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MGO prices outpace fuel oil in Europe on tight supply
MGO prices outpace fuel oil in Europe on tight supply
Sao Paulo, 28 July (Argus) — Marine gasoil (MGO) prices are rising faster than very-low sulphur fuel oil (VLSFO) and high-sulphur fuel oil (HSFO) values in Europe, supported by tight prompt supply. MGO prices in the Amsterdam-Rotterdam-Antwerp (ARA) hub rose by 73.5pc between the start of the US-Iran war on 28 February and 27 July, Argus data showed. This compares with a 38pc increase for VLSFO and a 27pc increase for HSFO in the same period. In the Gibraltar-Algeciras-Ceuta (GAC) hub, prices for MGO rose by 64.5pc, while VLSFO values firmed by 42pc in the same period. HSFO prices rose 27pc in Gibraltar. Market participants attributed the differential between the fuels to tight prompt supply stemming from Russian diesel exports hitting at a 10-year low and reduced refinery output. Around 22,560 t/d loaded at Russian ports on 1-21 July, according to data analytics platform Vortexa, down from 62,000 t/d in June, the lowest daily average for any month in at least 10 years. The war in the Middle East has also changed bunkering and cargo flows in Europe and Africa, and renewed hostilities in the Red Sea increasing ship diversions through the Cape of Good Hope . Meanwhile, diesel stocks in Europe are decreasing. Diesel and other gasoil stocks held independently in Amsterdam-Rotterdam-Antwerp dropped by 2.6pc to 1.64mn t, their lowest since August 2022, as there were no imports during the week. Marine fuels supplier Peninsula warned that these renewed tensions could create a "perfect storm" for ship operators by increasing bunker fuel demand to cover the detour. To re-route via the Mediterranean also would mean to increase MGO or biofuel demand, since the region is an emission control area (ECA), the company said. MGO demand is usually firm in Europe because of ECAs operating in the Mediterranean Sea, the North Sea and the Baltic Sea. Regulations require shipowners to burn fuel with up to 0.1pc sulphur content, hence restricting fuel specifications or requiring the installation of a scrubber to reduce sulphur content. Ultra-low sulphur fuel oil (ULSFO), traded at a discount compared with MGO, is also an option that comply within the ECA, but the grade has yet to gain significant market share because buyers are concerned about quality issues and availability outside of Europe, leaving MGO as the preferred option to comply with the ECA. By Natália Coelho MGO vs VLSFO bunker fuel prices in Europe $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Climate crisis reaching national emergency levels: UN
Climate crisis reaching national emergency levels: UN
Edinburgh, 28 July (Argus) — The human and economic costs of the climate crisis are reaching national emergency levels and countries must leave coal, oil and gas behind faster, UN climate body executive secretary Simon Stiell said today. Climate-driven disasters, including wildfires in France and Spain, are reaching nightmare proportions, Stiell said, adding that the costs of the world's dependence on fossil fuels — coal, and oil and gas — is spiralling upwards. "These record-breaking wildfires tearing through France, Spain and other parts of Europe, forcing mass evacuations and hammering regional and national economies, follow brutal heatwaves that have dried out landscapes," he said. Last month was the second-warmest June on record globally , and the hottest June recorded in western Europe, EU earth-monitoring programme Copernicus said earlier this month. This reflects a climate system continuing to accumulate heat, resulting in increasingly intense heatwaves, a persistently warm ocean, and growing risks for people, ecosystems and infrastructure, Copernicus said. French president Emmanuel Macron said the fires the country is experiencing are the most severe since the Second World War, with 116,000 hectares already burned so far this year. Spanish president Pedro Sanchez said his country is battling 10 major fires and has lost around 170,000 ha to the wildfires — a six-fold increase compared with the same time last year. Wildfires can account for a significant source of atmospheric pollution, including CO2. Emissions from fires in Europe had already reached a record high in 2025, with Spain contributing around half of the total, according to the European State of the Climate report. And wildfires lead to forests absorbing less CO2. "The science on the cause is unequivocal: global heating, driven by humanity burning colossal amounts of coal, oil and gas, is making protracted heatwaves, severe floods and violent mega-storms more frequent, more intense and more costly," Stiell said. "What needs to be done is equally clear: leave coal, oil and gas behind faster, scale up renewables and protect people where the impacts are already hitting hardest, he said. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi product cargoes reroute via Suez on Houthi risks
Saudi product cargoes reroute via Suez on Houthi risks
Dubai, 28 July (Argus) — Three product tankers loaded at Saudi Arabian Red Sea ports and bound for Asia-Pacific and east Africa have turned north towards the Suez Canal, as Houthi-related threats to shipping prompt charterers to reassess passage through the Bab el-Mandeb strait. The tankers appear to have abandoned planned transits through Bab el-Mandeb, at the mouth of the Red Sea, after the Yemen-based, Iran-backed Houthis militant group announced a 'maritime ban' on Saudi Arabia on 20 July . The Seferis loaded around 46,000t of gasoline from the 400,000 b/d Samref refinery at Yanbu on 21 July and while it is signaling Mombasa, Kenya, as its discharge destination with estimated arrival on 3 August, ship-tracking data from Kpler show the tanker is now heading north towards Suez. Fixture lists showed state-controlled Aramco Trading (ATC) had chartered the Seferis on 15 July to ship 90,000t of gasoline from Yanbu for delivery to east Africa. Two Saudi Red Sea naphtha cargoes initially lined up for Japan have since shifted west. The Hafnia Experience was chartered by Aramco Trading Singapore on 21 July to carry around 55,000t of naphtha from the Red Sea, with arrival initially expected on 20 August. It loaded at the 400,000 b/d PetroRabigh refinery on 25 July but ship-tracking data from Vortexa now show New York as its discharge destination. The Torm Innovation loaded about 58,000t of naphtha at Yanbu on 23 July with Japan initially indicated as its destination, but it has since transited the Suez Canal and is now on route to Spain. The tankers were fixed before the latest Houthi escalation and would ordinarily head south from Saudi Arabia's Red Sea ports through the Bab el-Mandeb strait to Asian or east African markets. Retaining their original destinations would require routing through Suez and around the Cape of Good Hope, potentially adding around a month to the voyage along with higher freight costs, according to market participants. Saudi naphtha flows through Bab el-Mandeb had picked up sharply earlier this year, an hit around 433,000t in May with most heading to Indonesia, Singapore, Malaysia and South Korea. Volumes were around 370,000t in June but just 76,000t so far in July. A similar decline is visible in gasoline, with Saudi exports through Bab el-Mandeb falling to 128,000t in July from 381,000t in June. Saudi Arabia's Red Sea ports had taken on a larger role in regional supply after the US-Iran war effectively shut the strait of Hormuz, lifting southbound flows through the Bab el-Mandeb between March and June. But no tankers carrying Saudi gasoline or naphtha appear to have transited the strait since the Houthis 'maritime ban' announcement. Market participants also expect more Saudi Red Sea diesel to move west through Suez . Adding to the uncertainty, the Houthis on Saturday claimed strikes on Saudi Aramco facilities at Jizan and Yanbu, with satellite imagery indicating fire at two storage tanks . The extent of any damage remains unclear, but traders point to potential delays in product loadings from the terminal. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia to fund study on new Perdaman oil refinery
Australia to fund study on new Perdaman oil refinery
Sydney, 28 July (Argus) — Australia's federal government and the Western Australia (WA) state administration have pledged to co-fund a A$4mn ($2.7mn) pre-feasibility study into a proposed new oil refinery near the WA city of Karratha. The refinery of unknown capacity was proposed by fertiliser company Perdaman and would be built in WA's Pilbara region, adjacent to the majority of Australia's 924mn t/yr iron ore industry , a key user of gasoil for transport and mining operations. Gasoil imports to the harbours at nearby Port Hedland and Dampier were around 40,000 b/d and 21,000 b/d last year, according to data from vessel-tracking firm Kpler. A fuel refinery would build resilience into WA's energy system and keep the A$90bn mining industry running despite any future shocks, the state's energy minister Amber-Jade Sanderson said on 28 July. The Australian government included A$10mn in its latest federal budget to support feasibility studies into new or expanded refining capacity around three months after the US-Iran war begun. The studies are to be co-funded with state and territory governments. Australia held 32 days' worth of gasoil consumption, equivalent to 22.23mn bl worth of stocks in-country or within its exclusive economic zone on 21 July, latest government data show. Australia also held 42 days' worth or 11.41mn bl of gasoline stocks and 32 days' or 5.61mn bl of jet fuel. The WA government was the first state to create its own gasoil reserve in April with the purchase of around 25,000 bl to be stored at Wyndham in the Kimberley region. The state added around an additional 75,000 bl later that month to reserves based in Esperance and Kwinana. The state governments of South Australia and Victoria have also since created their own reserves. Perdaman is constructing its 2.3mn t/yr Project Ceres urea plant on the Burrup peninsula north of Karratha, which has an uncertain first production date but could be as early as 2027 . Refining downturn WA formerly hosted the 146,000 b/d Kwinana refinery which was Australia's largest when it was closed by BP in 2021 and converted into a products import terminal. The company had proposed building a plant to produce 10,000 b/d of renewable diesel and SAF from renewable feedstocks, but froze the development last year citing uncertainty around government biofuel policies. BP also cancelled a proposed 105MW H2Kwinana renewable hydrogen plant in June, after failing to secure state subsidies for the project. Australia's refining capacity fell to 229,000 b/d between 2013 and 2021 following major facility closures, with total refining capacity closures since 2013 exceeding 570,000 b/d. Remaining ventures are the 128,000 b/d Geelong refinery in Victoria, operated by domestic refiner Viva Energy and the Ampol-run 109,000 b/d Lytton plant near Brisbane city. By Tom Major and Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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