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Latest Market News

BP terminals low on fuel due to Whiting refinery outage

  • Spanish Market: Crude oil, Oil products
  • 13/02/24

BP told wholesale fuel customers it is buying refined products on the market to meet contractual obligations amid the continuing outage of its 435,000 b/d Whiting, Indiana, refinery.

Several BP terminals have run out of at least one product — such as gasoline, diesel or jet fuel — the company told buyers today, including its terminal at Chicago O'Hare International Airport in Illinois. BP told them it is buying refined products elsewhere in the market to supply customers.

The refinery still has not restarted since a 1 February power outage, according to sources on the call, and shared no time line for the plant to return to normal operations.

The company did not immediately respond to a request for comment.

Whiting is the US midcontinent's largest refinery, producing about 238,000 b/d of gasoline, 95,000 b/d of diesel and 48,000 b/d of jet fuel. It supplies approximately 7pc of all asphalt in the US, according to BP.

By Nathan Risser

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08/05/26

EU says no regulatory barriers to US Jet A use

EU says no regulatory barriers to US Jet A use

Brussels, 8 May (Argus) — The European Commission today said there are no regulatory obstacles to the use in Europe of imported Jet A fuel, which is being considered as an alternative because of a shortfall in Jet A1 supplies. Europe — like most of the world — uses A1-specification jet fuel, whereas the US uses Jet A. The two specifications are almost identical, but Jet A1 importantly has a freeze point of -47°C, which is 7°C lower than Jet A. The US has become Europe's single-largest jet fuel supply region since the closure of the strait of Hormuz, through which 40pc of Europe's jet fuel imports transit. The commission said any fuel grade change requires proper management and communication, and "may require the agreement of the users connected to that system". The EU Aviation Safety Agency (EASA) today outlined "risks associated with the introduction of Jet A fuel in a Jet A-1 environment", including potential "mismatches" between fuel properties and existing operational, technical and procedural assumptions, but said it does not consider these an "unsafe condition". The commission also said airlines can be exempted from the ReFuelEU regulation's 90pc fuel uplift requirement when taking extra supplies from departure airports. Fuel supply issues at airports may also exempt airlines from landing and take-off slot obligations as a "justified non-use of slots". EU energy spokesperson Anna-Kaisa Itkonen said the guidance explains the current legal situation but does not add "anything new". "This is not us recommending airlines what [fuel type] they should be using," Itkonen said. The commission has a "full" overview of commercial jet fuel stocks, she said. "Airlines are not obliged to share this information to us," she said, noting the need to respect commercial confidentiality. In the event of last-minute cancellations, the guidance covers passengers' entitlement to reimbursement, re-routing or return, airport assistance and compensation. Airlines may be exempt from financial compensation if a cancellation was caused by an extraordinary circumstance such as local fuel shortages. "Cancellations caused by exceptionally high fuel prices, as opposed to local fuel shortages, cannot be considered as constituting 'extraordinary circumstances'," the commission said. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran seizes US-sanctioned oil tanker off Oman: IRNA

08/05/26
08/05/26

Iran seizes US-sanctioned oil tanker off Oman: IRNA

Dubai, 8 May (Argus) — Iran's navy has seized an oil tanker that is sanctioned by the US for moving Iranian oil, on the basis it was "attempting to disrupt oil exports and the interests of the Iranian nation," according to state news agency IRNA. Ocean Koi "was carrying oil cargo of the Islamic Republic of Iran" and was taken by the country's navy to the southern coast, IRNA said. The US treasury included Ocean Koi on its list of sanctioned vessels for links to the Iranian oil trade in February. Oil analytics firm Vortexa shows the tanker, under the name Jin Li , loaded a small amount of high-sulphur fuel oil (HSFO) off the coast of Oman on 7 May with its destination showing the port of Khor Fakkan in the UAE. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US, Iran again exchange fire in Hormuz

07/05/26
07/05/26

US, Iran again exchange fire in Hormuz

Washington, 7 May (Argus) — The US and Iranian militaries exchanged fire for the second time in three days on Wednesday during an attempted passage by US warships through the strait of Hormuz. Iranian forces targeted three US destroyers with missiles, drones and small boats while they were in transit through Hormuz to the Gulf of Oman, according to US Central Command (Centcom), which oversees the Middle East-based US forces. The US forces struck back at Iranian missile and drone launch sites, command and control locations and surveillance nodes, Centcom said. Iran's state news agencies reported explosions near the Iranian port of Bandar Abbas and other locations along the Iranian coastline hugging the strait of Hormuz. Iran's forces damaged the US warships and forced them to abandon the attempted transit, according to the Tasnim news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps. "No US assets were struck," Centcom said. US and Iranian naval forces clashed on 4 May, when two US destroyers passed through Hormuz to help two US-flagged vessels to depart the Mideast Gulf. The US forces that day launched the Project Freedom mission to enable the departure of ships stranded in the Mideast Gulf, but President Donald Trump put the mission on hold on 5 May. The US and Iran halted hostilities on 7 April. The 4 May clash was not deemed a serious violation of the ceasefire, the Pentagon said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US court finds 'section 122' tariffs unlawful

07/05/26
07/05/26

US court finds 'section 122' tariffs unlawful

Washington, 7 May (Argus) — A federal trade court ruled on Thursday that 10pc tariffs that President Donald Trump imposed in February on a vast number of imported products were unlawful under a 1974 law he used as the basis for the duties. Trump had imposed the "section 122" tariffs on imports on 20 February as a de facto replacement of emergency tariffs the US Supreme Court had thrown out the same day. Trump said he was imposing the 10pc tariffs to address a deficit in the "balance of payments" flowing into the US, using authorities that could remain in place for 150 days, until 24 July. Trump exempted energy, critical minerals, fertilizers and some agricultural imports from new import taxes. But the US Court of International Trade, in a 2-1 ruling on Thursday, found the latest tariffs were "invalid as contrary to law". The court said nowhere in the proclamation imposing the tariffs had Trump identified a "balance-of-payments deficit" under the meaning of the 1974 trade law. The administration had used a mechanism of finding deficits that unless every individual sub-account was balanced, the "president would always be able to identify a balance-of-payment deficit", the court said. The court permanently blocked the US from collecting the section 122 tariffs from state of Washington and two small private importers that had filed the case, and it also required the US to pay refunds and interest. But the court said California and other states that were part of the lawsuit had not shown legal "standing" to obtain the same relief. The court's decision, if upheld, could open the door to other states and plaintiffs that have paid the section 122 tariffs to pursue their own claims to obtain tariff refunds. The White House did not immediately respond to a request for comment. The administration is still in the process of refunding $166bn in emergency tariffs the Supreme Court struck down. The administration last month launched a system to manage tariff refunds. The first refunds will be paid out as early as 12 May, federal customs officials said earlier this week. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

European jet premiums lowest since before US-Iran war

07/05/26
07/05/26

European jet premiums lowest since before US-Iran war

London, 7 May (Argus) — Apparent discussions between the US and Iran on reopening the strait of Hormuz pushed European jet fuel spreads to their narrowest since before the war began, adding to existing pressure from prompt supply stability. But outright prices in Europe must remain high to continue attracting that supply. Argus assessed jet fuel cargoes delivered to northwest Europe at a $99.50/t premium to front-month Ice gasoil futures on 6 May, falling by about a third on the day. Refining margins slimmed to below $60/bl. Both are the narrowest since 27 February, the day before the US-Iran war broke out. US president Donald Trump on 6 May said a deal was under discussion with Iran to reopen the strait of Hormuz and end the US blockade of Iranian ports. Front-month Ice gasoil futures dropped by more than 8pc on the day, pushing outright jet fuel prices to $1,287/t, the lowest since the first week of the war. Jet fuel premiums have steadily fallen for more than two weeks. This reflects greater confidence about prompt supply in Europe, thanks to arrivals from the US and Nigeria, domestic refinery output and heavy reliance on inventories, all of which are helping to offset the loss of Mideast Gulf supply until demand ramps up in summer. Flat price high to pull supply But outright prices remain more than 50pc higher than pre-war levels, reflecting global undersupply of jet fuel until flows through the strait of Hormuz return. Europe must compete with other regions, such as east Africa , for the remaining supply. Airline executives and market participants have warned the cost of securing jet fuel will be significant . Airlines appear committed to maintaining supply, but not all will be able to handle such steep fuel costs. This proved fatal for the US' Spirit Airlines , which permanently closed on 2 May. Ryanair chief executive Michael O'Leary said some European airlines could meet a similar fate if prices remain high. By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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