Chemicals
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US revokes authorization to buy Iranian oil
US revokes authorization to buy Iranian oil
Washington, 7 July (Argus) — US sanctions enforcers on Tuesday revoked an authorization allowing purchases of Iranian crude and refined products, as the US-Iran interim deal signed last month begins to fracture. The US will not allow purchases of Iranian crude, oil products and petrochemicals effective immediately, according to a license issued Tuesday by the Treasury Department's Office of Foreign Assets Control (OFAC). Buyers that contracted for Iranian oil since OFAC allowed such sales on 22 June will have until 17 July to wind down Iran-related transactions. All funds due to be paid to Tehran will have to be deposited in escrow accounts, according to the terms of the updated OFAC license. The license replaces the authorization issued last month, which was due to expire on 21 August. The US and Iran signed an interim deal on 18 June promising to refrain from force and to fully reopen the strait of Hormuz, but the countries' militaries have subsequently clashed intermittently over Tehran's continued assertion of control over the critical Mideast Gulf waterway. Iran's forces on Monday resumed indiscriminate attacks against vessels attempting passage through Hormuz via a route skirting Oman's coast. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US trade gap in May widest in 14 months
US trade gap in May widest in 14 months
Houston, 7 July (Argus) — The US trade deficit in May widened to the most in more than a year, as exports of industrial supplies and consumer goods fell and imports rose. The deficit in goods and services widened to a seasonally adjusted $77.6bn in May from $54.6bn in April, the Bureau of Economic Analysis reported Tuesday. It was the widest deficit since it reached $133bn in March 2025. The wider deficit suggests net trade will subtract about 2 percentage points from GDP growth in the second quarter, according to Oxford Economics, as imports subtract from GDP growth. But strong business investment and inventory accumulation should keep annual GDP growth above 2pc in the quarter, Oxford said. The deficit in goods widened in May to $106.5bn, up from $83bn in April and the widest since $159bn in March 2025. The services surplus widened to $28.9bn. US president Donald Trump in February imposed 10pc tariffs on goods from most trading partners using Section 122 duties that expire on 24 July after the Supreme Court struck down most of the tariffs he began declaring in April 2025. The Tax Foundation estimates tariffs will increase taxes on Americans by about $700/household in 2026. US exports of goods fell to $210bn in May from $222bn the prior month, while goods imports rose to $317bn in May from $305bn in April. Services exports rose to $107bn while services imports edged up to $78bn. Exports of industrial supplies — including energy, metals and fertilizer — fell to $83bn in May, with exports of nonmonetary gold more than halved to $5.7bn. Capital goods exports fell by $3.5bn to $66.9bn, while auto and parts exports were little changed at about $13bn. Consumer goods exports fell by $2bn to $20.7bn. Imports of food rose, as did imports of industrial supplies and capital goods except autos. Auto imports were at about $37bn. Consumer good imports rose to nearly $60bn. Energy trade US exports of energy-related petroleum products and crude were at $34.7bn in May compared with imports of $19.6bn, without seasonal adjustments. Unadjusted exports of crude rose to 5.71mn b/d in May, up from 5.57mn b/d in April and 4.31mn b/d in February. Crude imports fell to 5.58mn b/d in May from 5.92mn b/d in April, but fell from 6.36mn b/d in February. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Enterprise co-CEO Teague to retire in January
Enterprise co-CEO Teague to retire in January
Houston, 1 July (Argus) — Enterprise Products Partners co-chief executive Jim Teague will retire on 4 January from the US midstream company he has helped lead for 28 years. Co-chief executive Randall Fowler will continue as chief executive after Teague's departure. Under Teague's leadership, Enterprise has expanded its pipeline operations and crude and LPG export facilities in Houston, Texas, as part of a larger strategy to capitalize on an integrated "wellhead to water" fee-based footprint. Enterprise became the first midstream company to provide wellhead to water natural gas liquids (NGL) services in 2009, facilitating higher US production that has contributed to the renaissance of the US petrochemical industry while providing affordable US ethane and propane supplies to international markets, said Randa Duncan, non-executive chairman of Enterprise Products Holdings, the company's general partner. Teague joined Enterprise in 1999 after 22 years with Dow Chemical. He was promoted from Enterprise's chief operating officer to chief executive in 2016, and was joined by Fowler as co-chief executive in 2020. Following Teague's departure, Enterprise's general partner will expand the role of the management oversight group that serves as a liaison between its general partner and the company's management. That committee includes Duncan, the general partner's vice chairman Richard Bachmann, Fowler, commercial officer Michael Hanley, and chief financial officer R. Daniel Boss. Under Teague's leadership Enterprise and other midstream operators advocated for the expansion of the Houston Ship Channel, a project that is currently underway . Enterprise's moves follow leadership changes at rival midstream operator Energy Transfer announced in June, with its co-chief executive Marshall McCrea set to depart by the end of the year . By Amy Strahan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK anti-dumping probe into US LLDPE imports: Update
UK anti-dumping probe into US LLDPE imports: Update
Adds detail on Ineos complaint London, 1 July (Argus) — The UK's Trade Remedies Authority (TRA) has initiated an anti-dumping investigation into imports of linear low-density polyethylene (LLDPE) from the US following a complaint filed by Ineos Olefins and Polymers UK, the country's sole producer of the grade. The investigation, which began today, 1 July, will assess Ineos' claims that US-origin LLDPE has been sold in the UK at dumped prices, injuring the domestic industry. Ineos said US export prices were lower than normal value and that the resulting imports hurt the UK market through lower sales, lost market share, weaker prices, reduced profitability, withdrawn investment and fewer jobs. The dumping probe covers 1 January-31 December 2025, while the injury assessment spans 1 January 2022-31 December 2025. The UK imported 102,400t of LLDPE from the US in 2025, under the HS codes 39011010 and 390140, according to Global Trade Tracker data. This was up from 81,100t in 2024 and 50,000t in 2023. "Not only are US exporting producers of LLDPE undercutting UK pricing, but they are consistently and steadily exerting downward pressure on pricing, encouraging a race to the bottom, while prices in the US domestic market remain relatively stable, and, on average, at a 40–50pc higher price point than in the UK market", Ineos said in its application. Ineos's UK LLDPE plant could not operate continuously in 2025, instead relying on limited runs equivalent to 25-40pc operating rates, Ineos said. The company announced a support package from the UK government valued at £120mn ($159.4mn) in December 2025 that has provided "basic funding to continue operations for the next five years", but failure to take action could threaten the future of its LLDPE plant and the associated steam cracker in Grangemouth, which supplies ethylene processed from imported US ethane and gases from the North Sea, the company said. LLDPE is widely used in packaging films and other flexible plastic applications. Interested parties have until 16 July to register for the investigation. The authority plans to issue questionnaires on 24 July, with responses due by 24 August. Verification work is scheduled for September and October. The TRA said it may propose provisional measures between October and December if it finds enough evidence of dumping and injury. Such measures could require importers to provide guarantees against potential anti-dumping duty. The TRA expects to publish preliminary findings in February 2027 and make a final recommendation to the secretary of state for business and trade in June 2027. By Yohanna Pinheiro Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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