South Korean gasoline stocks hit record highs in Jan

Spanish Market: Oil products
26/02/25

South Korean gasoline stock levels hit record highs in January, according to Korean Monthly Oil Statistics (KMOS) data.

Gasoline stock levels stood at 7.69mn bl on January 2025, up by 26pc from average levels in December and 32pc higher on the year, according to KMOS. This was also above average stock levels of 5.8mn-6.1mn bl/month over 2022-24.

The reason for the surge in gasoline stock levels could not be confirmed, but it could be a combination of lower export volumes and a drop in domestic consumption. Domestic gasoline consumption was at 6.98mn bl in January, down by 15pc on the month and by 13pc on the year, according to KMOS. Export volumes also fell by 9.3pc on the month and by 14pc on the year to 9.33mn bl in January.

By Aldric Chew

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28/03/26

Houthis attack Israel; no Red Sea diversions yet

London, 28 March (Argus) — Yemen's Iran-backed Houthi militants launched missiles at Israel on Saturday, in their first attack since the war in the Mideast Gulf began. The group said its "first military operation" targeted sensitive Israeli military sites using "a barrage of ballistic missiles". Earlier, Israel's Defence Forces confirmed "the launch of a missile from Yemen towards Israel", saying its air defence systems "intercepted the threat". The Houthis warned on Friday that they would enter the conflict if the US or Israel expanded alliances against Iran, used the Red Sea for hostile operations, or continued escalation against Iran and its regional allies. The strike raises the risk of a new front in and around the Red Sea. No attacks on merchant vessels or new diversions in the area have been reported today. But the group has previously shown its ability to disrupt trade: from November 2023 to October 2025, its campaign against commercial vessels in the Red Sea cut Suez Canal traffic as shipowners rerouted around the Cape of Good Hope, increasing freight and insurance costs. Mohammed al-Basha — founder of a consultancy specialising in Middle East risk analysis — said today's strike was intended as a signal rather than a step into full-scale war, allowing the Houthis to act militarily without being drawn into a wider fight with the US or Saudi Arabia. "By striking Israel, they are telling people in Yemen, their partners in the Iran-backed network, and supporters abroad that their priority has not changed. Their direction stays fixed on Israel first," he said. Al-Basha said the group's next moves are more likely to target commercial shipping than US naval vessels. "Disrupting traffic in the Red Sea, the Bab el-Mandeb Strait, the Gulf of Aden, and the Arabian Sea creates pressure without crossing a line that could trigger a direct US response. After that, the scope could widen to include Gulf states. For now, the hope is that this remains a signal rather than the start of a broader escalation." By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US mandates record-high biofuel use: Update 2

27/03/26

US mandates record-high biofuel use: Update 2

Updates with details from final regulatory text New York, 27 March (Argus) — The US will require record-high biofuel use over the next two years, boosting soybean farmers and alternative diesel producers at the expense of oil refiners that warned of higher pump prices. Oil refiners will have to bring billions more gallons of biodiesel and renewable diesel to market in 2026 and 2027, according to new blend requirements released by President Donald Trump's administration Friday. The mandates for biomass-based diesel this year alone are more than 60pc above targets in the category last year, the biggest annual step change in program history. The requirements come as Trump and Republicans in Congress see more support for biofuels as one way to help farmers hurt by trade wars and rising input costs. They also come at the same time as war in the Middle East has pushed up the cost of oil products, raising interest in alternatives like biofuels. Requiring "the highest volumes of renewable fuels in history" will create rural jobs and "massively increase our nation's energy supply", Trump said at a White House event. The Environmental Protection Agency (EPA) requires oil refiners and importers to annually blend different types of biofuels or buy Renewable Identification Number (RIN) credits from those that do. Traders expecting high quotas had already boosted the price of RINs — and key renewable diesel inputs like soybean oil — to multiyear highs this week. Friday's final rule includes a record-high mandate of 26.81bn RINs from total renewable fuel blending in 2026 and 27.02bn RINs in 2027, though fewer RINs per gallon next year for some fuels mean those future requirements are even more ambitious than they first appear. EPA sets total blend requirements and requires that a portion come from lower-carbon "advanced" biofuel types including biomass-based diesel. A gallon of corn ethanol generates one RIN, while more energy-dense fuels like renewable diesel earn more. Other updates show the Trump administration siding clearly with farmers over refiners. Larger oil companies, for instance, will have to blend more biofuels to offset the demand hit from recently generous program exemptions for some small refining rivals. Spread over the next two years, the added mandate of more than 2bn RINs equals around 70pc of biofuel volumes expected to be exempted from 2023-2025 blend quotas, higher than other options EPA considered. The administration did punt an earlier plan to penalize imports, which would have been one of the most substantial and legally contested reforms in program history. While the final rule includes few more details, EPA expects to implement some version of that provision — which could mean foreign biofuels and feedstocks receive half the RINs as domestic product — starting in 2028. Farm groups have pushed regulators to do more to restrict inputs that compete with US crops, including recycled cooking oil that major renewable diesel plants bring in from countries like China. Refiners had lobbied the administration this month to shift course, warning that higher mandates would spill into retail fuel prices already rising because of war in the Middle East. With affordability concerns top of mind for voters ahead of this year's midterm elections, the possibility of higher food and fuel prices presents political risk for Republicans. "It's baffling, with fuel prices already rising due to the conflict in Iran, that EPA is finalizing a rule that will make things far worse for consumers", said Chet Thompson, president of the American Fuel & Petrochemical Manufacturers, a group usually on board with Trump's energy policy. The mandates are certain to draw legal challenges, potentially from refiners or environmental groups. But as courts debate the details, the quotas are likely to support continued growth in not just US biofuel production but feedstock processing as well. Crop trading giants like Bunge and Cargill have invested heavily in new soybean and canola crush facilities, hoping to supply more vegetable oils to biofuel plants. Biomass-based diesel wins more than other fuels While the mandates will also support production margins for other biofuels, domestic demand for corn ethanol — the most widely used biofuel in the US — depends more on Congress. Lawmakers have struggled for months to reach a compromise on legislation that would permanently exempt a higher-ethanol gasoline blend from smog rules that currently limit summertime sales. Trump said Friday he was trusting legislative leaders to soon reach a deal. Gasoline stations can continue supplying fuel with up to 15pc ethanol this summer, more than the typical 10pc blend, because of temporary emergency regulations that the Trump administration started issuing this week. But so-called "E15" is still not sold at most US retail outlets. Renewable diesel production capacity in the US, already at record highs and growing, has boomed in part because the biofuel has fewer blend limits. By Cole Martin Final renewable volume obligations bn RINs 2025 2026 2027 Cellulosic biofuel 1.21 1.36 1.43 Biomass-based diesel 5.36* 9.07 9.20 Advanced biofuel 7.33 11.10 11.32 Total renewable fuel 22.33 26.81 27.02 *2025 biomass-based diesel mandate set in gallons, converted here to RINs Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US mandates record-high biofuel use: Update

27/03/26

US mandates record-high biofuel use: Update

Updates throughout with details on announcement New York, 27 March (Argus) — The US will require record-high biofuel use over the next two years, boosting soybean farmers and alternative diesel producers at the expense of oil refiners that warned of higher pump prices. Oil refiners will have to bring billions more gallons of biodiesel and renewable diesel to market in 2026 and 2027, according to high-level targets previewed by President Donald Trump's administration. More details will come in final regulatory text that could be published late on Friday. The requirements come as Trump and Republicans in Congress see more support for biofuels as one way to help farmers hurt by trade wars and rising input costs. They also come at the same time as war in the Middle East has pushed up the cost of oil products, raising interest in alternatives like biofuels. Requiring "the highest volumes of renewable fuels in history" will create rural jobs and "massively increase our nation's energy supply", Trump said at a White House event. The Environmental Protection Agency (EPA) requires oil refiners and importers to annually blend different types of biofuels or buy Renewable Identification Number (RIN) credits from those that do. Traders expecting high quotas had already boosted the price of RINs — and key renewable diesel inputs like soybean oil — to multiyear highs this week. Friday's final rule includes a record-high mandate of 26.81bn RINs from total renewable fuel blending this year and 27.02bn RINs next year. EPA sets total blend requirements and requires that a portion come from lower-carbon "advanced" biofuel types including biomass-based diesel. A gallon of corn ethanol generates one RIN, while more energy-dense fuels like renewable diesel earn more. Other updates show the Trump administration siding clearly with farmers over refiners. Larger oil companies, for instance, will have to blend more biofuels to offset the demand hit from recently generous program exemptions for some small refining rivals. Spread over the next two years, the added mandate equals around 70pc of biofuel volumes expected to be exempted from 2023-2025 blend quotas, higher than other options EPA considered. The administration did punt an earlier plan to penalize imports, which would have been one of the most substantial and legally contested reforms in program history. But EPA expects to implement that provision — which would mean foreign biofuels and feedstocks receive half the RINs as domestic product — starting in 2028. Farm groups have pushed regulators to do more to restrict inputs that compete with US crops, including recycled cooking oil that major renewable diesel plants bring in from countries like China. Refiners had lobbied the administration this month to shift course, warning that higher mandates would spill into retail fuel prices already rising because of war in the Middle East. With affordability concerns top of mind for voters ahead of this year's midterm elections, the possibility of higher food and fuel prices presents political risk for Republicans. "It's baffling, with fuel prices already rising due to the conflict in Iran, that EPA is finalizing a rule that will make things far worse for consumers", said Chet Thompson, president of the American Fuel & Petrochemical Manufacturers, a group usually on board with Trump's energy policy. The mandates are certain to draw legal challenges, potentially from refiners or environmental groups. But as courts debate the details, the quotas are likely to support continued growth in not just US biofuel production but feedstock processing as well. Crop trading giants like Bunge and Cargill have invested heavily in new soybean and canola crush facilities, hoping to supply more vegetable oils to biofuel plants. Renewable diesel wins more than other fuels While the mandates will also support production margins for other biofuels, domestic demand for corn ethanol — the most widely used biofuel in the US — depends more on Congress. Lawmakers have struggled for months to reach a compromise on legislation that would permanently exempt a higher-ethanol gasoline blend from smog rules that currently limit summertime sales. Trump said Friday he was trusting legislative leaders to soon reach a deal. Gasoline stations can continue supplying fuel with up to 15pc ethanol this summer, more than the typical 10pc blend, because of temporary emergency regulations that the Trump administration started issuing this week. But so-called "E15" is still not sold at most US retail outlets. Renewable diesel production capacity in the US, already at record highs and growing, has boomed in part because the biofuel has fewer blend limits. By Cole Martin Final renewable volume obligations bn RINs 2025 2026 2027 Cellulosic biofuel 1.21 1.36 1.43 Biomass-based diesel 5.36* 9.07 9.20 Advanced biofuel 7.33 11.10 11.32 Total renewable fuel 22.33 26.81 27.02 *2025 biomass-based diesel mandate set in gallons, converted here to RINs Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US biofuel mandates exit White House review

27/03/26

US biofuel mandates exit White House review

New York, 27 March (Argus) — The White House has completed its review of new biofuel blend mandates, signaling it could release the long-awaited rule important for crop demand and retail fuel prices. The rule emerged from the White House review process on Thursday, which is the last significant step before major regulations can be released, according to a government database updated on Friday. President Donald Trump's administration has already made clear that it expects to finalize new biofuel quotas, which were proposed at record-high levels for 2026 and 2027, sometime this month. The final blend requirements come as Trump and Republicans in Congress see more support for biofuels as one way to help farmers hurt by trade wars and rising input costs. The new quotas also come at the same time as war in the Middle East has spiked the cost of oil products, raising interest in alternatives. More details about the updates to the biofuel program, whether released in full Friday or not, could come at a White House event to celebrate agriculture. Trump said earlier in the week that his administration would announce on Friday "a variety of actions that we're taking to support American farmers". Under the Renewable Fuel Standard, the Environmental Protection Agency requires oil refiners and importers to annually blend different types of biofuels or buy credits from those that do. Traders expecting high quotas have already boosted the price of program credits — and key renewable diesel inputs like soybean oil — to multiyear highs this week. But oil refiners have lobbied the administration to shift course, warning that higher mandates would spill into retail fuel prices that are already spiking. While an earlier Trump proposal to slash program credits for imported biofuels and feedstocks is unlikely to be finalized, oil majors have bristled at a separate plan that would require them to blend more biofuels to offset recently generous program exemptions for smaller rivals. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran turns back 3 ships trying to transit Hormuz: IRGC

27/03/26

Iran turns back 3 ships trying to transit Hormuz: IRGC

London, 27 March (Argus) — Iran's Revolutionary Guard Corps (IRGC) said today that its navy has turned back three container ships attempting to pass through the strait of Hormuz. The IRGC said the ships of "different nationalities" tried to move into a designated corridor for licensed traffic, but were warned off and forced to withdraw. It said the strait is "closed" and that any movement in the waterway will face "severe action". The IRGC also declared that the movement of any ship sailing to or from ports of countries allied with what it calls its "Zionist-American enemies" — to any destination and from any corridor — is prohibited. The statement follows Iranian foreign minister Abbas Araqchi's comments on state TV on 25 March , when he said the strait remains open except to Iran's "enemies". Araqchi said Iran has allowed passage for vessels from "friendly countries, including China, Russia, India, Iraq and Pakistan". By James Keates Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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South Korean gasoline stocks hit record highs in Jan

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US biofuel mandates exit White House review

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