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US inflation accelerates to 3.5pc pace in March

  • Spanish Market: Crude oil, Metals, Oil products
  • 10/04/24

The US consumer price index (CPI) accelerated to a 3.5pc annual pace in March, a sign the Federal Reserve is likely to hold its target lending rate at a 23-year high for longer in order to slow inflation to its long-range goal.

The CPI rose from a 3.2pc rate in February and was the highest since it reached 3.7pc in September, the Bureau of Labor Statistics reported today. So called core CPI, which strips out food and energy, rose at a 3.8pc rate, unchanged from the prior month. Food rose at a 2.2pc rate and energy rose at a 2.1pc pace. Shelter rose at a 5.7pc annual rate.

The CPI report reduced the probability that the US Federal Reserve will begin cutting its target rate at its June meeting to less than 20pc, futures markets showed on Wednesday, down from a greater than 57pc probability on Tuesday. The Fed last week signaled it was in no hurry to begin cutting borrowing costs amid stronger than expected economic data, even as it also suggested most members did expect cuts to begin later this year.

On a monthly basis, CPI rose by 0.4pc for a second month and core CPI rose by 0.4pc for a third month. Food rose by 0.1pc on the month and energy rose by 1.1pc, with gasoline up 1.7pc. The shelter index and gasoline index accounted for 50pc of the monthly gain in the headline CPI index, the bureau said.


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17/01/25

Bayernoil-Werksteil nach Brand heruntergefahren

Bayernoil-Werksteil nach Brand heruntergefahren

Hamburg, 17 January (Argus) — In der Nacht zum 17. Januar kam es im Werksteil Neustadt der Bayernoil Raffinerie zu einem Brand in einer Prozessanlage, so der Betreiber in einer Pressemitteilung. Der Betreiber hat den Werksteil komplett heruntergefahren. Der Brand soll den Mild-Hydrocracker (MHC) oder ein Gebäude daneben betreffen, so aus Raffineriekreisen. Die Feuerwehr lasse die Anlage derzeit kontrolliert abbrennen. Der MHC wird für die Mitteldestillatproduktion genutzt und dürfte daher vor allem das Heizöl- und Dieselangebot einschränken. Tankwagen, die in Neustadt laden wollen, werden nach Vohburg umgeleitet. Alle Anteilseigner bieten in beiden Werksteilen zunächst kein Heizöl, Diesel und Benzin mehr auf Spot an. Ein Anteilseigner hat zudem das Spotangebot auch in anderen bayrischen Standorten wie München, Regensburg, Fürth, Nürnberg und Marktredwitz eingestellt. Die Ursache für die Explosion und die Dauer der Einschränkungen ist bislang unklar. Bei dem Vorfall wurden zwei Personen verletzt. Der Betreiber plante zuvor, den Werksteil Vohburg Anfang März für etwa sechs Wochen für Wartungsarbeiten komplett und Neustadt teilweise außer Betrieb zu nehmen. Ob die Wartung trotz der derzeitigen Einschränkungen stattfinden werden, ist ebenfalls unklar. Von Gabriele Zindel Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

Mexico’s oil states led labor market losers in 2024


16/01/25
16/01/25

Mexico’s oil states led labor market losers in 2024

Mexico City, 16 January (Argus) — Mexico's oil and gas-dependent states led state job losses in 2024, driven by a sharp contraction in spending by state-owned Pemex and the completion of the Olmeca refinery, according to energy market sources and state data, even as two-thirds of the country's states posted job growth. Annually, the total employment in Mexico grew by 213,993 jobs in 2024, 67pc fewer than the 651,490 jobs added in 2023, according to the Mexican social security (IMSS) institute's tally of formal jobs, which have full benefits like better access to housing credits and public medical services. The deceleration in the number of jobs created last year adds to signals of a Mexican economy that was cooling as the year progressed, according to economists and energy market sources. "In 2024, the second lowest generation of jobs in the last 15 years was recorded, only after 2020, the year in which the Covid-19 pandemic hit," according to a report from Mexican think tank Mexico Como Vamos. Tabasco state, one of the most important for the energy sector in Mexico, led the reduction in employment among the 11 states that experienced job losses during 2024. Tabasco lost 28,675 jobs over the year, for a 12pc annual decline in employment in the state, according to IMSS data. Twenty-one states, including the capital, posted job growth. Campeche, the state with the second biggest annual percentage of job losses, and Tamaulipas, the other state with a high dependence on the oil sector, also reported significant declines in 2024, with annual formal job losses of 5,952 and 3,120, representing 4pc and 1pc decreases from a year earlier, respectively. These IMSS figures only account for formal jobs registered with the institute, which provide access to medical, pensions, and housing credits, and totaled 22.24mn as of December. The official statistics agency Inegi counts employment nationwide at 59.5mn as of the third quarter last year. Inegi's count of employment includes the informal sector, made up of jobs without social security and other benefits. Inegi's estimates put the informal labor sector at over 54pc of all jobs. According to IMSS, the country lost 405,259 jobs in December compared with November, the largest loss recorded for that month since 2000. Still, December is typically marked by heavy job losses because of seasonal adjustments. But last year the final month's tally was pulled even lower than normal by overall weak hiring over the year, Inegi said, even as total job growth was positive for the full year. While the labor situation in Mexico worsened in 2024 because of the weakening of the national economy, including a sharp depreciation of the peso to the dollar, the decline has hit the states most closely tied to the oil and gas sector and Pemex spending, said Carlos Ramirez, founder of consultancy Integralia. Tabasco hangover "Tabasco benefited greatly from the investment poured into Pemex by the administration of AMLO (former president Juan Manuel Lopez Obrador), Ramirez said. "This is going to change now with the (Claudia) Sheinbaum administration, and the state will suffer a hangover as the new government reduces its support for the oil and gas industry." Still, the national unemployment rate is low, at 2.6pc in November, according to Inegi. And the country added 361,000 jobs in the third quarter from a year earlier, according to Inegi's broader base of data. But the economy was slowing in the second half of 2024. Growth in gross domestic product slowed to an annual 1.6pc in the third quarter from 2.1pc in the second quarter, according to Inegi. Inegi's IGAE, an index that tracks the real economy, showed that the Mexican economy contracted 0.73pc in October, as economists lowered growth estimates for the Mexican economy for this year. Pemex chief executive Victor Rodriguez in early October implemented a 20pc cut to the company's upstream budget, aiming to save Ps26.78bn ($1.32bn). This decision, combined with delays in payments for contracts and a halt in new service agreements, severely impacted local companies in Tabasco and Campeche, according to oil services company association Amespac. Some companies announced layoffs as Pemex's financial constraints rippled through the supply chain. Part of Tabasco's workforce reduction could also be tied to the near-completion of the 340,000 b/d Olmeca refinery, said Jesus Carrillo, an analyst at think tank IMCO. While the major construction phases have concluded, the facility remains in a testing phase, contrary to Pemex's previous promises of full operations in 2024. Despite the recent downturn, heavy Pemex spending during the administration of former president Lopez Obrador made Tabasco the leading state in job creation between December 2018 and December 2024, Ramirez said. But with the refinery now completed and Pemex projecting further budget cuts for 2025, analysts expect labor market challenges in oil-reliant states to persist. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Monjasa first to offer biofuel for bunkering in Panama


16/01/25
16/01/25

Monjasa first to offer biofuel for bunkering in Panama

New York, 16 January (Argus) — Marine fuel supplier Monjasa will be the first biofuel for bunkering supplier in Panama. Monjasa's B30 is a blend of 30pc used cooking oil methyl ester (Ucome) with 70pc very low-sulphur fuel oil (VLSFO). It is available for delivery on barge in Cristobal, on Panama's Caribbean coast. Monjasa can also deliver B30 in Balboa, on the Pacific side of the canal "although this could lead to price adjustments due to logistical changes", Monjasa told Argus . The company can supply up to 7,000 metric tonnes (t) per month, but it aims to increase this capacity as well as offer additional grades and blend ratios. VLSFO demand on Panama's Caribbean side averaged at 57,912t/month in 2024 according to Panama Canal Authority data. Monjasa also sells biofuels for bunkering in Colombia and Peru. In Colombia, Monjasa has seen biofuel demand from container ship companies, RoRo vessels and most recently from cruise ships. In Peru, demand has been driven by dry bulk vessels used by several mining companies. In northwest Europe, B30 was assessed at $813/t average in the first half of January, 54pc higher compared than VLSFO which was at $528/t. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Marine biodiesel may face future supply constraints:DNV


16/01/25
16/01/25

Marine biodiesel may face future supply constraints:DNV

London, 16 January (Argus) — The use of biofuels in maritime transport has good potential to reduce greenhouse gas (GHG) emissions in shipping, but its supply may become tight in the future, according to Norwegian classification agency DNV. A vast majority of biodiesel production is currently routed towards the road sector, as most European countries have biofuel blending requirements for road diesel and gasoline. DNV's report said that the percentage of marine biodiesel used in shipping accounted for 0.3pc of the sector's total energy use in 2023 — according to data from the International Energy Agency (IEA). Fatty acid methyl ester (Fame) and hydrotreated vegetable oil (HVO) are currently the primary types of biofuels used in marine biodiesel blends, with Fame most prominent. The report acknowledged that waste-based Fame biodiesel can be utilised to meet regulations such as FuelEU Maritime , which came into effect this year, and potential International Maritime Organisation (IMO) mid-term measures in 2027 — which DNV expects to significantly boost demand for marine biodiesel. But with increasing demand and incentives to switch to marine biodiesel from conventional bunker fuels, the report pointed to potential supply limitations in the long term. These include scarcity of advanced waste-based feedstock and competition with other sectors such as aviation. Feedstock challenges could revolve around sources such as used cooking oil (UCO), and as a result DNV said that some suppliers are "investigating" the viability of alternative waste feedstocks that can feed into the marine sector. Biofuels produced from food and feed crops are not viable for regulations such as FuelEU Maritime, and it remains unclear whether they can meet the sustainability criteria under upcoming IMO mid-term measures. Further to feedstock scarcity are concerns around competition with other sectors, which have been voiced by market participants. But some participants have also said that while biodiesel suppliers may channel their feedstock towards aviation fuels because of higher margins, a potential source of fuel for marine could stem from by-products of sustainable aviation fuel (SAF) production. DNV's report also advised caution when using biofuels that do not comply with ISO 8217:2024 . This is more specifically relevant to off-spec biofuel blends or blends comprising novel feedstocks such as cashew nut shell liquid . By Hussein Al-Khalisy and Natalia Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

UK bitumen consumption falls 20pc on year


16/01/25
16/01/25

UK bitumen consumption falls 20pc on year

London, 16 January (Argus) — UK bitumen demand dropped by almost 20pc in the third quarter of 2024, and in January-September fell by more than 10pc compared with the previous year, continuing a weak trend since 2021, data from the UK government's department for energy security and net zero (DESNZ) show. The UK consumed 351,000t of bitumen in the third quarter, a drop of 19.5pc from the same period in 2023. Consumption in January-September fell by 10.4pc from the same period of 2023 to 1.18mn t. This follows a downward trend in consumption since 2021 in the UK market. Between 2021 and 2023, UK domestic consumption fell by 16.4pc, while production dropped by 41.5pc. Bitumen production rose in the third quarter though, by 6.7pc on the year to 131,000t. Production for 2024 up until October rose by 27.3pc on the year to 425,000t. The market slowdown is part of an overall downward trend across UK petroleum products. Between 2018 and 2023, total UK petroleum product deliveries for domestic consumption have fallen by 11.6pc, while total UK petroleum product output fell by 13.9pc. The UK has just one remaining bitumen-producing refinery , at Eastham, after the Lindsey refinery in northeast England ceased bitumen production in 2023. UK production has been on a downward trend for longer though, dropping since 2006, with the country becoming more reliant on bitumen imports. UK road and construction firm Tarmac said in December that it would start receiving bitumen cargoes at the 20,000t Dagenham bitumen terminal in southeast England in late January. The terminal is operated by trading firm Trafigura's Puma Energy. Market participants expect highway spending and bitumen demand to stay slow as the UK government faces public finances pressure. By Tim van Gardingen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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