Generic Hero BannerGeneric Hero Banner
Latest Market News

Unexpected issue hits Mol's Hungary bitumen production

  • Spanish Market: Oil products
  • 09/04/24

Hungarian bitumen production has been significantly reduced this week because of problems at Mol's 161,000 b/d Szazhalombatta refinery during some maintenance work.

The production cutback has had an unspecified knock-on effect on Mol's Zalaegerszeg plant, which is directly connected with Szazhalombatta and that produces a number of standard penetration grades of bitumen along with specialised bitumen products like polymer-modified bitumen (PMB) and rubber bitumen.

A source familiar with Mol's refining operations said today that bitumen production at both refineries should be back to normal at the end of this week, enabling a return to full output and supply to domestic and export markets from next week.

The Szazhalombatta refinery is expected to undergo a full refinery shutdown in June and July, according to market participants.

Bitumen demand in central and northwest Europe has been steadily picking up over recent weeks at the start of the road paving season. Mol is a key regional truck exporter, especially into the Romanian market.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

11/07/25

US to loan 1mn bls crude to Louisiana refinery: Update

US to loan 1mn bls crude to Louisiana refinery: Update

Adds details on crude quality issues from Mars pipeline. Washington, 11 July (Argus) — ExxonMobil will borrow up to 1mn bl of crude from the US Strategic Petroleum Reserve (SPR) for its 522,500 b/d refinery in Baton Rouge, Louisiana, in response to a disruption to offshore supply of crude for the facility. ExxonMobil warned suppliers this week of "serious quality issues" related to elevated levels of zinc in crude supplied by the Mars pipeline, which brings crude from a series of deepwater fields in the Gulf of Mexico to shore, according to market sources. In letters to suppliers ExxonMobil said the crude quality issues were "... significantly affecting the operations at our Baton Rouge Refinery," and that it would stop accepting Mars crude "... in an effort to avoid further damages." The US Department of Energy said today it had approved the loan to ExxonMobil, called an exchange, to ensure a stable supply of transportation fuels in Louisiana and the US Gulf coast. The agency said the crude loan will support ExxonMobil's "restoration of refinery operations that were reduced due to an offshore supply disruption." Chevron, one of the producers that contributes crude to the Mars pipeline, said it has "identified a potential contributing source to the Mars crude composition changes, which is associated with the start-up of a new well." Chevron said it was working to resolve the matter and does not expect it to affect current production guidance. In April Chevron started production from a new deepwater field , Ballymore, which ties into the Mars system. Shell, which owns a majority stake in the Mars pipeline, did not respond to a request for comment. Mars premium to WTI falls The August Mars premium to Nymex-quality WTI has dropped nearly $1/bl in the last week. The August Argus Mars volume-weighted average assessment on Thursday was a 9¢/bl premium to the Nymex-quality WTI Cushing benchmark, nearly $1/bl lower than a week earlier. Mars averaged a 63¢/bl premium for the August trade month through Thursday, but was at a $1.40-$1.50/bl premium at the start of the trade month. The August trade month started 26 June and ends 25 July. The SPR, which consists of four underground storage sites in Texas and Louisiana, held 403mn bl of crude as of 4 July. Under the exchange announced today ExxonMobil will eventually return the borrowed crude — along with additional crude as payment for the loan — to the SPR. The SPR's Bayou Choctaw site connects to refineries in Baton Rouge through the Capline pipeline. In 2021, the Department of Energy authorized a loan of up to 3mn bl from the SPR to ExxonMobil's refinery in Baton Rouge to address disruptions related to Hurricane Ida. ExxonMobil was initially scheduled to return the crude in 2022, but that deadline has been repeatedly pushed back, most recently to require a return of the crude by March 2026. By Chris Knight, Eunice Bridges and Amanda Smith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Canada focuses on new US deadline, diversifying trade


11/07/25
11/07/25

Canada focuses on new US deadline, diversifying trade

Calgary, 11 July (Argus) — Canadian prime minister Mark Carney reiterated his plan to diversify trade with countries "throughout the world" following another round of tariff threats, and another deadline, from US president Donald Trump. Carney's comments on social media late on 10 July came hours after Trump said Canada could expect a 35pc tariff on all imports , effective 1 August, repeating earlier claims that the northern country was not doing enough to stop fentanyl from crossing into the US. Canada has said these claims are bogus but in late-2024 still committed to spending $900bn (C$1.3bn) on border security measures over six years. "Canada has made vital progress to stop the source of fentanyl in North America," Carney wrote on X. The prime minister said he is now working to strike a new trade deal before the 1 August deadline. Trump and Carney last month agreed they would work toward a broad trade agreement by mid-July, with Canada at the time targeting 21 July to finalize a deal. The 35pc tariff would be separate from tariffs set for specific sectors, which include a 50pc tariff on copper imports. It is not clear if any imports currently covered by the US-Mexico-Canada trade agreement (USMCA) would be affected by Trump's latest tariff threats. Carney has advocated the need to shore up trade partnerships with "reliable" countries since being sworn is as prime minister in March, saying the old relationship with the US "is over". The energy-rich nation needs to build more infrastructure to unlock this potential, and with a surge in public support, is trying to entice developers with a new law to fast-track project approvals . But those are multi-year efforts and Canada is still trying to reach a deal with the US to keep goods moving smoothly. The two economies are highly integrated with $762bn worth of goods crossing the US-Canada border in 2024, according to the Office of the US Trade Representative. Canada on 29 June rescinded a digital sales tax (DST) that would have collected revenue from the US' largest tech companies, after US secretary of commerce Howard Lutnick said the tax could have been a deal breaker in trade negotiations. That show of good faith — which seemingly got nothing in return — was criticized within Canada and contrary to Carney's repeated "elbows up" mantra in the face of Trump's threats. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

IEA trims oil demand outlook on 2Q weakness: Resend


11/07/25
11/07/25

IEA trims oil demand outlook on 2Q weakness: Resend

removes reference to implied surplus London, 11 July (Argus) — The IEA has trimmed its forecast for global oil demand growth in 2025 by 20,000 b/d to 700,000 b/d, citing weaker-than-expected deliveries in the second quarter across several tariff-affected economies. The agency also revised down its 2026 growth outlook by the same amount, to 720,000 b/d. The updated figure for 2025 marks the slowest annual increase in demand since 2009, excluding Covid-affected 2020. The IEA said the second-quarter slowdown followed an unusually strong first quarter in the OECD, which had been boosted by colder-than-average winter weather. "Although it may be premature to attribute this slower growth to the detrimental impact of tariffs manifesting themselves in the real economy, the largest quarterly contractions occurred in countries that found themselves in the crosshairs of the tariff turmoil," the agency said, pointing to declines in China, Japan, Korea, the US and Mexico. The IEA now expects global oil demand to average 103.68mn b/d in 2025 and 104.4mn b/d in 2026. Petrochemical feedstocks — namely LPG/ethane and naphtha — will account for two-thirds of this year's growth, it said. Transport fuel demand remains under pressure in key markets such as China, where electrification and efficiency gains are weighing on gasoline use despite strong mobility indicators. On the supply side, the IEA raised its forecast for global oil supply growth in 2025 by 240,000 b/d to 2.1mn b/d, putting full-year supply at 105.1mn b/d. The upward revision reflects a faster-than-expected unwinding of Opec+ voluntary cuts, with Saudi Arabia accounting for most of the increase. Non-Opec+ producers still dominate overall growth, contributing 1.4mn b/d in 2025. By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Tighter supplies lift Singapore trucked bitumen prices


11/07/25
11/07/25

Tighter supplies lift Singapore trucked bitumen prices

Singapore, 11 July (Argus) — Trucked bitumen prices in Singapore have risen sharply since late June on the back of tighter availability, despite moderate demand from key export market Malaysia. Singapore-origin bitumen sold by tanker truck to Malaysia was priced at $480–500/t ex-refinery in the week to 11 July, up from $470–485/t ex-refinery the week before, according to Argus data. Prices stood at $424–440/t ex-refinery at the end of June. Malaysian bitumen demand has been supported by several projects taking place after the Hari Raya Haji holiday that are currently underway in the third quarter, coinciding with the release of the annual infrastructure budget. But market participants described demand as moderate, as many of the projects are small-scale road works focused on maintenance and paving. Some construction activity has also been disrupted by intermittent rain in key cities including Johor Bahru and Kuala Lumpur. Market participants said overall bitumen availability in Malaysia is ample, with steady supplies from Malacca, Tanjung Langsat and Port Klang. One major Malaysian refinery sold inconsistently over the past two weeks while blending new products, but buyers said supply has since stabilised. Limited availability from Singapore and relatively firm demand from key consumer Vietnam continue to support seaborne prices. Argus assessed fob Singapore ABX 1 prices at $430/t on 10 July, up from $395/t at the start of June. Singapore trucked bitumen cargoes typically command a $10–15/t premium to ABX 1 prices, but the premium widened to about $50–70/t in July. Traders in Malaysia expect increased supply relative to demand in the coming weeks, which they said could pressure trucked Singapore prices. Current offers from Singapore are limited to 1-3 truckloads per day — down from the usual 5-6 — but many Malaysian buyers are already not fully utilising their quotas, dealers said. By Chloe Choo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US biofuel support clears way for new crush capacity


10/07/25
10/07/25

US biofuel support clears way for new crush capacity

New York, 10 July (Argus) — North American oilseed crushers told Argus that projects to increase processing capacity are on track for the next year, potentially enabling more renewable fuel production. After a difficult start to the year for biofuel producers, US policymakers are increasingly making clear that they want refiners to up their output in future years and rely more on domestic feedstocks like soybean oil. That could pave the way for more oilseed crush capacity to come online, after some facilities delayed or cancelled plans over the last year on stagnant demand. Companies confirmed to Argus that more than 620,000 bu/d of new soybean and canola crush capacity were on track to come online in North America in the next year, and other facilities that did not respond to requests for comment have plans in the coming years too. Greater vegetable oil supply also could at least partly address concerns from oil and biofuel refiners that Republicans' protectionist approach to biofuels threatens feedstock shortages and price spikes. A multi-seed crush facility under construction in Mitchell, South Dakota — which will be able to process up to 96,000 bu/d of soybeans — is scheduled to start up this October, South Dakota Soybean Processors chief executive Tom Kersting told Argus. US crush company Ag Processing similarly said that a new 137,000 bu/d soybean crush plant in David City, Nebraska, will open "later this year". In Canada, Cargill confirmed that a 121,000 bu/d canola processing plant in Regina, Saskatchewan is also on track to open this year. In the first half of next year, French agribusiness Louis Dreyfus said it plans to complete two major projects in North America. The company plans to open a 151,000 bu/d soybean crush plant in Upper Sandusky, Ohio, and to double capacity to more than 240,000 bu/d at a canola crush facility in Yorkton, Saskatchewan. US soybean oil futures have climbed by 12pc in the past month on recent policy shifts, providing more incentive for processors — already crushing more soybeans than ever before — to expand production. The US recently proposed record-high biofuel blend mandates for the next two years, projecting that domestic soybean oil production could increase by 250mn USG/yr. And President Donald Trump over the weekend signed legislation that retools a crucial US tax credit to increase subsidies for crop-based fuels. Canadian canola processors, which depend on US incentives because Canada's biofuel sector is far smaller, benefit less from some of these policy shifts. While US fuels made from Canadian feedstocks can still claim the tax incentive next year, the Trump administration has proposed halving credits generated under the biofuel blend mandate for fuels made from foreign feedstocks. That makes US soybean oil a far more attractive input for US refiners than Canadian canola oil. A Canadian farm cooperative earlier this year paused plans for a combined canola crush and renewable diesel plant in Regina, Saskatchewan, citing "regulatory and political uncertainty". And Bunge was vague about its plans for building the world's largest canola crush plant in the same city, which was initially envisioned to start up last year. The US-based agribusiness, which recently took over the project with its acquisition of Viterra, told Argus it was "focused on integration to ensure a smooth transition for our customers" and "may be able to provide an update in the near future". Even then, canola oil stands to benefit from increased demand from food companies if more US soybean oil is diverted to fuel markets. And despite recent struggles for other Canadian biorefineries, ExxonMobil subsidiary Imperial Oil has plans to soon open a 20,000 b/d renewable diesel plant in Alberta that will draw on canola oil. Canadian policymakers have taken steps to assuage local feedstock suppliers and refiners, including a domestic renewable fuel mandate in British Columbia and a proposed mandate in Ontario. Biofuel production and oilseed crush margins also will depend on interactions with other policies, including a temporary tax break through 2026 in the US for small biodiesel producers — historically more reliant on vegetable oils than more versatile renewable diesel plants — as well as low-carbon fuel standards in the US west coast region and Canada. The perennial risk for any company is that policy, especially around biofuels, often swings unexpectedly. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more