Poland's 210,000 b/d Gdansk refinery is increasing production after completing scheduled maintenance earlier this month. Most of the units taken off line for between late February and early April have restarted, as planned, operator Rafineria Gdanska said on 7 April. Maintenance was conducted on crude and vacuum distillation units, a diesel hydrotreater, the MHC mild hydrocracker, a reformer, the jet fuel Merox and hydrogen generation units, and two sulphur recovery units. A second phase of planned maintenance at Gdansk takes the refinery's three base oil units off line from 8 April until mid-May. Rafineria Gdanska is a joint venture of state-controlled Orlen with 70pc and state-controlled Saudi Aramco holding 30pc. Orlen is planning maintenance on a hydrocracker at its 373,000 b/d Plock refinery in Poland from 13 May until 24 June. The Polish company's 63,000 b/d Kralupy refinery in the Czech Republic has been shut down for scheduled maintenance since mid-March and should restart in early May. Orlen's 190,000 b/d Mazeikiai refinery in Lithuania was off line for 30 days of planned maintenance last month.
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Mediterranean bitumen trade opens to Asia-Pacific
Mediterranean bitumen trade opens to Asia-Pacific
Singapore, 8 July (Argus) — A large bitumen cargo is heading from the Mediterranean to Asia-Pacific with economics for the trade now viable, and regional traders say more could follow. The 30,100 dwt Blacksmith , operated by trading firm Trafigura, loaded a 28,600t cargo from Aliaga (Izmir), Turkey on 17 June and is scheduled to arrive at Tanjung Langsat, Malaysia, around 10 July, according to vessel tracking data. Trafigura has storage at Tanjung Langsat, near Singapore. Importers in Asia-Pacific said the Europe-Asia arbitrage is only feasible for the largest tankers and cargo sizes. Recent oil price volatility could make the trade risky, according to traders, but there is no sign yet of the price spread between Singapore and the Mediterranean closing. Some traders expect further cargoes to make the route. Singapore prices were $184/t above those of the Argus Mediterranean bitumen index on a fob basis on 3 July. The spread was around $10/t in favour of Singapore at the start of June. Singapore prices continued to rise slightly this week, supported by higher bids and buying indications along with continued tight supply. The daily fob Singapore ABX 1 assessment hit $610/t on 8 July. Trafigura bid for a 4,000t cargo loading 23-27 July at $615/t fob Singapore on 8 July, including demurrage, on the Argus Open Markets (AOM) platform, but attracted no selling interest. The bid stipulated SRC and ExxonMobil supply only, and is understood to be part of a requirement to meet supply to Australia. Longer lead times for shipping cargoes from Europe to Asia-Pacific have kept traders concerned that Asian prices could fall by the time the cargo arrives at its destination. But Singapore supply is tight, which has supported export prices. July-loading supply is no longer widely available, and August-loading supply remains tight. At least one refiner has reported bitumen output disruptions because of feedstock issues. Crude slates suitable for bitumen production may take longer to reach Singapore, keeping supplies limited for now, market participants said. Most have refrained from fresh offers. Mediterranean bitumen supply has also been tight in recent weeks, particularly from Greece, as refiners grapple with the continued loss of much Mideast Gulf crude supply that is good for bitumen production. Greek refiner Motor Oil Hellas (MOH) has switched to lighter crudes and produced more jet fuel and diesel and less heavy products like bitumen. Mediterranean bitumen prices have been pulled lower by a fall in high-sulphur fuel oil (HSFO) values since early June, even with some firming of the differentials to HSFO at which bitumen cargoes trade. Singapore cargoes trade at outright values and historically have been more disconnected from HSFO moves. By Chloe Choo and Jonathan Weston Mediterranean v Singapore bitumen $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US resumes strikes on Iran after Hormuz attacks
US resumes strikes on Iran after Hormuz attacks
Washington, 7 July (Argus) — The US military carried out strikes on targets in Iran on Tuesday following Iranian attacks on vessels traveling along the southern portions of the strait of Hormuz. The US began "launching a series of powerful strikes against Iran", the Central Command, which oversees the Middle East-based US forces, said at 5:15pm ET. The US and Iran last exchanged fire on 27-28 June, also following Iranian attacks on vessels attempting to pass through Hormuz. Iran attacked three vessels traveling along the southern portions of the strait of Hormuz in the last day, including an LNG tanker and a very large crude carrier. The UK Maritime Trade Organization (UKMTO) subsequently raised the threat level in the Mideast Gulf waterway to "severe". The US and Iran signed an interim deal on 18 June that called for Hormuz to fully reopen to commercial traffic and for Tehran to receive sanctions relief. But the key terms of that deal are already unraveling well ahead of the 21 August deadline the two countries set to hash out final details of a peace agreement. Traffic through Hormuz held steady at around 30pc of pre-war levels in the week before the latest flare up of hostilities. The US administration earlier on Tuesday revoked an authorization allowing purchases of Iranian crude, refined products and petrochemicals. Tehran has been keen to preserve its control over the strait of Hormuz and has been attacking ships crossing close to the coast of Oman, in a section of the strait where the US and the International Maritime Organization have encouraged transits. President Donald Trump, who is in Ankara, Turkey, to attend a NATO summit, said on Tuesday, before the US attacks began, that "we have had some very good discussions" with Iran. US benchmark WTI crude futures rose on Tuesday after the spate of Iranian attacks and were trading above $72/bl before the US began the latest round of attacks against Iran. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Oil futures: WTI settles above $70/bl
Oil futures: WTI settles above $70/bl
Houston, 7 July (Argus) — US benchmark WTI crude futures rose today after an attack on an LNG tanker raised concerns about the pace of a return to normal shipping through the strait of Hormuz. August Nymex WTI rose by $1.89/bl to $70.44/bl while September Ice Brent rose by $2.17/bl to $74.16/bl. The September Brent-September WTI spread widened by 39¢/bl to $3.82/bl. WTI at the Magellan East Houston terminal was discussed at a prompt 5-15¢/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker, compared with Monday's 10¢/bl volume-weighted average premium. Prices rose further above $72/bl in after-hours trade Tuesday after US sanctions enforcers revoked authorization allowing purchases of Iranian crude and refined products, as the US-Iran interim deal signed last month began to come apart. An LNG tanker was hit on its port side while traveling southbound through the strait of Hormuz, triggering a fire on board. The attack occurred about eight nautical miles (15 km) east of Limah, Oman, according to the UK Maritime Trade Operations. Vessel transits using the Hormuz shipping lane near the Omani coast while broadcasting AIS slowed to a near halt following the strike. In addition, at least one laden and two empty LNG carriers have diverted away from the strait after the attack. Saudi Arabia's state-controlled Saudi Aramco has again asked its customers in Asia-Pacific to submit volume requests for August-loading term crude exports from Ras Tanura, after the recent increase in traffic through the strait of Hormuz raised the possibility of a revival of such exports. State-owned QatarEnergy appears to have recently offered prompt supplies of Qatari condensate in the spot market, marking the first such offers since the start of the US-Iran conflict. Elsewhere, the Cuban government is investigating the cause of another nationwide blackout, state-run power utility UNE said. Blackouts have become more frequent and longer in Cuba because of reduced access to imported fuel since the US has tightened an economic blockade of the island of 12mn people. The US imposed a blockade in January on Cuban crude and fuel imports from main supplier Venezuela following its 3 January overthrow of Venezuela's president, Nicolas Maduro, Cuba's foremost backer. In the US, the Energy Information Administration said Tuesday that the WTI benchmark will slide steadily to reach below $60/bl by the end of 2027 as the return of Middle East production puts the global market back into an oversupplied scenario. The agency also sharply lowered its 2026-2027 gasoline and diesel price forecasts. Nymex RBOB fell by 4.94¢/USG to $2.9539/USG while Nymex ultra-low sulphur diesel rose by 0.33¢/USG to $3.3017/USG. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran revives shipping attacks in Hormuz
Iran revives shipping attacks in Hormuz
New York, 7 July (Argus) — Iran attacked three vessels traveling along the southern portions of the strait of Hormuz in the last 24 hours, significantly raising the threat level to commercial shipping in the region, according to shipping security sources. The UK Maritime Trade Organization (UKMTO) raised the threat level in the strait from "substantial" to "severe" as of 17:05 GMT on Tuesday, the second-highest level on Joint Maritime Information Committee's threat scale, following the three attacks by Iran on commercial shipping in the region. The three attacks appear to have happened as the ships were crossing close to the coast of Oman, in a section of the strait where the US has encouraged transits to avoid Iranian claims of control. A very large crude carried (VLCC) was hit 16 nautical miles (nm) east of Khor Fakkan, UAE, while exiting the strait of Hormuz, according to UKMTO, while another tanker was struck 6nm off Musandam Peninsula, Oman, reporting minor structural damage. Neither of the vessels reported casualties and are proceeding to their next port of call. The third vessel attacked was an LNG tanker identified by Qatar as Al Rekayyat , which EOS Marine's head of advisory Martin Kelly claims in a social media post is now abandoned . The safety of the southern route through the strait, which had been seen as a relatively safe safe transit lane for the past two weeks by assistance from the US military, is now in serious question, according to maritime security firm Windward. Iran is "turning the screw on control of the strait of Hormuz" after the three ships were struck route "despite US air support", Kelly said. Following the attacks on Tuesday, the US revoked an authorization allowing purchases of Iranian crude and refined products , as the US-Iran interim deal signed last month shows signs of fracturing. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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