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Latest oil products news
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US set to weaken methane rules for oil, gas
US set to weaken methane rules for oil, gas
Washington, 7 October (Argus) — President Donald Trump's administration is just "days" away from proposing more rollbacks to methane regulations on the oil and gas sector, US Environmental Protection Agency (EPA) administrator Lee Zeldin said on Wednesday. The upcoming proposal seeks to dismantle core parts of methane regulations finalized in 2024 under former president Joe Biden. EPA said that it plans to rescind a "super emitter" program that was meant to detect large methane leaks and propose new standards for low-producing "marginal" oil and gas wells, as part of broad regulatory changes the agency says will produce cost savings of $45bn. "This proposal takes on many of the problems American producers and operators have raised with us," Zeldin said at an oil industry event in New Mexico. "That includes the burden on marginal wells and oil and gas operators in general, the super emitter program, associated gas and control device requirements." The Biden administration expected the regulations would cut the oil and gas sector's emissions of methane — a potent greenhouse gas — by nearly 80pc below baseline levels. But Trump began chipping away at the methane regulations soon after taking office. Last year, EPA finalized an 18-month compliance delay, and EPA this year finalized a partial rollback it said would save operators $2.5bn over 15 years by letting them operate flares more often and cut back on flare gas testing. But EPA appears on track to continue regulating methane emissions from the oil and gas industry under the Clean Air Act. The oil and gas industry had lobbied the administration to preserve at least some methane regulations, in part out of fear that fully repealing the rules would threaten their market access in Europe. For power plants and vehicles, EPA has disclaimed its authority to regulate greenhouse gas emissions under the Clean Air Act. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
IEA discusses stock release, details still scant
IEA discusses stock release, details still scant
London, 7 October (Argus) — The IEA confirmed today that around 100mn bl of oil remains to be released from the emergency stocks pledged by its members in March, matching the volume announced by G7 leaders last week . But there is still no breakdown of which countries will supply the stocks or how much diesel will be released. IEA member governments today supported accelerating the outstanding releases "with a view to completing them as soon as possible". They also backed prioritising diesel stocks "to the extent possible" given current tightness in diesel markets. Around 325mn bl has already been released under the March collective action, with some countries releasing more than they initially pledged, the IEA said. Releasing all stocks pledged but not yet delivered would bring approximately another 100mn bl to the market, it added. The figures appear to confirm that the 100mn bl release announced by the G7 on 2 October represents the outstanding portion of the March programme rather than an additional commitment. The IEA initially announced a 400mn bl collective action in March and subsequently put members' planned contributions at 426mn bl. The G7 said the co-ordinated release through the IEA would begin immediately and take place over four months. It would include a "substantial" diesel release within the first 20 days by G7 members and partners. But neither the G7 nor the IEA has provided a country-level breakdown, specified how the 100mn bl will be divided between crude and refined products or quantified the diesel component. Trading firm Vitol's chief executive Russell Hardy said at the Energy Intelligence Forum on 6 October that the G7 announcement had not been "fully transparent" about what would be released and where. Hardy said some diesel would come from government-held stocks in the Netherlands, France and Germany and would provide some relief to the market. Tenders expected from national stockholding bodies over the next two weeks should reveal the volumes and locations, he said. The IEA said its members retain around 1.1bn bl of publicly held emergency oil stocks, including more than 200mn bl of diesel. The agency said it stands ready to release further stocks if required. Member governments will review the situation at the next scheduled meeting of the IEA governing board next week. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Asia to pull in more US, European bitumen
Asia to pull in more US, European bitumen
London, 7 October (Argus) — A price rally in Asia bitumen, supported by particularly tight supply from Singapore and South Korea, is drawing in much cheaper arbitrage cargoes from both Europe and the US. Price spreads between Asia and the rest of the world are now at multi-year highs, while tight supply in export hubs Singapore and South Korea looks set to continue through until at least the end of October, while Mideast Gulf supply remains heavily restricted by US sanctions and shipping limitations through the strait of Hormuz. Singapore bitumen prices had a premium of $263/t over Mediterranean cargoes and $361/t over US Gulf exports as at 2 October (see chart). Disruptions to crude supply via the strait of Hormuz have limited suitable crude feedstock for refiners in Asia, while a major Singapore refinery will further reduce supply this month as a result of maintenance. In the Mediterranean differentials to high-sulphur fuel oil (HSFO) have been falling through September as more supply became available, particularly from Greek, Italian and Spanish export points, while regional demand has been weaker on funding issues and some pushback on high outright prices after US-Iran tensions increased. Greek premiums to HSFO were around $30/t in August, but now Argus assessments stand at $7.50/t above HSFO. September and October would usually be among the busiest months for the European export market, before a winter slowdown when road works are reduced, but this year poorer funding and high outright prices have slowed demand. US Gulf prices are now particularly attractive and with seasonal paving and roofing demand starting to fall there — and with supplies ample — prices look set to remain weak. Strong margins have also led many US refiners to run at high rates and produce more bitumen, along with higher value products. Earlier this year the arbitrage to Asia also briefly opened , but now with the price premium in Asia higher, more cargoes are expected into the region through until at least November, according to traders. Import demand from Oceania and southeast Asian markets is expected to remain firm in the coming months because the peak road-paving season is now under way. Importers are actively seeking supply alternatives as traditional producers Singapore and Thailand have limited output. Argus assessed the fob Singapore ABX 1 at $830/t on 2 October, up by $26.50/t from the previous week. Singapore bitumen prices have climbed consistently since early September, thanks to firmer import demand from southeast Asian importers, particularly in Vietnam, as well as supply tightness. The fob South Korea ABX 2 assessment stood at $815/t on 2 October, up by $32/t on the week. ABX 2 prices have been climbing steadily since mid-August , owing to firmer buying interest from key consumer east China, where higher domestic offers and tight domestic output have supported the market. Movements include the 17,779 deadweight tonne (dwt) White Allegra heading from Greece, having loaded 11 September, and set to arrive at Singapore on 8 October, according to vessel tracking data. The 36,771 dwt Asphalt Synergy loaded in the US Gulf in mid-September and is expected to Tauranga, New Zealand on 15 October. The 36,754dwt White Pearl loaded a multi-port cargo from Tarragona, Spain, on 7 August, and made its final stop at Napier, New Zealand, on 6 October. The 13,265dwt Jin Zhou Wan is also expected to move to Oceania and loaded in the US Gulf on 26 September, while the 12,972 dwt Da Hua Shan arrived at Geelong in Australia on 3 October having loaded in Louisiana, US, in mid-August. By Jonathan Weston and Claire Ng Bitumen prices $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico price cap squeezes private gasoline imports
Mexico price cap squeezes private gasoline imports
Mexico City, 6 October (Argus) — Mexico's private gasoline imports fell by 34pc on the year in August as delivered gasoline prices rose by 45pc, while state-owned Pemex's pricing structure and the government's Ps24/liter ($5.06/USG) retail agreement continued to leave private suppliers with little room to compete. Energy ministry data show that private imports of gasoline, combining regular and premium, fell to 105,200 b/d in August from 159,600 b/d a year earlier. Their share of total gasoline imports dropped to 26.5pc from 36.2pc. Pemex's own imports rose by 4pc to 291,800 b/d, while total gasoline imports fell by 10pc to 397,000 b/d. Private imports rose by 80pc on the year in February and by 67pc in March, reaching 202,500 b/d and 190,300 b/d, respectively. They then fell below year-earlier levels, declining by 22pc in April and by 42pc in May. Volumes remained 33-40pc lower on the year from June to August, indicating that the post-March decline was not simply seasonal. Still, the January-August average was down by only 3pc, because of the high February and March volumes. The downturn coincided with a sharp rise in the US Gulf coast 87-octane waterborne delivered price for Mexico's east coast. The average price climbed from $1.85/USG in February to $3.13/USG in May, then eased to $2.88/USG in August, according to Argus assessments. The August price was still 45pc higher than a year earlier. Private importers and terminal operators have told Argus that Pemex's regular gasoline prices have at times been artificially low and difficult to compete with. Terminal operators also said volumes handled at their facilities had fallen well below customary levels as private companies imported less fuel. Pemex partly offset the decline in private supply. Its gasoline imports rose by 13pc on the year in May and by 42pc in June, while total gasoline imports were nearly unchanged in May and increased by 9pc in June. That points to a shift in the composition of imports, rather than an equivalent decline in imported supply overall, even as Pemex's refining output has increased. The tax-inclusive cost of 87-octane gasoline delivered to Mexico's east coast averaged Ps20.45/liter from January to 14 September, up by 8pc from the same period in 2025, according to Argus calculations. It reached Ps21.58/liter on 14 September, close to Pemex's regular terminal price of Ps21.68/liter. This left only Ps2.42/liter below the retail agreement before inland logistics and retail margins. Pemex sells regular gasoline at its more than 70 terminals at a single terminal price of Ps21.68/liter regardless of purchase volume. Premium is priced differently across terminals and carries a volume-based surcharge, with larger buyers paying lower increments. Private suppliers can still compete in premium gasoline, but its market is much smaller. Pemex's domestic premium sales averaged 143,500 b/d in January-August, down by 7pc on the year, while regular gasoline averaged 585,200 b/d, up by 16pc. In August, premium sales fell by 15pc and regular sales rose by 24pc from a year prior. Energy ministry import figures do not separate regular from premium, and Pemex's internal sales do not represent total national demand. The data therefore cannot quantify how much of the private import decline came specifically from regular gasoline. Still, the data show private suppliers losing share as Pemex raised its own imports and regular gasoline sales. By Antonio Gozain Mexico's private gasoline imports fall as prices spike Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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