Bitumen / Asphalt
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Global bitumen and asphalt spot prices are influenced by changing supply and demand fundamentals, VGO and crude prices. Argus is the only provider of global bitumen and asphalt spot prices assessed by a global team of reporters, based on market trade. Spot price coverage includes regional truck, rail and seaborne prices.
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No upstream gain from US' Venezuela intervention
No upstream gain from US' Venezuela intervention
Washington, 5 January (Argus) — The largest US military intervention in Latin America in decades will not significantly boost Venezuela's oil production in the short or medium term even though the White House is improvising a new, oil-centered approach to Caracas. US president Donald Trump has deployed US special forces to remove Venezuelan president Nicolas Maduro from power and transport him to face drug trafficking charges in a US court in New York. But the Trump administration has decided to work with the remnants of the Maduro government, calculating that it will now bend Caracas to its will to address US immigration concerns and to carve out a bigger foothold for US companies in Venezuela's oil industry. "We're gonna have the big oil companies go in, and they're gonna fix the infrastructure, they're gonna invest money," Trump told reporters Sunday night. Like many of Trump's initiatives, his Venezuela policy falls into the category he once called having "concepts of a plan" — a complex endeavor where he outlines an end goal but not the means of getting there. A meaningful turnaround in Venezuela's upstream industry requires costly repairs to basic energy infrastructure covering everything from pipelines to power supplies, as well as access to the latest equipment and a skilled labor force that is ready to go. Venezuela's opposition, centered around Maria Corina Machado, laid out a detailed plan for opening Venezuela's oil industry to foreign investment. The plan had the input of former PdV executives and Venezuelan economists forced into exile. But the Trump administration has signalled it has no desire to help Machado take the reins of power in Venezuela. "What we want to do is fix up the oil, fix up the country, bring the country back, and then have elections," Trump said, expressing doubts about Machado's capacity to govern the country. Machado is "fantastic" but "we have short-term things that have to be addressed right away," by working with the existing government, US secretary of state Marco Rubio said on Sunday. The "short-term things" on the Trump administration's agenda almost certainly involve Venezuelan migrants living in the US, whom it wants to return to Venezuela. Trump on Sunday night doubled down on his comment that the US would "run" Venezuela under its interim president Delcy Rodriguez, who served as Maduro's vice president and oil minister. "We need total access," Trump said, outlining his demands for Rodriguez. "We need access to the oil, and to other things in their country that allow us to rebuild their country." Serving as a loyal servant of Washington would be quite a departure for the regime that made "anti-imperialism" a key tenet of its messaging in the past 27 years. For now, key figures of the regime, including interior minister Diosdado Cabello, are rallying behind Rodriguez, who expressed willingness to cooperate with the White House before being sworn in as the interim president on Monday. Rodriguez took the oath of office in the presence of her brother, the powerful National Assembly president Jorge Rodriguez and Maduro's son Nicolas. Rodriguez immediately signed a decree granting "extraordinary powers" to Cabello-led police forces and to the military, led by defense minister Vladimir Padrino. Maduro on Monday made his first appearance at the US District Court for the Southern District of New York, pleading not guilty to the US criminal charges and declaring himself a "prisoner of war". Rodriguez has so far not named a replacement for herself in the position of oil minister. PdV operations continue apace. A Chevron representative in Caracas told Argus , "PdV is bulletproof!". Venezuela's crude output was 934,000 b/d in November, according to an average of Opec secondary sources including Argus . An embargo on Venezuelan crude shipments transported by tankers sanctioned by the US remains in place. But as many as 16 tankers are believed to have left Venezuela in defiance of the US blockade since Maduro's capture, according to vessel tracking website TankerTrackers.com. A sustained disruption to Venezuelan oil exports would primarily affect the global heavy-sour crude market. Chinese independent refiners are preparing to switch to Iranian, Russian or unsanctioned grades, or even lowering their run rates if Venezuelan crude becomes unavailable. Any reconfiguration of Venezuela's oil industry would pit the US against China, whose state-owned firms have been unable to collect on $12bn worth of loan-for-oil schemes because of the US sanctions and Venezuela's falling output. Then there is also the matter of potentially getting the US military involved in another quagmire that Trump has vowed to avoid after costly US engagements in Iraq, Afghanistan and Libya. The Trump administration says that its military operation in Venezuela is in fact not a military operation but a domestic law enforcement matter that requires no consent from Congress. "The whole foreign policy apparatus thinks everything is Libya, everything is Iraq, everything is Afghanistan," Rubio said. This is not the Middle East, and our mission here is very different. This is the western hemisphere." By Haik Gugarats and Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela raid has little impact on asphalt, so far
Venezuela raid has little impact on asphalt, so far
Houston, 5 January (Argus) — The weekend's US capture of Venezuelan president Nicolas Maduro is unlikely to have an immediate impact on the Americas asphalt market. Venezuelan asphalt is still sanctioned, and some market participants do not expect a new waiver anytime soon. Uncertainty around who will run the Venezuelan government also complicates the picture. US president Donald Trump said Washington would temporarily run the country and overhaul its oil sector, but US secretary of state Marco Rubio has since clarified that the US will seek to influence Caracas' policy decisions rather than take over the administration. The US will maintain its "oil blockade" against Venezuela to maintain leverage, Rubio said. Chevron remains the only company with a US waiver to import Venezuelan crude, which supports asphalt production. Chevron imported about 120,000 b/d of crude from Venezuela to the US in December, based on data from Kpler ship tracking. A rise in Chevron's US crude imports could be the first step that could potentially change the asphalt market. US Gulf refiners' appetite for heavy crude remains strong, as Pemex has reduced total exports and increased refinery run rates . Rising Venezuelan crude exports to the US would likely result in more asphalt production, which in turn could pressure US asphalt prices. Gulf asphalt slipped to $315/short ton (st) on 2 January, its lowest level since early February 2021. Prices have been pulled down in recent weeks by declining crude values, a widening light-heavy spread and pressure from rising Colombian asphalt exports. Colombia has filled the gap left by Venezuela and started to boost production, storage and marketing capacity of asphalt last year . The country exported nearly 550,000st of asphalt in 2025, a 20pc increase from 2024 and nearly double 2022 exports. Venezuelan exports, meanwhile, rose last year by 62pc to about 489,000st following a sanctions waiver that was revoked in May. Should Venezuelan asphalt return and Colombia continues to boost its production, buyers could see significantly lower prices. "All roads lead to lower asphalt prices, it's just a matter of when," one market participant said. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: California asphalt supply in limbo
Viewpoint: California asphalt supply in limbo
Houston, 2 January (Argus) — The potential closure of US independent Valero's 145,000 b/d refinery in Benicia, California, this spring is expected to boost asphalt trade flows and prices as buyers seek supply from farther afield. Valero in April 2025 said it planned to close or repurpose Benecia by April 2026. The plant produces roughly 400,000 short tons/yr of asphalt, according to market participants, accounting for about 35pc of total asphalt production capacity in the state. Benecia is the only local source of supply for the northern California market. The next closest producer is near Bakersfield in central California, about 280 miles from the San Francisco market. Bay Area retail asphalt prices are expected to rise as buyers shift to delivered rail volumes from the Rocky Mountains or Canada to make up for the shortage. Other North American rail markets could also see upward price pressure, with more volume directed to the US west coast. Bay Area rack prices averaged roughly a $200/st premium to rail values in the Rockies during 2025 and this week have been in the $470-$510/st range. A supply disruption could push prices rapidly higher. The last major disruption out west was in March 2022, when a fire damaged the 58,000 b/d Billings, Montana, refinery, which at the time was owned by ExxonMobil. Wholesale rail values in the Rockies rose to a 14-year high of $612.50/st in July 2022, a 39pc increase from March of that year. Asphalt production capacity in California totals 25,950 b/d or about 4,600 st/d , 15pc below 2020 levels and nearly 50pc below 2015 levels, according to US Energy Information Administration data. US west coast receipts of Rockies asphalt rail shipments totaled about 1.97mn bl or 351,785st through September 2025, 33pc above flows during the same period in 2015. Canadian rail volumes destined for the US west coast have also been on the rise recently. About 61,000 bl or 10,892st of Canadian asphalt landed on the US west coast in September, 9pc above September 2022 flows and the highest level for the month since 2018. Asphalt goes west The pending loss of production has spurred several companies to enter the wholesale asphalt market to fill the supply gap. Construction firm Teichert is developing a new terminal in West Sacramento, California, after purchasing a former fertilizer facility with rail and waterborne access. The facility has access to a deepwater shipping channel, and market participants have noted the possibility of waterborne imports if the economics are favorable. The most recent US west coast waterborne import was in August 2024 when a ship carrying Venezuelan asphalt landed in Portland, Oregon, according to Kpler data. Some market participants said California has never received a waterborne asphalt import. Asphalt terminal operator Ergon and San Joaquin Refining in August announced they had started discussions for a potential strategic partnership, and other suppliers have been heard looking at building tanks in or near California to supply the market. Valero also operates an asphalt terminal with rail access, a truck rack and storage capacity of about 300,000 bl in Pittsburg, California, and some market participants have noted the potential expansion of the site could boost rail flows into the terminal as well. Further south, Marathon Petroleum plans to produce asphalt and construct a truck-loading rack at its 365,000 b/d Los Angeles refinery in Carson, California, according to a project overview released by the company. An increase in asphalt production would likely not be seen immediately, however. Market participants expect Marathon's project to take roughly two years to complete because of the lack of existing asphalt infrastructure at the refinery and California's strict regulatory environment, and that additional source of supply would still be nearly 400 miles from San Francisco. By Cobin Eggers Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Brazil’s asphalt demand to grow in 2026
Viewpoint: Brazil’s asphalt demand to grow in 2026
Sao Paulo, 29 December (Argus) — Brazil's asphalt demand in 2026 is expected to surpass this year's level but is unlikely to reach the record set in 2024. Brazil's asphalt market is on track to close 2025 with sales of around 2.5mn metric tonnes (t), according to industry estimates, down from a record 3.17mn t in sales in 2024. Market participants expect a modest increase in 2026, with volumes projected to reach 2.6mn t. The anticipated growth is mostly related to Brazil's upcoming presidential elections, which traditionally spur government spending on roadworks and public infrastructure as part of campaign-driven investment cycles. While election years typically boost asphalt consumption, market participants are not expecting a dramatic surge on par with 2024. Borrowing costs remain at their highest levels since 2006, a factor that can diminish private investment in roads. Reduced budgets will also play a part in 2026 demand. Congress last week approved the annual budget bill , which reduced the transportation ministry's budget to R52.2bn ($9.4bn). Infrastructure spending will fall to R18.75bn in the coming year, down by about 36pc from R29.3bn in 2025. Funds allocated for the National Department of Transport Infrastructure (DNIT) in September, which takes responsibility for most paving projects in the country, also decreased in comparison to 2025. The amount allocated dropped to R11.7bn from R12.1bn this year. Budget cuts and delayed spending approvals reduced asphalt demand in 2025 by nearly 20pc from the year prior. [The federal government froze R31.3bn from the annual budget]( https://direct.argusmedia.com/newsandanalysis/article/2696689), including R1.5bn from the transport ministry, which limited funds for highway maintenance and new paving projects. This freeze, combined with the late approval of the 2025 budget law in April, restricted public agencies to minimal monthly spending early in the year and caused asphalt sales in the first quarter to drop by 15pc from a year earlier. Production and imports of asphalt have mirrored the year's weak demand. Domestic output fell by 25pc in the first half of the year, with state-controlled Petrobras' Replan refinery posting the steepest decline, down by 41pc from a year earlier. Sales during the same period dropped 23pc year on year, reinforcing a pessimistic outlook that emerged in May. The decline in asphalt imports was less pronounced. Brazil imported roughly 290,000t in the first half, or around 8pc less than a year earlier, according to official data from ComexStat. Although demand improved in the second half thanks to drier weather and increased DNIT spending, September volumes were still 25pc below prior year levels. Imports rose later in the year, but overall consumption remained subdued, shaped by fiscal constraints, delayed tenders and structural challenges in Brazil's infrastructure planning. Elsewhere in South America Argentina's asphalt imports in 2025 dropped around 9pc compared with the prior year, according to data from Kpler. This was the continuation of a trend that began in 2023, when Argentinian president Javier Milei came to power. Asphalt imports this year are expected to be down by 50pc compared with 2022. To help reduce the country's budget deficit, Milei froze all public works, including those involving paving activities. This rule remains in place, but the government has started to auction off more than 9,000km of highways under concession agreements. So far, two auctions have been launched as part of this program. Argentina's asphalt imports for 2026 are expected to remain flat with this year. In Chile, a country that imports most of its asphalt needs, imports have remained relatively stable for the past nine years. Only 2024 was an anomaly, when the country imported more than 150,000t of asphalt, a surge of almost 45pc compared with 2023. Imports this year are expected to drop more than 30pc to 107,000t, roughly the same level as in other years. Chile's new right-wing president, Jose Antonio Kast, will take over in 2026. And if he focuses on private investments rather than public works, asphalt imports could trend flat-to-lower in 2026. By Julio Viana Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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