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France's Feyzin refinery could be offline for a month

  • Spanish Market: Crude oil, Oil products, Petrochemicals
  • 08/10/21

Workers at TotalEnergies' 105,000 b/d Feyzin refinery in France say crude runs could be halted for at least a month following a fire earlier this week.

Employees say the refinery's crude distillation unit (CDU) was shut down immediately after the fire broke out in a pump serving the unit on 4 October. The fire lasted around three hours. Workers have since been gradually shutting down other segments of the refinery.

A reformer and desulphuriser were closed mid-week, and a second desulphuriser is likely to halt operations on 13 October. A vaccum distillation unit (VDU) is likely to be shut this weekend. The refinery's fluid catalytic cracker (FCC) remains operational for the time being and is being fed with naphtha. Workers say this can continue for now, but if work on restarting the CDU is not completed quickly, the FCC will also need to be shut down, likely within around 3-4 weeks.

Other units including a mercaptan extractor will shut this weekend. Petrochemical units remain online, but some have had their capacity reduced. TotalEnergies has said Feyzin's supply of oil products to local customers will not be impacted. The refinery can draw on its stocks. It is also connected to the Mediterranean port of Fos-Lavera by pipeline, which could be used for imports if necessary.

TotalEnergies said it will not comment on operations, and France's CGT union has not responded to queries.

A crude cargo for Feyzin, slated for delivery at Fos-Lavera, arrived earlier today and has moved directly alongside berth 3 at the port, which is used for crude discharge. The NS Clipper has around 610,000 bl of Libyan grade Mellitah on board, according to Argus tracking. Another tanker, the Breiviken, carrying 660,000 bl of US crude originally slated for Feyzin has diverted to Le Havre, where TotalEnergies has its 240,000 b/d Gonfreville refinery. It also arrived earlier today and is inside the harbour waiting to unload.

By Adam Porter

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23/12/25

Mexico's trade surplus widens in Nov

Mexico's trade surplus widens in Nov

Mexico City, 23 December (Argus) — Mexico's trade surplus widened slightly in November from the previous month, despite sharp declines in both exports and imports in the non-oil category. Mexico posted a $663mn trade surplus in November, statistics agency Inegi said, up from a $606mn surplus in October, though on lower overall trade volumes. Total exports reached $56.4bn, while imports stood at $55.7bn, compared with $66.1bn and $65.5bn, respectively, in October. The result contrasted with the $391mn deficit forecast by Mexican bank Banorte. Inegi attributed the wider surplus to an increase in the non-oil trade surplus to $2.84bn in November from $2.74bn in October, alongside a widening of the oil trade deficit to $2.18bn from $2.13bn. Within non-oil trade, manufacturing exports fell by 16pc to $52.1bn in November from the prior month, while automotive exports declined by 2.2pc to $15.8bn, following a 4.8pc increase in October. The US absorbed 79pc of Mexico's light vehicle exports from January-November, with Mexico supplying 17pc of total US auto imports over the 11-month period, according to Mexican auto industry association AMDA. The "others" component of non-oil manufacturing exports dropped by 20pc to $36.3bn in November, nearly erasing October's 23pc gain to $45.5bn. The cumulative impact of US tariffs on Mexican goods is becoming clearer. Mexican bank Banco Base estimates the US levied an effective 4.69pc tariff on Mexican goods through September — below the 25pc blanket rate due to exemptions for goods complying with the USMCA free trade agreement. "The low tariffs have allowed Mexican exports to continue growing, particularly computer equipment, which rose by 83.39pc year to date through September compared with the same period in 2024, with a tariff of just 0.17pc," the bank said. Those "contrast sharply with passenger cars, which face a 15.29pc tariff," which maintain expectations of 7pc annual export growth in 2025, according to the bank. Agricultural exports rose by 3.8pc to $1.4bn in November after increases of 7.2pc in October and 4.1pc in September. Oil-related exports totaled $1.55bn in November, down from $1.82bn in October, including $1.03bn in crude and $514mn in refined products on lower prices and volumes. Mexico's crude export basket averaged $57.66/bl, down by $0.84/bl from October and $8.09/bl lower compared with a year earlier. Crude export volumes fell to 597,000 b/d in November from 717,000 b/d in October, remaining well below the 1.088mn b/d exported in November 2024. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Viewpoint: Canadian heavy TMX crude to grow into Asia

23/12/25
23/12/25

Viewpoint: Canadian heavy TMX crude to grow into Asia

Houston, 23 December (Argus) — Heavy sour Canadian crude exports are likely to expand further into the Asia-Pacific market in 2026 as Canadian output increases and US west coast refinery closures weaken US demand. Around two-thirds of all Canadian crude exports from the 890,000 b/d Trans Mountain pipeline system were destined to Asia-Pacific year-to-date November 2025, with the balance heading to the US west coast. Just over three-quarters of the 375,000 b/d of Canadian heavy crude exports from Vancouver were destined to Asia-Pacific year-to-date November 2025, according to data from analytics firms Vortexa and Kpler. The balance out of the Trans Mountain system headed to the US west coast. This is up from a roughly 60/40 split in the second half of 2024 following the 540,000 b/d Trans Mountain Expansion (TMX) startup in May of that year. US west coast customers received 80,000 b/d of heavy sour Canadian crude during the first 11 months of 2025, 25pc less than the second half of 2024. This is despite total heavy exports from Vancouver averaging 27pc higher this year so far. Heavy crude exports are expected to keep growing in 2026 as increased western Canadian production meets limited southbound pipeline capacity to the US. In January 2026, Canadian pipeline operator Enbridge rejected 13pc of heavy and light crude nominations on its 3.1mn b/d Mainline to the US as Alberta production surges in the colder months. But the Trans Mountain system has accepted all crude nominations since TMX came on line in May 2024 and the system has room to export more crude. Trans Mountain reported that the pipeline ran at 87pc capacity in the third quarter of 2025 . Canadian crude and condensate production is projected to average a record-high of 4.85mn b/d in 2026, 80,000 b/d above 2025 levels, according to Argus Consulting, a division of Argus Media. China thirst for heavy grows Any increase in exports is expected to head towards the Asia-Pacific region, specifically China. Chinese interest in heavy crude is expected to grow next year as refineries bring on line increasingly advanced cracking units to improve petrochemical yields . This increase in petrochemical output will come at the expense of road fuels, as rising electric vehicle use and low construction-sector activity hit Chinese gasoline and diesel demand. Heavy Canadian crude tends to be the most competitively-priced, unsanctioned option for Chinese refiners. Asia-Pacific buyers more generally have sought Canadian heavy crude as a substitute for restrained supplies of heavy sour Venezuelan Merey and Arab Heavy. Saudi Arabia's state-owned Saudi Aramco may be keeping more heavy crude for refining, while market confidence in Merey supply is weak following a US seizure of an oil tanker off the coast of Venezuela on 10 December and the US declaring a blockage on Venezuela exports on 16 December. Meanwhile, shipments of Arab Heavy have dropped by 280,000 b/d to around 560,000 b/d this year, according to Vortexa data. As Asia-Pacific interest in Canadian crude continues to grow, US west coast demand will continue to fall. On the heels of Phillips 66 closing its 139,000 b/d Los Angeles, California, refinery, Valero is likely to shutter its 145,000 b/d Benicia refinery near San Francisco in April 2026. Valero is evaluating alternatives for its 85,000 b/d Wilmington refinery in Los Angeles. At the start of 2025, these three refineries made up 23pc of Californian refinery capacity, and combined took 30,000 b/d of Cold Lake during January-June 2025, according to EIA data. As available Canadian crude supplies grow, the ability to fully load Aframax vessels at the Westridge Marine Terminal in British Colombia will allow increased volumes to be exported. Dredging at the terminal is set to be completed by late 2026 or early 2027. Draft restrictions limit most Aframax vessels to around 550,000 bl at the terminal for heavy crude, and 600,000 bl for some lighter crudes. Post-dredging, those same ships could carry around 700,000-750,000 bl. In the long term, Trans Mountain is looking to boost pipeline flows to meet the increased shipping capacity, including the use of drag-reducing agents that should add another 85,000-90,000 b/d by 2027 to pipeline capacity, according to Trans Mountain. By John Cordner Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK refiners seek unused CO2 allowances after closures

23/12/25
23/12/25

UK refiners seek unused CO2 allowances after closures

London, 23 December (Argus) — UK downstream association Fuels Industry UK has urged the government to reallocate unused free CO2 allowances from two recently closed refineries to help remaining plants cope with rising emissions compliance costs. The group wants allowances granted under the UK Emissions Trading Scheme (ETS) for the 150,000 b/d Grangemouth and 105,700 b/d Lindsey refineries to be redistributed. Each allowance permits the holder to emit one tonne of CO2 equivalent. Grangemouth and Lindsey were allocated 441,925 and 541,475 allowances for 2025, respectively. It is unclear how many remain after their closures in April and August. The association warned the sector "may not survive that long" without temporary support, citing carbon costs that exceed those faced by overseas competitors until the UK's carbon border adjustment mechanism (CBAM) takes effect. ExxonMobil's 270,000 b/d Fawley refinery — the UK's largest — will spend $70mn-80mn on carbon costs this year, rising to $150mn within five years, the company's UK chair Paul Greenwood told MPs during an Energy Security and Net Zero Committee hearing in October. Fuels Industry UK chief executive Elizabeth de Jong also addressed the committee, highlighting broader cost pressures. It remains unclear whether refined fuels will be covered by the UK CBAM, which starts in January 2027. Fuels Industry UK is seeking confirmation that they be included from January 2028, and it wants additional free UK ETS allowances distributed to sectors not covered by CBAM during a "volatile" period linked to expected UK-EU carbon market linkage. Such linkage would exempt UK and EU from each other's CBAMs, but talks have yet to start. UK refiners have also missed out on government energy price support schemes during the gas price surge triggered by Russia's invasion of Ukraine, de Jong told MPs. Refiners paid market rates to power operations at their UK sites, missing out on discounts afforded to UK companies under the Energy Bill Relief Scheme, which ran between October 2022-March 2023, and then under the Energy Bills Discount Scheme between April 2023-March 2024. By contrast, US refiners access natural gas at roughly one-third of UK prices, Greenwood said. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

TKW-Frachtkosten steigen 2026

23/12/25
23/12/25

TKW-Frachtkosten steigen 2026

Hamburg, 23 December (Argus) — Die Kosten für den Transport von Heizöl, Diesel und Benzin per Tankkraftwagen steigen im kommenden Jahr vielerorts an. Dies ist primär auf höhere Dieselkosten infolge der steigenden CO2-Bepreisung und THG-Erfüllungskosten zurückzuführen. Auch ein stetiger Anstieg der Lohnkosten sowie Investitionen in die Flottendekarbonisierung treiben die Kosten weiter. Anbieter handeln Diesel für Januar bundesweit derzeit mit einem Aufschlag in Höhe von etwa 10 €/100l bis 13 €/100l gegenüber Dezemberware. Der Grund hierfür ist der Anstieg der CO2- und THG-Kosten im neuen Jahr. Viele Transportverträge enthalten sogenannte Floater-Klauseln, die Preisänderungen beim Kraftstoff automatisch auf die vereinbarten Frachtkosten übertragen. Somit geben Spediteure Mehrkosten durch steigende Kraftstoffpreise in der Regel an ihre Kunden weiter. Um welchen Betrag die Frachtkosten tatsächlich ansteigen werden ist aber noch unklar, denn neben dem höheren Dieselpreis belasten unter anderem auch steigende Personalkosten die Branche. Der Fahrermangel setzt sich fort und wird aktuell durch Krankheitsausfälle sowie die laufende Urlaubszeit zusätzlich verstärkt. Spediteure berichten zudem, dass die Nachwuchssuche zunehmend schwierig wird. Viele Beschäftigte werden in den kommenden Jahren in den Ruhestand gehen. Um dem entgegenzuwirken, erhöhen Speditionsunternehmen Löhne oder werben verstärkt Personal im Ausland an — Maßnahmen, die ebenfalls kostentreibend wirken. Auch Investitionen in die Dekarbonisierung der Flotten wirken sich auf die Kostenstrukturen aus. Die Anschaffung emissionsärmerer Fahrzeuge sowie zusätzliche technische Anforderungen und Dokumentationspflichten führen zu höheren Grundkosten, die in den Frachtraten berücksichtigt werden müssen. Einige Händler berichten jedoch, dass ein Anstieg ihrer Frachtkosten im kommenden Jahr bislang noch ausbleibt. Dies führen sie auf bestehende Vertragsstrukturen zurück. So verfügen manche Spediteure über längerfristige Vereinbarungen, teilweise mit Laufzeiten von mehreren Jahren, wodurch kurzfristige Kostensteigerungen zunächst abgefedert werden. Von Marcel Pott Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

Viewpoint: New PE capacity favorable to buyers in 2026

23/12/25
23/12/25

Viewpoint: New PE capacity favorable to buyers in 2026

Houston, 23 December (Argus) — With 2mn t/yr of new US polyethylene (PE) capacity set to start up in the second half of 2026, pricing power may stay in domestic buyers' hands for much of the year, particularly if producers struggle to find homes for the new resin. Golden Triangle Polymers, a joint venture between Chevron Phillips Chemical and QatarEnergy, is expected to start up 2mn t/yr of high density polyethylene (HDPE) capacity in Orange, Texas, by the middle of next year, aimed almost entirely at the export market. While the US remains a low-cost producer, the new volume will have to compete with growing global supply, including around 4mn t/yr of new PE capacity projected to start up in Asia in 2026. With the key China market becoming more self-sufficient, it may be difficult for the global market to absorb the new capacity. There are some potential bright spots for US producers in the global market, including the potential for a free-trade agreement with the EU, which would further open up EU countries for more US volume. But if enough new export destinations are not found, market participants have said material will back up in the US/Canada domestic market, keeping supplies loose, and making it difficult for producers to raise domestic contract prices. As new PE capacity has been added in the US, the percentage of sales going to exports has continued to rise. In 2022 — prior to the start-up of more than 3.3mn t/yr of new capacity from Shell, Baystar, Nova and Dow that took place from 2023 through 2025 — total exports averaged 39pc of total sales, according to data from the American Chemistry Council (ACC). In 2025, year-to-date through November, exports averaged 48pc of total sales. New capacity is one factor that can cause export prices to decline, as supplies increase in the market. As an example, Dow started up its new 600,000 t/yr HDPE/LLDPE swing unit in Freeport, Texas, in June 2025, with the full ramp-up beginning in July. From July through 12 December, US LLDPE butene export prices declined by around 18pc. Over the same period, US/Canada contract prices held steady every month from July through November, with expectations that December contracts also may settle flat as three US producers have not announced an increase for the month. There were a variety of reasons for the flat contract pricing in the second half of 2025, including weak domestic demand. But one main factor was plentiful supply, and low export prices, as US/Canada producers fought for market share in the global market. "[The US] is so over-supplied," said one US PE buyer. "The economic factors are in the buyers' favor right now." For January, most US/Canada producers have announced price increases of between 5-7¢/lb. Suppliers are expected to push hard for a price increase in January, with many market participants expecting some level of a price increase to stick in the first quarter. But with little expectation for improved demand in 2026, buyers, distributors and traders said they expect the market to remain well-supplied, which will make it difficult for further contract increases. "I think we will continue in a buyers' market for a couple more years," said one US trader. Producers are wary about global oversupply, but believe there will be some additional capacity rationalization in other regions that will help create more export opportunities. Geopolitical events such as the Ukraine-Russia conflict, Venezuela embargoes, trade tariffs, and anti-dumping duties have contributed as well to a volatile market for finished goods that could also limit demand growth next year. Low ethane/ethylene prices also contribute to lower PE prices but this downward trend is expected to change as US olefins exports increase in 2026, resulting in a more balanced supply/demand market. By Michelle Klump Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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