CN rail shipments resume through Jasper, Alberta

Spanish Market: Crude oil, Fertilizers, Oil products
29/07/24

Canadian National (CN) said today it has resumed rail shipments through Jasper, Alberta, after wildfires last week forced the company to halt shipments through the area.

CN's rail line through the Jasper area moves sulfur and other goods from Alberta into British Columbia for export from Vancouver.

The number of wildfires fell to 129 on Monday, down by 46 from last week, according to the government of Alberta. Four communities in Alberta have been under evacuation notice since 25 July.

Fort McMurray, a major sulfur, crude and bitumen production site, was put under evacuation notice on 14 July. All fires at Fort McMurray are "being held", the provincial government said, meaning the fires are not anticipated to grow.

Jasper was put under evacuation notice on 22 July.

By Meghan Yoyotte

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23/04/25

India, Saudi Arabia to establish two Indian refineries

Mumbai, 23 April (Argus) — India and Saudi Arabia will collaborate on establishing two refineries and petrochemical projects in India, according to an Indian government release today. Indian prime minister Narendra Modi met Saudi prime minister Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 had pledged to invest $100bn in India in multiple areas including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health. The government did not disclose further details, but industry sources said that one of the two refineries might be Indian state-run BPCL's planned refinery in Andhra Pradesh , which Saudi Arabia's state-controlled Saudi Aramco may join as an investor. The other one might be a refinery in Gujarat, under a partnership with Indian upstream firm ONGC and Aramco. But plans for a 1.2mn b/d refinery in Ratnagiri in collaboration with IOC and Adnoc have mostly been ruled out, because of logistical issues relating to the size of the refinery and land acquisition hurdles, among others. Saudi Arabia is the third-largest crude supplier to India, making up 15pc or 712,000 b/d of India's total imports in January-March, data from oil analytics firm Vortexa show. Saudi Arabia's share in the Indian market has declined, after Russia became India's biggest supplier following its war with Ukraine. Modi's trip to the Middle East comes close on the heels of US vice president JD Vance's visit to India on 21 April. The visit included negotiations for an India-US bilateral trade agreement and efforts towards enhancing co-operation in energy, defence, strategic technologies and other areas. JD Vance in India Vance said on 22 April at his speech in Jaipur that India will benefit from US energy exports and said the US wants to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies. US president Donald Trump has pushed India to step up its purchases of US crude and LNG. Crude imports from the US doubled on the month to 289,000 b/d in March, of which 65,000 b/d was Canadian Cold Lake crude, according to trade analytics firm Kpler. The visits come at a time when geopolitical and trade uncertainty has risen, because of Trump's volatile tariff policies. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

FERC commissioner Phillips resigns from agency

22/04/25

FERC commissioner Phillips resigns from agency

Washington, 22 April (Argus) — Democratic commissioner Willie Phillips has resigned from the US Federal Energy Regulatory Commission (FERC) after serving more than three years at an agency responsible for permitting natural gas infrastructure and regulating wholesale power markets. Phillips' departure will clear the way for President Donald Trump to nominate a replacement at FERC, who once confirmed by the US Senate would provide Republicans a 3-2 majority for the first time since 2021. Phillips, whose term was not set to expire until June 2026, had a reputation for negotiating bipartisan deals on contentious orders involving pipelines and power market issues in the two years he served as FERC's chairman under former president Joe Biden. Phillips has yet to release a statement explaining his abrupt resignation. But Trump has already fired Democratic commissioners and board members at other agencies that, like FERC, are structured as independent from the White House. Two of the fired Democrats, who were serving at the US Federal Trade Commission, have filed a lawsuit that argues their removal was unlawful under a 1935 decision by the US Supreme Court. The White House did not respond to a question on whether it had pressured Phillips to resign. FERC chairman Mark Christie, a Republican, offered praise for Phillips as a "dedicated and selfless public servant" who sought to "find common ground and get things done to serve the public interest". Christie for months has been downplaying the threats to FERC's independence caused by Trump's executive order that asserts sweeping control over FERC's agenda. Energy companies have come to depend on FERC in serving as independent arbiter in disputes over pipeline tariffs and electricity markets, without the consideration of political preferences of the White House. Former FERC chairman Neil Chatterjee, a Republican who served in Trump's first term, said in a social media post it was "disappointing" to see Phillips pushed out after he "played it straight" in his work at the agency. As chairman, Phillips was able to authorize a "massive LNG project" — the 28mn t/yr CP2 project — at a time when Biden had sought to pause LNG licensing, Chatterjee said. Separately, Paul Atkins was sworn in as the chairman of the US Securities and Exchange Commission (SEC) on 21 April, after the US Senate voted 52-44 earlier this month in favor of his confirmation. Atkins was previously the chief executive of financial consulting firm Patomak Global Partners and served as an SEC commissioner from 2002-08. Republicans will now have a 3-1 majority at the SEC. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Halliburton working to mitigate tariff impact: Update

22/04/25

Halliburton working to mitigate tariff impact: Update

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Tariff ‘shock’ prompts IMF to cut growth outlook

22/04/25

Tariff ‘shock’ prompts IMF to cut growth outlook

Washington, 22 April (Argus) — Global economic growth is expected to be significantly lower in 2025-26 than previously anticipated because of the steep tariffs President Donald Trump is pursuing for most imports and the uncertainty his policies are generating, the IMF said. The IMF, in its latest World Economic Outlook released today, forecasts the global economy will grow by 2.8pc in 2025 and 3pc in 2026. That compares with the 3.3pc/yr growth for 2025-26 that the IMF was expecting just three months ago. Today's forecast is based on the tariffs that Trump had in place as of 4 April, before he paused steep tariffs on most countries and escalated tarrifs on China. These barriers had pushed up the effective US tariff rate to levels "not seen in a century", the IMF said. While Trump has altered his tariff levels repeatedly, he has imposed an across-the-board 10pc tariff on most imports, a 25pc tariff on steel and aluminum, a 25pc tariff on some imports from Canada and Mexico, and a 145pc tariff on most imports from China. "This on its own is a major negative shock to growth," the IMF said. "The unpredictability with which these measures have been unfolding also has a negative impact on economic activity and the outlook." IMF forecasts are used by many economists to model oil demand projections. The US and its closest trading partners appear to be among those hardest hit by tariffs and corresponding trade countermeasures. The IMF's baseline scenario forecasts US growth at 1.8pc this year, a decrease of 0.9 percentage points from the forecast the IMF released in January, reflecting higher policy uncertainty, trade tensions and softer demand outlook. Mexico's economy is now projected to shrink by 0.3pc in 2025, rather than grow by 1.4pc, while Canada's growth is forecast at 1.4pc in 2025, down from 2pc. The release of the IMF report comes as Trump has given no indications of a shift in thinking on tariffs, which he says are generating billions of dollars for the US and will prompt companies to relocate their manufacturing capacity to the US. "THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS. THEY DON'T UNDERSTAND OR REALIZE THAT I AM THE GREATEST FRIEND THAT AMERICAN CAPITALISM HAS EVER HAD!" Trump wrote on social media on 20 April. The next day, major stock markets indexes declined by more than 2pc, continuing their crash from when Trump began announcing his tariff policies. Trump on 21 April escalated his attacks against US Federal Reserve chair Jerome Powell for failing to lower interest rates as Trump has demanded. There could be a "SLOWING of the economy unless Mr. Too Late" — his nickname for Powell — "a major loser, lowers interest rates, NOW," Trump wrote. The IMF also ratcheted down its expectations for the Chinese economy. China's economy is expected to grow by 4pc/yr in 2025-26, down from the 4.6 and 4.5pc, respectively, the IMF was anticipating in January. The euro area is forecast to grow by 0.8pc in 2025 and 1.2pc in 2026, a decrease of 0.2 percentage points from the IMF's previous forecast. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Kaltim granular urea bid in low $400s/t fob Indonesia

22/04/25

Kaltim granular urea bid in low $400s/t fob Indonesia

Amsterdam, 22 April (Argus) — A trading firm is understood to have bid $402/t fob Bontang in Pupuk Indonesia subsidiary Kaltim's granular urea sales tender today. Other bids were heard around and above $400/t fob, but most were in the $390s/t fob and below. But there was no comment from the parties involved. Kaltim offered 45,000t of bulk granular urea for shipment in the first week of May. Bids were to be valid until 24 April. This enquiry follows BFI's sales tender in Brunei on 17 April for three lots of 6,000t of granular urea, which saw a trading firm bid up to around $405/t fob for second-half-May loading. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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