Marine fuel global weekly market update
A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. Argus' offices were closed on 7 April. To speak to our team about accessing the stories below, please contact: oil-products@argusmedia.com.
Alternative marine fuels
6 Apr Indonesia ships first sizeable volume of UCO to the US Indonesia exported the first ever sizeable volume of used cooking oil (UCO) to the US in...
6 Apr Malaysia's Petronas sells ammonia on formula to Gemoil Malaysia's state-owned Petronas has sold...
6 Apr Brazil's diesel consumption drops in February Brazil's diesel consumption fell in February amid lower demand from the agriculture sector, while gasoline consumption increased.
5 Apr Planned e-methanol site in southern Spain progresses Project developer Cetaer is advancing plans to develop an e-methanol production site in ...
5 Apr West Virginia 2.2mn t/yr blue ammonia plant secures gas One of the largest blue hydrogen projects under development, in West Virginia, US, has secured a supply ...
4 Apr Biodiesel share in German fuel mix up in January The share of biodiesel in Germany's road fuel mix rose on the month in ...
4 Apr UK's Atome actualises Iceland green ammonia plans UK-based green hydrogen and ammonia firm Atome Energy has announced a ...
4 Apr France remained an RME biodiesel market in 2022 French domestic supply and demand for biodiesel remains dominated by ...
4 Apr LNG discount to methanol renews LNG bunker interest The premium for LNG compared with grey methanol flipped to a discount in ...
4 Apr US methanol spot prices sink to multiyear lows The US Gulf coast methanol spot price assessment for the front-month sank to ...
3 Apr Morocco's OCP targets 1mn t of green ammonia by 2027 Moroccan fertilizer firm OCP has announced ambitious green ammonia ...
3 Apr Ireland's ethanol, biodiesel demand edges higher in Feb Irish biodiesel and ethanol consumption increased on the month and the year in …
3 Apr Q&A: EU boosts green marine fuels, says OCI CEO Inclusion of shipping emissions under the EU's emissions trading system (ETS) and mandatory reduction in the greenhouse gas (GHG) intensity of marine fuels excites OCI Global and Fertiglobe chief executive Ahmed El-Hoshy. The ETS, GHG fuel intensity cuts for EU maritime fuels and upwards revised renewables targets are building the market, he told Argus.
3 Apr Methanex cuts April Asia methanol contract price Canada-based methanol producer Methanex has cut its Asian Posted Contract Price (APCP) to ...
Conventional marine fuels
6 Ap ExxonMobil workers end strikes at French refineries Workers at ExxonMobil's downstream sites in France are ending a...
6 Apr Capesize bulkers face ‘anemic' port congestion: BRS The recent rise in Capesize rates on the back of rebounding...
5 Apr US Gulf coast fuel oil output at 3½-year high in March US Gulf coast residual fuel oil production in March rose to the highest in more than...
5 Apr Croatia's Ina seeks diesel made from non-Russian crude Croatia's Ina has issued a tender to buy diesel on a...
5 Apr India removes crude windfall levy, halves diesel tax India has removed a windfall tax on crude production and...
5 Apr Non-Russia origin bunker fuel sold at premium in UAE Guaranteed non-Russia origin fuel oil has been trading at substantial ...
4 Apr Pemex output of less-desired HSFO at 10-year high Pemex produced 305,100 b/d of heavy sulfur fuel oil (HSFO) in February, a high not seen since ...
4 Apr Japan sees higher oil product demand in FY2023-24 Japan's oil product demand is forecast to increase in the April 2023-March 2024 fiscal year, on the back of ...
4 Apr Lowest European diesel crack spread since war began European non-Russian diesel prices have fallen to their lowest premium against crude since ...
3 Apr Higher Asian bunkers may lift Pacific Panamax rates Freight rates for Pacific dry bulk Panamax vessels could continue to rise on ...
3 Apr NE Asian MR freight rises on higher Chinese exports Freight rates for clean Medium Range (MR) tankers from northeast Asia are higher, supported by ...
3 Apr Oil tanker backlog grows as French strikes rumble on Strikes over pension rights are continuing to hamper operations at French refineries, while a ...
3 Apr Russian Black Sea product exports rise Product loadings at Russian Black Sea ports increased by 60pc ...
3 Apr Fire hits Pertamina's Indonesian Dumai refinery An explosion and a fire hit state-controlled Indonesian refiner Pertamina's ...
3 Apr Boarded tanker found but some crew missing A tanker that was boarded by pirates on 25 March has been recovered, but ...
3 Apr German's Bayernoil refinery extends partial shutdown The shutdown at the Neustadt section of the 207,000 b/d Neustadt-Vohburg refining complex is ...
3 Apr Germany's costly return to diesel cargo market looms German diesel stockpiles are steadily sinking and ...
Related news posts
Shell's 1Q profit supported by LNG and refining
Shell's 1Q profit supported by LNG and refining
London, 2 May (Argus) — Shell delivered a better-than-expected profit for the first quarter of 2024, helped by a strong performance from its LNG and oil product businesses. The company reported profit of $7.4bn for January-March, up sharply from an impairment-hit $474mn in the previous three months but down from $8.7bn in the first quarter of 2023. Adjusted for inventory valuation effects and one-off items, Shell's profit came in at $7.7bn, 6pc ahead of the preceding three months and above analysts' estimates of $6.3bn-$6.5bn, although it was 20pc lower than the first quarter of 2023 when gas prices were higher. Shell's oil and gas production increased by 3pc on the quarter in January-March and was broadly flat compared with a year earlier at 2.91mn b/d of oil equivalent (boe/d). For the current quarter, Shell expects production in a range of 2.55mn-2.81mn boe/d, reflecting the effect of scheduled maintenance across its portfolio. The company's Integrated Gas segment delivered a profit of $2.76bn in the first quarter, up from $1.73bn in the previous three months and $2.41bn a year earlier. The segment benefited from increased LNG volumes — 7.58mn t compared to 7.06mn t in the previous quarter and 7.19mn t a year earlier — as well as favourable deferred tax movements and lower operating expenses. For the current quarter, Shell expects to produce 6.8mn-7.4mn t of LNG. In the downstream, the company's Chemicals and Products segment swung to a profit of $1.16bn during the quarter from an impairment-driven loss of $1.83bn in the previous three months, supported by a strong contribution from oil trading operations and higher refining margins driven by greater utilisation of its refineries and global supply disruptions. Shell's refinery throughput increased to 1.43mn b/d in the first quarter from 1.32mn b/d in fourth quarter of last year and 1.41mn b/d in January-March 2023. Shell has maintained its quarterly dividend at $0.344/share. It also said it has completed the $3.5bn programme of share repurchases that it announced at its previous set of results and plans to buy back another $3.5bn of its shares before the company's next quarterly results announcement. The company said it expects its capital spending for the year to be within a $22bn-$25bn range. By Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
India’s Coromandel to build Kakinada fertilizer complex
India’s Coromandel to build Kakinada fertilizer complex
Singapore, 2 May (Argus) — Indian fertilizer producer Coromandel International will build a 650 t/d phosphoric acid-sulphuric acid complex facility in Kakinada, Andhra Pradesh with an investment of approximately 10bn rupees ($120mn). The project is expected to commission in two years' time, CIL's executive chairman Arun Alagappan said on 26 April. Phosphoric acid and sulphuric acid are used in the production of phosphate fertilizers like DAP and NPKs. CIL's new phosphoric acid facility aims to provide for its fertilizer manufacturing and to replace more than 50pc of the plant's import requirements. It also plans to build a 1,800 t/d sulphuric acid plant to supplement phosphoric acid production. By Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US southbound barge demand falls off earlier than usual
US southbound barge demand falls off earlier than usual
Houston, 1 May (Argus) — Southbound barge rates in the US have fallen on unseasonably low demand because of increased competition in the international grain market. Rates for voyages down river have deteriorated to "unsustainable" levels, said American Commercial Barge Line. Southbound rates declined in April to an average tariff of 284pc across all rivers this April, according to the US Department of Agriculture (USDA), which is below breakeven levels for many barge carriers. Rates typically do not fall below a 300pc tariff until May or June. Southbound freight values for May are expected to hold steady or move lower, said sources this week. Southbound activity has increased recently because of the low rates, but not enough to push prices up. The US has already sold 84pc of its forecast corn exports and 89pc of forecast soybean exports with only five months left until the end of the corn and soybean marketing year, according to the USDA. US corn and soybean prices have come down since the beginning of the year in order to stay competitive with other origins. The USDA lowered its forecast for US soybean exports by 545,000t in its April report as soybeans from Brazil and Argentina were more competitively priced. US farmers are holding onto more of their harvest from last year because of low crop prices, curbing exports. Prompt CBOT corn futures averaged $435/bushel in April, down 34pc from April 2023. Weak southbound demand could last until fall when the US enters harvest season and exports ramp up southbound barge demand. Major agriculture-producing countries such as Argentina and Brazil are expected to export their grain harvest before the US. Brazil has finished planting corn on time . unlike last year. The US may face less competition from Brazil in the fall as a result. Carriers are tying up barges earlier than usual to avoid losses on southbound barge voyages. Carriers that have already parked their barges will take their time re-entering the market unless tariffs become profitable again. The carriers who remain on the river will gain more southbound market share and possibly more northbound spot interest. By Meghan Yoyotte and Eduardo Gonzalez Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US Fed signals rates likely to stay high for longer
US Fed signals rates likely to stay high for longer
Houston, 1 May (Argus) — Federal Reserve policymakers signaled they are likely to hold rates higher for longer until they are confident inflation is slowing "sustainably" towards the 2pc target. The Federal Open Market Committee (FOMC) held the federal funds target rate unchanged at a 23-year high of 5.25-5.5pc, for the sixth consecutive meeting. This followed 11 rate increases from March 2022 through July 2023 that amounted to the most aggressive hiking campaign in four decades. "We don't think it would be appropriate to dial back our restrictive policy stance until we've gained greater confidence that inflation is moving down sustainably," Fed chair Jerome Powell told a press conference after the meeting. "It appears it'll take longer to reach the point of confidence that rate cuts will be in scope." In a statement the FOMC cited a lack of further progress towards the committee's 2pc inflation objective in recent months as part of the decision to hold the rate steady. Despite this, the FOMC said the risks to achieving its employment and inflation goals "have moved toward better balance over the past year," shifting prior language that said the goals "are moving into better balance." The decision to keep rates steady was widely expected. CME's FedWatch tool, which tracks fed funds futures trading, had assigned a 99pc probability to the Fed holding rates steady today while giving 58pc odds of rate declines beginning at the 7 November meeting. In March, Fed policymakers had signaled they believed three quarter points cuts were likely this year. Inflation has ticked up lately after falling from four-decade highs in mid-2022. The consumer price index inched back up to an annual 3.5pc in March after reaching a recent low of 3pc in June 2023. The employment cost index edged up in the first quarter to the highest in a year. At the same time, job growth, wages and demand have remained resilient. The Fed also said it would begin slowing the pace of reducing its balance sheet of Treasuries and other notes in June, partly to avoid stress in money markets. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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