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

Vopak to repurpose part of Veracruz fuel terminal

  • Market: Chemicals, Oil products
  • 30/07/25

Dutch infrastructure firm Vopak plans to repurpose part of its 640,000 bl fuel terminal in Veracruz, Mexico, for chemical storage starting in 2026, citing a lack of steady demand for refined products storage.

A final investment decision is expected in the second half of 2026, pending permit approvals, chief executive Dick Richelle said during the company's first-half earnings call. Only part of the terminal will be converted; the rest will remain available for spot fuel deals, he added.

Vopak's terminal at the Veracruz port was originally designed for chemical storage but was later modified to handle refined fuels. In 2017, Koch Supply and Trading Mexico signed a multiyear agreement with Vopak to store 40,000 b/d of gasoline and diesel at the terminal. That contract is no longer in place, Richelle said, without naming Koch.

The terminal has made only a "limited contribution" to Vopak's earnings, a trend expected to continue through the rest of 2025, Richelle said. "We may get a spot deal here or there, but no firm commitments," he added.

Koch's refined fuel shipments to the Veracruz terminal stopped after November 2024, Vortexa data show. Since then, the terminal has handled only a handful of spot deals.

Veracruz is also home to two other private-sector terminals — Sempra's 2.1mn bl and Itzoil's 1.4mn bl terminals — in addition to two state-owned Pemex terminals with a combined storage capacity of over 6mn bl.

The location of Vopak's terminal and customs inefficiencies in the area have made tank truck logistics more difficult, market sources said.

By Cas Biekmann

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
11/12/25

IEA ups global crude runs forecast, driven by OECD

IEA ups global crude runs forecast, driven by OECD

London, 11 December (Argus) — The IEA has increased its forecast for global refinery runs for 2026, driven by a rise in OECD runs in response to strong refining economics, continuing loss of Russian supply of products and a growing global crude oil surplus. In its latest Oil Market Report (OMR), the agency increased its forecast for global crude runs in 2026 by 250,000 b/d to 84.4mn b/d. The IEA predicts crude runs in the OECD of 36.2mn b/d next year, up from 35.6mn b/d in its previous OMR. That increase means the organisation forecasts that OECD runs will drop by only 110,000 b/d on the year in 2026, despite an overall 860,000 b/d drop in OECD refining capacity in 2025-26. Strong refining margins particularly boosted European throughput in October, and the IEA expects that to continue into next year. Refinery profitability has reached the highest in recent weeks since the start of the conflict in Ukraine, caused by strong rises in crude supply and unexpected tightness in product markets, especially in middle distillates and gasoline. European throughput will reach 95pc of capacity next year, the IEA said. The IEA nudged up forecast runs in OECD Americas by 180,000 b/d to 19.2mn b/d. Higher refining margins should boost US throughput in the first half of next year, with further support found from increasing reliability in Mexican refineries. The IEA forecasts non-OECD runs at 48.2mn b/d, down from 48.5mn b/d in its previous report. Delays to the start-up of refineries in India, Iran and Angola — as well as ongoing works at KPC's al Zour refinery in Kuwait — weighed on forecast throughput. The body trimmed its forecast for Chinese runs in 2026, but said higher floating inventories of cheaper Russian and Iranian crude in Asia could cause Chinese runs and exports to rise next year. Predicted Eurasian runs held steady at 6.1mn b/d despite throughput falling to a three-year low in October. Preliminary reports suggest Russian runs recovered in November, the IEA said. Diesel supplies by pipeline for export from Russian ports could rise by 20pc on the month to 2.1mn t in December, traders said. Sanctions could provide further support to margins in 2026, the IEA said. That includes US sanctions on Russian and Iranian exports, as well as EU sanctions on products derived from Russian crude. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

Commodity rail shippers push for more train data

11/12/25
News
11/12/25

Commodity rail shippers push for more train data

Houston, 11 December (Argus) — Industrial shippers of commodities like grain and petrochemicals want federal regulators to widen the scope of proposed rules that would require Class I railroads to report more data on their on-time service performance. US rail regulator the Surface Transportation Board (STB) in September put the industry on notice that it intends to issue rules to require that each of the six biggest railroads, including Union Pacific and Norfolk Southern, report two new categories of performance data to the agency. The first would benchmark railroads' shipments against their original estimated time of arrival (OETA) and the second would measure "industry spot and pull" data, or ISP, to determine whether shipments are picked up and delivered within their planned service window. The board action aims to address rail shippers' long-running concerns that unpredictable rail service is a wild card in their supply chains, as many shippers rely nearly completely on rail to get their goods to market. The American Fuel and Petrochemical Manufacturers (AFPM), an industry group that lobbies for US refiners and petrochemical manufacturers, applauded the STB for working to address "chronic freight rail service failures." The OETA is meant to track a carrier's targeted arrival time when it dispatches a cargo and then flag the percentage of weekly shipments that reach their destinations no later than 24 hours after an intended target, the STB said in its proposal. The AFPM, whose members include companies like Dow, Occidental Chemical and Ineos who collectively ship about 2.5mn carloads a year, said OETA data should be broken out by region, terminal, and corridor "to reveal localized bottlenecks often masked by system averages." As proposed, the STB's OETA measurement would apply to manifest train service, where trains haul an assortment of railcar types, and not to unit trains, which exclusively haul one railcar type or bulk commodity, such as coal, grain or crude. Grain shippers and the US Department of Agriculture disagreed with the STB's decision to exclude unit train shipments from the OETA measurement. The National Grain and Feed Association, whose members include Archer Daniels Midland, Bunge and other biofuels makers, said that late unit train deliveries of commodities like grain, ethanol or coal "can result in proportionally greater harm to the shipper/receiver" than smaller manifest shipments. The USDA agreed that unit train shipments should be included in the OETA measurement, and pointed out that about 75pc of US railed corn and soybean shipments in 2023 traveled in trains hauling more than 75 railcars, which would not be captured by manifest shipment data. Demand for agricultural products is highly seasonal, and missed delivery windows "can halt processing lines, disrupt export programs, and force shippers to carry excess private car inventory to buffer uncertainty," the agency said. The Association of American Railroads (AAR), which lobbies on behalf of Class I railroads, pushed back on industry requests to widen the OETA to include unit train shipments, and told the STB that several railroads do not currently generate the metrics. Adding the reporting requirements "would add regulatory burden, waste resources, and misrepresent service on the network," the AAR said. By Chris Baltimore Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Q&A: Huntsman sees stronger 2026 on US, China recovery

11/12/25
News
11/12/25

Q&A: Huntsman sees stronger 2026 on US, China recovery

Bahrain, 11 December (Argus) — Chemicals producer Huntsman expects 2026 to bring a steadier business environment, with tariff-related uncertainty easing and interest rates stabilising. Speaking to Argus on the sidelines of the 19th Gulf Petrochemicals and Chemicals Association (GPCA) forum in Bahrain, chief executive officer Peter Huntsman said the company sees gradual improvement in the US construction sector, anticipates a recovery in consumer confidence in China, and is implementing price increases to address the ongoing pricing pressure in Europe. In your latest earnings report, you mentioned continued weakness in the construction and industrial sectors, particularly in Europe. Today, you also spoke about high interest rates in the US. Do you expect these headwinds to improve in 2026? During last year's construction season, we faced higher interest and mortgage rates along with significant economic uncertainty — particularly in spring 2025 around tariffs. That created a lot of volatility and questioning in the US economy. In 2026, I don't expect that same tariff-related uncertainty. I think the waters have settled, and people have adjusted to interest rates. They may even decline a little, or at least stop rising. So overall, I expect the business environment in 2026 to be better than in 2025. Huntsman cited pricing pressure across the portfolio in the third quarter. What trends are you seeing this quarter, and are certain product lines or markets feeling the impact more than others? Most of the pricing pressure is in Europe, where there is little growth and people are producing more than what the market can absorb. So there is a price war going on. We don't see this dynamic in North America or China. We are currently implementing a series of price increases in the European market to address this. You've noted that Europe's chemical sector requires greater collaboration in light of higher energy costs and regulatory hurdles. What type of collaboration works best and how is Huntsman positioning itself? We expect energy-intensive chemical production — aromatics, olefins, and other basic raw materials — to continue shifting out of Europe. These materials will increasingly be produced in the Middle East, China, and the US, and then imported into Europe. European producers will focus more on downstream activities such as formulation and blending. That's the type of collaboration and restructuring I'm referring to. You'll see capacity closures in Europe and more investment in the Middle East, China and North America. Turning to China, how are weak consumer confidence and excess capacity impacting your margins and demand? Our businesses in China are currently the strongest we have globally, in both consumption levels and margins. I expect the Chinese economy to improve next year as consumer confidence gradually recovers. I believe 2026 will end stronger than 2025. Regarding Europe's regulations — such as REACH and sustainability policies — are these a greater challenge than energy costs? Regulations are the easier of the two to control, but high energy costs — especially LNG — will take longer to resolve. Both, however, are significant drags on the European economy. Europe could change how it operates if it chose to, but so far we hear more discussion than action. How do US tariffs and export controls impact your business, especially in China? We produce a lot of products in China and a lot in North America, but we don't trade much between the two; products made in China largely stay in China, and products made in North America stay in North America. The same is true for Europe. So tariffs don't significantly affect our raw materials. They do affect our customers, though, particularly in sectors like the automotive sector, where manufacturing is now shifting to the US. Some of their assemblies are moving there as well. For us, the total volume may remain the same, but we see changes in where that volume is produced and consumed. So we are seeing tariffs impact our customers, but not on our raw materials. Looking ahead to next year, which segments do you expect to drive the most growth, and how will you prioritise investments? We expect continued recovery in aerospace and in materials sold into the tech and semiconductor industries, for cleaning solutions and similar applications. Insulation and energy-conservation products should also perform well. We anticipate a gradual improvement in US construction in 2026 as well. How is Huntsman actively positioning itself for the clean-energy transition? Are there any new pilot projects, near-term targets, or strategic investments underway? We will continue producing highly energy-efficient materials and inputs for insulation, solar, electrical-grid infrastructure, EVs, and more. These will remain growth areas for us. But many publicly stated targets — for example, Europe selling only EVs within a few years — are unrealistic. Consumers aren't adopting EVs at the expected pace, and governments shouldn't force them. When I say the conversation [around sustainability] isn't based on reality, I mean that we cannot eliminate hydrocarbons entirely. Claims that we can move "beyond petroleum" are not realistic. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

German B7 diesel premiums surge on quota rise

11/12/25
News
11/12/25

German B7 diesel premiums surge on quota rise

Hamburg, 11 December (Argus) — Traders in Germany are offering B7 diesel for January at a €10-17/100l ($11.70-19.92/100l) premium to December prices, a record high for the period, as a result of an increase in Germany's CO2 levy and greenhouse gas (GHG) quota. The offered premium is significantly higher than Argus ' estimates of €8.50/100l for B7 diesel (see chart) for the period, likely because traders have priced in some market uncertainty as they were waiting for the transposition of the EU's Renewable Energy Directive (RED III) into national law. The vote by the German federal cabinet yesterday to implement RED III should provide some clarity on the legal framework for 2026, although some grey areas remain. The GHG quota will rise to 12pc in 2026 from 10.6pc currently, requiring companies to submit more GHG certificates when selling fossil fuels. The vote confirmed market participants' expectation that advanced fuels can no longer be double-counted towards fulfilling the GHG quota. The removal of this double-counting provision could make blending biofuels more attractive and raise prices for both biofuels and GHG certificate transfers. Market participants also expect a decline in biofuel imports from Asia-Pacific, as some imports from the region are unlikely to meet the criteria to generate European GHG certificates. This is because of the planned cancellation of the 'legitimate-expectations' rule, which currently protects buyers of illegitimate GHG certificates from having them revoked. Lower Asia-Pacific volumes will affect biofuels' availability in Europe and likely support prices. Some uncertainty about the specific design of the sub-quota for renewable fuels of non-biological origin (RFNBOs), such as e-fuels and green hydrogen has also been lifted. A November draft included a penalty of around €120/GJ for non-compliance with the RFNBO sub-quota, instead of the previously proposed €70/GJ. The cabinet meeting on 10 December confirmed this higher penalty. But some traders remain uncertain on which price to use for the CO2 levy next year, with some using a CO2 price of €68/t of CO2e for their calculations — the price set for companies unsuccessful in a new CO2 auction system for the levy. The CO2 levy will transition next year from a fixed-price model, currently at €55/t of CO2e, to an auction system where the price of an emission allowance can fluctuate between €55/t and €65/t. One emission allowance corresponds to one tonne of CO2 equivalent. Companies that are unsuccessful in auctions can subsequently buy emission allowances at a fixed price of €68/t. The price could also be even higher in the secondary market for companies that do not participate in auctions. But there is some uncertainty about the auction process. The auctions will not start until next summer and the specific CO2 costs will not be fully clear until then. Some traders are so planning additional cash reserves to cover any increases in payments. This is also why some fuel suppliers are still holding back on announcing January prices because of these regulatory uncertainties, further increasing market uncertainty. But the cabinet decision yesterday could push traders to finalise their pricing for January. Reported premiums for heating oil are between €2.50/100l and €4.50/100l, which is roughly in line with Argus ' calculations. By Marcel Pott CO2 levy per 100l € Kosten pro t CO2 B0/HE B7 E5 E10 45 € 12,04 11,21 10,43 10,07 55 € 14,72 13,70 12,75 12,31 65 € 17,40 16,19 15,07 14,55 68 € 18,20 16,93 15,76 15,22 B7 with 6.8l FAME; E5 with 4.8l ethanol and E10 with 9.66l ethanol GHG compliance costs per 100l € B0 B7 E5 E10 2025 9,13 9,70 6,83 6,74 2026 16,33 14,99 11,68 10,72 Compliance with the GHG quota through blending and purchasing certificates, compliance with the RFNBO mandate through penalty Cumulative costs of GHG quota and CO₂ levy Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Supply surplus masks regional market tightness: IEA

11/12/25
News
11/12/25

Supply surplus masks regional market tightness: IEA

London, 11 December (Argus) — A large global oil surplus is masking regional tightness in crude and products markets, the IEA said today. In its final Oil Market Report (OMR) for 2025, the IEA said oil prices have only fallen modestly despite the large supply overhang because of "diverging dynamics" across crude, NGLs and products in different regions. This disconnect "notably reflects the high share of exports subject to sanctions (15pc of crude and 11pc of products), lengthening of supply routes and a tight refining system," it said. The IEA's global oil supply and demand balances imply a 3mn b/d supply surplus in the fourth quarter of 2025, and more than 3.8mn b/d in 2026. While oil on water has been rising and inventories building in China — global observed inventories rose by 1.4mn b/d in October, to a four-year high, and preliminary data show a further increase in November — there has been a notable absence of stock builds in key Atlantic basin pricing hubs, the IEA said, which is supporting prices and keeping crude futures in backwardation. In products markets, refinery outages and a coming EU ban on imports of products derived from Russia crude has led to three-year high refining margins in November, the IEA said. This trend could continue in 2026 given "limited spare refining capacity outside of China." The IEA said NGLs are increasingly comprising a large share of the overall liquids supply surplus, limiting the overhang's effect on crude prices. The IEA upgraded its 2025 consumption growth forecast by 50,000 b/d to 830,000 b/d, based on an improving macroeconomic outlook and subsiding anxieties about trade tariffs. This would bring overall demand in 2025 to 103.92mn b/d. The IEA's first oil demand growth forecast for 2025, made in April 2024, had consumption growing by 1.15mn b/d. The IEA also upgraded its 2026 demand growth forecast by 90,000 b/d to 860,000 b/d, which would bring total demand to 104.79mn b/d. The IEA lowered its supply growth projection for 2025 by 100,000 b/d to 3.05mn b/d and for 2026 by 30,000 b/d to 2.45mn b/d. These were mainly because of disruptions to supplies in sanctioned countries such as Russia and Venezuela, the IEA said. This leaves supply forecast at 106.18mn b/d in 2025 and 108.63mn bd in 2026. The IEA said Russia's crude output fell by 210,000 b/d in November to 9mn b/d, which is 500,000 b/d below its Opec+ target for the month. Russia's oil exports fell by about 400,000 b/d in November to 6.9mn b/d, "as buyers assessed the implications and risks associated with more stringent sanctions." Venezuela's crude output fell by 150,000 b/d to 860,000 b/d "as sanctions and rising geopolitical tensions with the US limited the country's ability to market its oil," the IEA said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Related Products

Argus Methanol

Argus Methanol

Key contracts, spot price assessments, news and analysis for the methanol market on a daily basis
Find out more

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 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 Asphalt Forward Curves

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

Argus O.M.R. Fuels

Germany's robust and comprehensive basis for supply contracts
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