to date this month, the highest for the period since August 2024, to tackle elevated prompt supply tightness. This is reflected in $45/t backwardation in the Eurobob oxy swap structure, between the balance of the November swap and the front-month December swap on Monday. West African buying interest may be waning, however. Nigeria's 650,000 b/d Dangote refinery cut its asking prices for gasoline on Friday, probably closing the arbitrage window from Europe to its second-largest export market. This may weigh on non-oxy barge refining premiums. Paper indications are still pricing in a drop in Eurobob oxy cracks month-on-month until January. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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DAP softening could catch Pakistani importers off guard

10/11/25

News

10/11/25

DAP softening could catch Pakistani importers off guard

London, 10 November (Argus) — Pakistani domestic DAP prices have begun to slip since peaking in the first half of October. By realigning with declining international prices, lower domestic prices could force importers who bought DAP at higher levels to sell at a loss. The latest range for domestic DAP prices spans 13,500-14,350 rupees/50kg bag ex-Karachi, with private importers offering at Rs13,500-13,800/50kg bag ex-Karachi. Import costs have been widening their discount to domestic levels since turning cheaper in early October. The domestic equivalent breakeven cost of the latest DAP assessment at $725-730/t cfr is now more than Rs1,000/50kg bag ex-Karachi below domestic prices at a midpoint basis, Argus data show. This is the widest discount since the start of 2025. Imports on a $/t cfr basis are transferred into domestic prices by applying current exchange rates with the Pakistani rupee. Insurance, transportation and bagging costs add around 14pc. A goods and sales tax and a FED tax, each 5pc, also add to landed costs. This means that the peak of import prices at $815/t cfr in the second half of August at the midpoint was equivalent to breakeven landed costs at Rs14,341/50kg bag ex-Karachi. Domestic prices have matched import levels with a delay of about two months over March-October. Import prices had moved above domestic levels in March, with the premium remaining above Rs1,000/50kg bag over most of May-August, while prices rose steadily. Importers who bought DAP during this period were counting on the continuing increase in domestic prices to secure positive margins when selling domestically. But domestic prices never equalled the peak of import prices in the second half of August and have now started declining. Domestic prices peaked in mid-October at Rs14,000/50kg bag ex-Karachi at the midpoint, equivalent to about $793/t cfr when using the latest $/Rs exchange rate. Any DAP imported above this level would sell at a loss domestically. The fall of domestic prices could be faster than the initial softening in cfr prices going forward. Suppliers will want to resist dropping prices to avoid high-cost imports wiping out profits made earlier in the year, but farmers that return to the market for the peak offtake season in November are pointing to the bearish international trend. Despite improving crop prices, the cancellation of the expected subsidy for DAP has hurt farmers' finances. Suppliers are holding onto healthy inventories, and some are understood to be eager to sell their stocks to avoid getting caught out by declining prices. Up to 440,000t of DAP has been brought into Pakistan by private importers since May, line-up data show. Some buyers have reported targeting import prices at $700/t cfr, a level not seen since mid-April. This would be equivalent to breakeven landed costs at Rs12,361/50kg bag ex-Karachi. If domestic prices drop by 9.4pc from current levels, unsold cargoes that were imported after mid-April would be selling at a loss. The decline in domestic prices is less likely to cause losses for suppliers of branded and domestically produced DAP, which sell at a premium to private importers. But higher raw material costs is likely squeezing margins for Pakistan's domestic DAP production. By Adrien Seewald Pakistan domestic DAP price VS cfr domestic equivalent Rs/50kg bag ex-Karachi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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EPA does not update court on biofuel timing: Correction

10/11/25

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10/11/25

EPA does not update court on biofuel timing: Correction

Corrects government shutdown's impact on court deadlines, and updates with new information throughout. New York, 10 November (Argus) — President Donald Trump's administration did not update a court on its timeline for finalizing new biofuel blend mandates, as a partial government shutdown slows down court cases and regulatory work. Biofuel groups Clean Fuels Alliance America and Growth Energy have repeatedly sued the administration over its delays, hoping that a court will require the Environmental Protection Agency (EPA) to set new biofuel quotas before year-end. Judge Timothy Kelly of the US District Court for the District of Columbia ordered the administration to provide an update on its timeline by 7 November. But in a filing that evening, the biofuel groups said they had not heard back from government lawyers. No timing update was provided. "It is the understanding of Clean Fuels and Growth Energy that counsel for defendants may currently be furloughed," they told the court. Kelly ordered the update before the ongoing partial government shutdown began. The DC district court later said in a general order that it would give the government more time to respond across all civil cases because of the funding lapse. Government lawyers had previously warned courts that the shutdown would sideline critical officials and make it hard to meet deadlines. But the government's lack of response to biofuel groups in the case is still raising fears of more prolonged delays updating a program that is important for producers of ethanol, renewable diesel and other biofuels and is popular among powerful farm-state Trump allies in Congress. EPA told Argus it was reviewing comments on its plan to make oil companies offset past program exemptions and "continues to work on final regulations" to establish new blend mandates. In past cases over biofuel program deadlines, biofuel groups and federal officials have negotiated new timelines or judges have ordered EPA to act by a set date. Clean Fuels said it would continue to ask the DC court to expedite the case and require the agency to publish a final regulation by year-end. Under the Renewable Fuel Standard, EPA requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. The program is crucial for the production margins of ethanol, renewable diesel and other biofuels and is popular among powerful farm-state Trump allies in Congress. EPA — required by law to set new mandates 14 months in advance of a new year — is late setting new quotas for 2026 and 2027. Even before the shutdown, the Trump administration told the DC court that developing a complicated plan to offset the impact of small refinery exemptions meant it might not be able to finalize new blend mandates until next year . Biofuel advocates fear that further delays would mean less ambitious final quotas, another hurdle for biorefineries that have cut run rates this year and for farmers hurting from this year's tariff fights. EPA has indeed been more cautious in the past when finalizing retroactive mandates since oil companies have less notice on volumes they must bring to market. Lawyers and lobbyists who closely track the program have also told Argus that delays raise the chance that major program updates — like a plan to halve program credits for fuels made abroad or from foreign feedstocks — are at least pushed back. Oil refiners have argued the half-credit idea is illegal and questioned how EPA could roll out a new feedstock tracking system in a matter of weeks. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Blending raises WTI quality concerns

10/11/25

News

10/11/25

Blending raises WTI quality concerns

Houston, 10 November (Argus) — Rising levels of natural gas liquids (NGLs) and corrosive additives are being blended into Permian light sweet WTI crude, prompting concerns about inconsistent quality in the absence of an agreed market standard. NGLs and other additives are being blended into WTI early in the production process as part of efforts to maintain profitability in the face of lower crude prices and rising production costs. But the higher NGL levels being blended upstream are increasingly causing problems downstream. One key problem is the lack of an acknowledged market standard for the amount of butane allowed in Permian WTI, participants heard at a Crude Oil Quality Association (COQA) meeting in San Antonio, Texas, in early October. Since NGLs occur naturally, it is also difficult to determine where the additional volumes are being introduced along the delivery line, conference participants heard. COQA efforts in the past led to industry adoption of light-end limits for Nymex-deliverable domestic crude and light sweet grade LLS. Elevated butane levels lighten a crude, but some refineries are not equipped to handle grades with a higher level of light-end yields, and this can lead to capacity bottlenecks at their processing units. Crude blended with NGLs can also take up more pipeline space relative to standard crude. Mercaptans — naturally occurring sulphur compounds — have also become a quality concern, although there is a lack of consensus on how the problem is arising. Mercaptans are harder to treat and remove than other impurities, pose corrosion risks and damage refinery catalysts. High mercaptan levels can make it harder to produce lighter products that meet quality specifications. The jet fuel produced can exceed the regulated maximum amount of sulphur. WTI volumes accepted in the North Sea Dated benchmark-setting process have a mercaptans limit of 75ppm. A US-wide standard has yet to be adopted, although some US pipelines from the Permian use the 75ppm limit to better align standards, including Plains' 600,000 b/d Epic and Phillips 66's 900,000 b/d Gray Oak to Corpus Christi lines. Plains recently informed shippers that it will charge a 50¢/bl premium if WTI mercaptans exceed the 75ppm limit on its lines. WTI intended for export also has to meet stricter quality specifications in relation to several metals and has an upper limit for Reid Vapor Pressure (RVP), which can be affected by increased NGLs blending. Variability in gravity, sulphur, mercaptans, metals and RVP levels can undermine export demand for WTI. Zinc contamination Quality issues are not limited to WTI. Elevated zinc levels in offshore US Gulf medium sour Mars led to the US Strategic Petroleum Reserve having to provide a crude loan to ExxonMobil. The problem also contributed to the widest discounts for Mars against Nymex-quality WTI since December. Chevron found that the quality problem was connected to the start-up of a new offshore well, but not before the contamination had disrupted trade. The Shell-operated Mars pipeline system comingles crude from a variety of deepwater US Gulf oil fields, which it carries into the Mars stream. Reports of unexpected wax content in onshore US crude also suggest that Uinta Basin crude is sometimes entering the onshore mix. Uinta Basin crude contains high levels of paraffin and is mostly transported by rail because otherwise it needs to be moved in heated pipelines. As crude prices soften, Permian wells mature and drilling shifts to less optimal rock formations, some quality variability seems likely and blending may increase, which could present more problems for refiners in the future. By Amanda Smith and Mykah Briscoe Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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CN rail shipments resume through Jasper, Alberta

Related news posts

Cop: IMO pushes forward with carbon pricing

Cop: IMO pushes forward with carbon pricing

European gasoline cracks hit 18-month high

European gasoline cracks hit 18-month high

DAP softening could catch Pakistani importers off guard

DAP softening could catch Pakistani importers off guard

EPA does not update court on biofuel timing: Correction

EPA does not update court on biofuel timing: Correction

Blending raises WTI quality concerns

Blending raises WTI quality concerns

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