Marine fuel global weekly market update
A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. To speak to our team about accessing the stories below and access to Argus Marine Fuels, please contact: marinefuels@argusmedia.com.
Alternative marine fuels
26 May French biodiesel imports continue to rise French biodiesel imports hit a new record in …
26 May Ecopetrol plans to hike H2 output by 2040 Colombia's state-controlled oil company Ecopetrol plans to produce ...
26 May Hydrogen-powered vessel enters NW Europe service Netherlands-based shipowner Future Proof Shipping (FPS) launched its hydrogen-powered, zero-emissions …
25 May TotalEnergies says HVO not for marine fuel sector The bunker sector is unlikely to adopt hydrotreated vegetable oil (HVO) in marine fuel blends, because …
25 May ExxonMobil to supply B30 in ARA ExxonMobil has signed an agreement to supply Hapag-Lloyd vessels with B30 marine fuel in the Amsterdam-Rotterdam-Antwerp (ARA) region.
25 May Spanish biodiesel feedstock patterns shift Demand patterns for biodiesel and hydrotreated vegetable oil (HVO) feedstocks in Spain are shifting as …
25 May Still waiting for zero-emission vessels: Study A recent report by governments trying to support zero-emissions ocean shipping found there were still no …
25 May Cruise giant Carnival picked LNG to cut particulates Cruise line operator Carnival Corporation said today that it has backed LNG over other alternative fuels as it …
25 May Singapore eyes growing role in alternative marine fuels Singapore is looking to play a bigger role in the alternative marine fuels industry, ahead of the …
25 May Charter practices reward fuel inefficiency: Report Underlying principles in most marine standard charter party terms reward fuel inefficiency …
25 May Cepsa expands waste feedstock sources for biofuels Spanish integrated energy firm Cepsa and Spanish association of co-operatives Agro-Alimentarias will work together to identify…
24 May China' methanol prices sink on weak demand, oversupply Chinese methanol prices have sunk to a more than two-year low, under pressure from persistently …
24 May Florida's Jaxport, Eagle LNG grow bunkering ambitions Higher LNG production capacity at US firm Eagle LNG's Maxville small-scale LNG production facility, alongside more …
24 May Spanish firm eyes green ammonia in Brazil's Piaui Spanish solar energy company Solatio plans to develop two renewable ammonia production plants in the northeast Brazilian state of Piaui that could together produce …
24 May Spanish biodiesel exports hit record high in 1Q Spanish biodiesel exports are rising further with shipments leaving Spain at a record pace in the first quarter of this year.
24 May Norwegian biofuels blending down in 2022 Blending of biofuels in Norway's transport sector fell by 55mn litres to …
24 May Dual-fuel engines to spur investment in 'greener' ships The implementation of dual-fuel engines in ships should encourage investment to build "greener vessels", according to …
24 May TotalEnergies buys 20pc of biogas start-up Ductor TotalEnergies has bought a 20pc stake in Finnish-based biogas start-up Ductor and will work with it to co-develop between 15 and 20 anaerobic digestion facilities to produce …
23 May BarMalGas to develop Germany's Rostock LNG German fuel distributor BarMalGas has taken over the Rostock LNG project and has scheduled construction to begin …
23 May NWE biofuels demand from scrubberless vessels to rise Vessels traveling in EU territorial waters without scrubbers next year may start using more biofuels …
23 May Spain's Ignis plans 850,000 t/yr green ammonia plant Spanish renewables firm Ignis plans to develop a €1bn ($1.08bn) green ammonia plant with capacity to produce …
23 May Trafigura sees potential for H2 derivatives in shipping Green hydrogen derivatives offer a more viable alternative to conventional bunkers than biofuels…
23 May Titan supplies LNG to ship in Kiel first Dutch small-scale LNG firm Titan completed the first ship-to-ship transfer in the German port of Kiel to a …
23 May Japan's MHI, Nihon Shipyard partner for LCO2 carrier Japanese engineering firm Mitsubishi Heavy Industries (MHI) and Nihon Shipyard have started a study for joint development of an ocean-going liquefied carbon dioxide (LCO2) carrier.
23 May China exports less biodiesel, UCO in April China's biodiesel exports fell by 17pc from 215,000t in March to …
22 May China's Dalian begins work on LNG-fuelled ship China's Dalian Shipbuilding Industry (DSIC) has begun work on a new dual-fuel container vessel, while another …
Conventional marine fuels
26 May Petrobras loses ground to diesel imports in April Diesel produced in Brazil ceded ground to imports in April, as …
26 May Singapore's gasoil imports poised to rebound in May Singapore's gasoil imports are on course to rebound in May from …
26 May Japan to end oil product subsidy in September Japan's trade and industry ministry (Meti) will end its oil product subsidy at the end of September, in consideration of …
26 May Fire extinguished on Shell bitumen barge A Shell-chartered bitumen barge caught fire in the early hours of Friday at …
25 May Singapore fuel oil stocks fall to over nine-month lows Singapore's onshore fuel oil stocks fell for a seventh consecutive week to over …
25 May Diesel demand sinks again in Italy Italian diesel and gasoil consumption slowed by 7pc month on month in …
25 May Nigerian diesel prices fall ahead of Dangote production Nigerian automotive gas oil (AGO) prices have fallen in recent days as the sooner than expected start-up of the 650,000 b/d Dangote refinery added to the …
26 May UK refinery output declined on lower demand in April Total refinery output in the UK fell by 17pc in April from March, according to …
23 May Monjasa bunker sales at record high Danish marine fuel trading and supply firm Monjasa's global bunker sales reached a record high …
23 May PetroPeru offers fuel oil tender for June State-owned PetroPeru will accept offers for one high-sulphur residual fuel oil (HSFO) cargo …
23 May Shipowner Navigator Gas' profits slip in 1Q New-York listed LPG Shipowner Navigator Gas' profits declined on the year in …
22 May Asian LSFO markets to ease further with rising inflows Singapore low-sulphur fuel oil (LSFO) margins rose to three-month highs last week on …
22 May Tight market supports HSFO margins in Europe Rising demand and tight supply are bolstering high-sulphur fuel oil margins in northwest Europe.
Related news posts
Chevron’s oily DJ basin buy boosts gas output
Chevron’s oily DJ basin buy boosts gas output
New York, 3 May (Argus) — Chevron's US natural gas production has surged in recent quarters due to its crude-focused acquisition of Denver-based PDC Energy last August, increasing the oil major's exposure to the US gas market months after that market entered an extended price slump. Chevron's US gas production in the first quarter was 2.7 Bcf/d (76mn m3/d), up by 53pc from the year-earlier quarter and the highest since at least 2021, according to company production data. Chevron's total US output rose by 35pc year-over-year to 1.57 b/d of oil equivalent (boe/d), while US crude output increased by 21pc to 779,000 b/d. The acreage Chevron picked up last year in the DJ basin of northeast Colorado and southeast Wyoming has higher gas-oil ratios than the rest of its US portfolio. Chevron mostly focuses US production in the crude-rich Permian basin of west Texas and southeast New Mexico. Since Chevron closed its acquisition of PDC on 7 August, US gas prices have mostly languished in loss-making territory. Prompt-month Nymex gas settlements at the US benchmark Henry Hub from 7 August 2023 to 2 May 2024 averaged $2.46/mmBtu, down from an average of $4.999/mmBtu in the year-earlier period. In a May 2023 conference call over Chevron's acquisition of PDC, chief executive Mike Wirth expressed optimism for the long-run outlook for natural gas, despite the more immediately dim outlook. "There's going to be stronger global demand for gas growth than there will be for oil over the next decade and beyond as the world looks to decarbonize," Wirth said. Despite lower US gas prices, Chevron has captured $600mn in cost savings from the PDC acquisition between capital and operational expenditures, the company told Argus . Crude prices have also been more resilient. Chevron's profit in the first quarter was $5.5bn, down from $6.6bn in the year-earlier quarter, partly due to lower gas prices. US gas prices have been lower this year as unseasonably warm winter weather and resilient production have created an oversupplied US gas market. A government report Thursday showed US gas inventories up by 35pc from the five-year average. By Julian Hast Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Dutch FincoEnergies supplies B100 biodiesel to HAL
Dutch FincoEnergies supplies B100 biodiesel to HAL
London, 3 May (Argus) — Dutch supplier FincoEnergies has supplied shipowner Holland America Line (HAL)with B100 marine biodiesel at the port of Rotterdam for a pilot test. This follows a collaboration between HAL, FincoEnergies' subsidiary GoodFuels, and engine manufacturer Wartsila to trial blends of B30 and B100 marine biodiesel . HAL's vessel the Rotterdam bunkered with B100 on 27 April before embarking on a journey through the Norwegian heritage fjords to test the use of the biofuel. The vessel will utilise one of its four engines to combust B100, which will reportedly cut greenhouse gas (GHG) emissions by 86pc on a well-to-wake basis compared with conventional fossil fuel marine gasoil (MGO), according to GoodFuels. There is no engine or fuel structure modification required for the combustion of B100, confirmed HAL. The B100 marine biodiesel blend comprised of sustainable feedstock such as waste fats and oils. The firms did not disclose how much B100 was supplied, or whether this is the beginning of a longer-term supply agreement. Argus assessed the price of B100 advanced fatty acid methyl ester (Fame) 0°C cold filter plugging point dob ARA — a calculated price which includes a deduction of the value of Dutch HBE-G renewable fuel tickets — at an average of $1,177.32/t in April. This is a premium of $410.20/t to MGO dob ARA prices for the same month, which narrows to $321.68/t with the inclusion of EU emissions trading system (ETS) costs for the same time period. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US job growth nearly halved in April: Update
US job growth nearly halved in April: Update
Adds services PMI in first, fifth paragraphs, factory PMI reference in sixth paragraph. Houston, 3 May (Argus) — The US added fewer jobs in April as the unemployment rate ticked up and average earnings growth slowed, signs of gradually weakening labor market conditions. A separate survey showed the services sector contracted last month. The US added 175,000 jobs in April, the Labor Department reported today, fewer than the 238,000 analysts anticipated. That compared with an upwardly revised 315,000 jobs in March and a downwardly revised 236,000 jobs in February. The unemployment rate ticked up to 3.9pc from 3.8pc. The unemployment rate has ranged from 3.7-3.9pc since August 2023, near the five-decade low of 3.4pc. The latest employment report comes after the Federal Reserve on Wednesday held its target lending rate unchanged for a sixth time and signaled it would be slower in cutting rates from two-decade highs as the labor market has remained "strong" and inflation, even while easing, is "still too high". US stocks opened more than 1pc higher today after the jobs report and the yield on the 10-year Treasury note fell to 4.47pc. Futures markets showed odds of a September rate cut rose by about 10 percentage points to about 70pc after the report. Services weakness Another report today showed the biggest segment of the economy contracted last month. The Institute for Supply Management's (ISM) services purchasing managers index (PMI) fell to 49.4 in April from 51.4 in March, ending 15 months of expansion. The services PMI employment index fell to 45.9, the fourth contraction in five months, in today's report. Readings below 50 signal contraction. On 1 May, ISM reported that the manufacturing PMI fell to 49.2 in April, after one month of growth following 16 months of contraction. In today's employment report from the Labor Department, average hourly earnings grew by 3.9pc over the 12 month period, down from 4.1pc in the period ended in March. Job gains in the 12 months through March averaged 242,000. Gains, including revisions, averaged 276,000 in the prior three-month period. Job gains occurred in health care, social services and transportation and warehousing. Health care added 56,000 jobs, in line with the gains over the prior 12 months. Transportation and warehousing added 22,000, also near the 12-month average. Retail trade added 20,000. Construction added 9,000 following 40,000 in March. Government added 8,000, slowing from an average of 55,000 in the prior 12 months. Manufacturing added 9,000 jobs after posting 4,000 jobs the prior month. Mining and logging lost 3,000 jobs. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US biofuel groups challenge EU SAF regulation
US biofuel groups challenge EU SAF regulation
London, 3 May (Argus) — US biofuel groups Renewable Fuels Association, Growth Energy and US Grains Council and ethanol-to-jet producer LanzaJet have joined European renewable ethanol producers in their challenge to the ReFuelEU aviation regulation. The legal challenge, launched by ePure and Pannonia Bio in February, demands an annulment of the sections that exclude crop-based biofuels from the definition of sustainable aviation fuel (SAF). The regulation allows for SAF produced from biofuels, referring to point 33 in Article 2 of the bloc's recast Renewable Energy Directive (RED III) which includes "liquid fuel for transport produced from biomass". But it excludes biofuels produced from "food and feed crops". The US groups have filed an "application for leave to intervene" before the General Court of the EU, arguing that the regulation would "have a detrimental effect on the US ethanol industry". "The contested provisions give rise to a de facto ban on the supply of crop-based biofuels to the aviation sector in the EU" the associations said. Earlier this year ePure also challenged the bloc's FuelEU maritime regulation, which aims to boost the use of green bunker fuels, for excluding food and feed crop-based fuels from its certification process. By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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