Australia’s Melbourne Airport sets Dec passenger record

Spanish Market: Oil products
14/01/26

Melbourne, Australia's second busiest airport, recorded its highest-ever monthly passenger numbers in December as air travel continues to drive growth in the nation's jet fuel sales.

The airport in Victoria state reported 3.42mn passengers used the facility in December, with figures for October-December 2025 rising 5pc from a year earlier (see table).
Melbourne's record month also saw its international terminal handle 5,596 services in December, accommodating a total 1.22mn passengers. New international services were launched by airlines including the US' Delta, Hong Kong Airlines and China's Shenzhen Airlines for the first time during December.
Year-to-date numbers for Melbourne Airport's fiscal year ending 30 June 2026 were up by 4pc on the prior year for the first half, at 19.13mn passengers compared with 18.34mn in the corresponding period of 2024.
Passenger traffic reached 36.15mn in Melbourne's 2024-25 fiscal year, up from 35.13mn in 2023-24, records show.
Jet fuel sales in Victoria hit 51,000 b/d in October 2025 — the latest month for which Australian Petroleum Statistics data is available — up from 43,000 b/d a year earlier.
Australia's year-to-date imports of jet fuel were 139,000 b/d in January-October 2025, up from 127,000 b/d a year earlier.

By Tom Major

Melbourne Airport passenger numbers								(mn)
	Oct-Dec '25	Jul-Sep '25	Oct-Dec '24	1H FY26	1H FY25	q-o-q % ±	y-o-y % ±	FY25 Vs FY26
Total	9.88	9.25	9.41	19.13	18.34	7	5	4
International	3.27	3	3.07	6.27	5.98	9	7	5
Domestic	6.6	6.25	6.34	12.86	12.36	6	4	4
Source: Melbourne Airport

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12/03/26

US Gulf coast gasoline prices surpass 2-year highs

Houston, 12 March (Argus) — US Gulf coast conventional 87 finished gasoline prices reached their highest point in over two years on Thursday after the US-Iran conflict led a spike in export demand. Both crude and refined products supplies continued to face a bottleneck after joint US and Israeli attack on Iran starting on 28 February led to the closure of the strait of Hormuz, driving global buyers to turn to the US Gulf coast to secure gasoline. Regional conventional gasoline prices hit $2.895/USG on Thursday, up by 42.87¢/USG on the week to highs not reached since late September 2023. The Gulf coast had already exported a record 918,000 b/d of gasoline in February, the highest level for any February since Kpler began recording data in January 2016, in an attempt by refiners to minimize a glut in regional winter-grade gasoline inventories ahead of the summer driving season. Though exports had driven regional gasoline inventories to three-month lows of 85.1mn bl in the week ended 6 March, Energy Information Administration data show, those levels had climbed past year-before levels by 9.2pc. However, continued strength in exports, especially as the US weighs waiving Jones Act domestic shipping restrictions , has led to expectations of further declines in inventories ahead of the summer driving season when road fuel demand is at its highest and driving conventional gasoline prices higher as a primary benchmark price for exports and domestic blending. The Jones Act mandates that vessels carrying shipments between US ports must by US-built, crewed and owned. Gulf coast gasoline exports were 1mn b/d in the week ended 6 March, after the US began strikes on Iran, an increase of 9.7pc on the week. Compared with the same week last year, exports were 39.6pc higher. Furthermore, the potential waiver of the Jones Act attracted more charters of medium range tankers for Gulf coast loading . By Hannah Borai Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran war flips Brazil diesel vs biodiesel prices

12/03/26

Iran war flips Brazil diesel vs biodiesel prices

Sao Paulo, 12 March (Argus) — Prices for imported 10ppm (S10) diesel in Brazilian ports recently surpassed contract prices for biodiesel for the first time since October 2023 due to a rise in global oil derivate prices caused by the war in Iran. Prices for S10 diesel imported at the southern port of Paranagua, in Parana state, delivered at Araucaria terminal, reached R5,173/m³ (339¢/USG) on 6 March. That is above the average price of biodiesel contracts in the Parana-Santa Catarina states hub of R4,656/m³, delivered on the same basis and date. The last time the fossil fuel prices exceeded biodiesel prices was in August-October 2023, when the country faced a supply bottleneck and Russia temporarily banned diesel and gasoline exports . At the time, S10 diesel prices reached R5,015/m³, while biodiesel was trading at R4,316/m³ on the same basis. The recent price reversal reinforces the biodiesel sector's lobbying for increasing the biodiesel blending mandate, arguing it would alleviate inflationary pressures. Brazil's fuels of the future law projected an increase in the blending mandate to 16pc from the current 15pc this month. But a new schedule from the mines and energy ministry calls for the completion of the first phase of technical feasibility tests between August 2026-January 2027. S10 diesel prices rose by 45pc from the 28 February start of the war to 10 March, according to the Argus indicator. That tracks increases in heating oil futures contract traded at Nymex. For now, distributors and importers do not see an interruption in domestic diesel supply, despite the uncertain environment in the international market. Current stock levels and those forecast to arrive in Brazil are sufficient to meet domestic market demand until the first half of April, one trader told Argus . Hydrocarbons regulator ANP also sees fuel activities and supply normalized up to now, it told Argus . Brazil imported 2.7bn liters (288,000 b/d) of diesel in January-February, up by almost 17pc from the same two-month period last year, according to trade ministry data. Around 1.5bn liters of diesel is expected to arrive in the country in March, according to data from oil analytics firm Vortexa. Pricing difficulties Market participants are struggling to obtain firm offers for diesel imported because of fluctuations in maritime freight rates and increased demand for fuel in the international market. The interruption of fuel exports from the Persian Gulf has increased demand for US products, mainly for delivery to countries in Europe, Central America and South America. An increase in freight costs has impacted offers presented by US diesel suppliers and also boosted differentials presented by Russian exporters. The Argus indicator for Russian diesel for delivery to the northeastern port of Itaqui, in Maranhao state, on a dap Brazil basis reached a discount of 11.5¢/USG from Nymex contract with May settlement. Offers from other origins other than Russia were at discounts of 3.5¢/USG on the same basis. By Maria Albuquerque and Natalia Dalle Cort Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

European jet hits all-time high, cracks over $100/bl

12/03/26

European jet hits all-time high, cracks over $100/bl

London, 12 March (Argus) — European jet fuel prices hit an all-time high today, while premiums to crude surpassed $100/bl and premiums to Ice gasoil surpassed $500/t for the first time. Argus assessed cif northwest European jet fuel at an outright price of $1,646.25/t today, 12 March, eclipsing the previous record of $1,551.75/t set during the energy crisis of 2022. Premiums to crude and Ice gasoil already reached new all-time highs last week . Jet's premium to Ice Brent crude futures closed at $109.72/bl today, over $10/bl higher than Ice Brent itself, meaning that jet fuel is trading at more than twice the price of crude. Jet's premium to front-month Ice gasoil futures was assessed at $518.5/t, surpassing $500/t for the first time on record. Jet fuel values have risen every day except one since the war in the Middle East began on 28 February. Although oil markets have firmed generally, jet fuel has pulled away from the rest of the barrel more than ever previously seen. Market participants are extremely concerned about jet fuel supply , given the Mideast Gulf accounts for over 50pc of Europe's annual jet fuel imports, and around 20pc of all jet fuel flows transit the strait of Hormuz. Such volumes cannot be replaced from elsewhere, participants said. No jet fuel cargoes have transited the strait since the war began, according to Kpler. Extreme volatility in the market has broken down price visibility for around a week, with large discrepancies between bid and offer levels, participants added. This is contributing to sharp changes in daily values. Strikes across the Middle East have been incessant. Two tankers were attacked near Iraq's Basrah port earlier today, suspending operations at Basrah's oil terminals, while Kuwait's international airport was struck for the second time in the past week. European jet fuel supply is set to tighten significantly in April, participants warned, reflecting typical journey times to Europe. And independent stock levels at ARA are over 8pc lower on the year at 779,000t as of 11 March, according to Insights Global. By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Refiners stick to maintenance despite crack surge

12/03/26

Refiners stick to maintenance despite crack surge

London, 12 March (Argus) — European refiners are not shortening or delaying spring maintenance despite the surge in refined product cracks following the US–Iran war, according to market participants. Many service providers have already been paid, and cancelling or rescheduling work would carry costs that could outweigh any gains from stronger margins. Refined product flows through the strait of Hormuz have been disrupted since the war began on 28 February, pushing middle distillate premiums to crude sharply higher. European jet cracks to Ice Brent hit a record $109.19/bl today, 12 March, while diesel cracks reached $63.92/bl on 6 March — the highest in 40 months. Refineries carrying out seasonal maintenance are not looking to defer turnarounds to chase these margins, sources said. The subject "would be in people's minds", one distillates trader said, but added they would be surprised if refiners made changes at this stage. Prolonged disruption around the strait of Hormuz could shift the calculus, the trader said. Refiners did cut maintenance short when Russia invaded Ukraine. Through 2023 and early 2024, European plants benefited from firming margins as the market adjusted to the loss of sanctioned Russian oil, with some operators running units "like mad", feedstock traders said. The EU and UK banned Russian refined products in February 2023. For now, however, the economics favour sticking with planned work. Although ending turnarounds early "would make a lot of sense economically", one source said, "changing the schedule of teams that have been hired and delaying regulatory inspections may not be easy, especially on a prompt basis". Such changes "would require agile teams and flexible contracts", which are not standard across the sector. Consultants specialising in turnaround engineering also stressed that cancelling or postponing maintenance programmes can be costly. Engineering services are priced at a premium and bound by fixed-schedule contracts. The duration of the US–Iran war is another factor. US president Donald Trump said on 9 March that the conflict was both "practically over" and also just "beginning". The remarks suggested the potential for near-term relief to supply disruptions. A resumption of pre-war middle distillate loadings from the Mideast Gulf would quickly ease concerns over Europe's jet fuel and diesel supply. The EU, UK and Norway sourced 44pc of their 670,000 b/d jet imports and 8pc of their 1.125mn b/d 10ppm diesel imports from the region last year, according to Kpler. There is no sign of refiners hiking run rates to cash in on the rise in crack spreads. European crude receipts averaged 9.97mn b/d during 1–12 March, down from 10.27mn b/d in February, Kpler data show. The IEA said today it expects European refinery throughput to fall to 11mn b/d this month from 11.3mn b/d in February because of seasonal maintenance. By George Maher-Bonnett and Isabella Reimi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil inflation decelerates to 3.81pc in Feb

12/03/26

Brazil inflation decelerates to 3.81pc in Feb

Sao Paulo, 12 March (Argus) — Brazil's headline inflation decelerated to an annual 3.81pc in February, mainly driven by transport costs and school tuition readjustments. The consumer price index IPCA slowed from 4.44pc in January, national statistics agency IBGE said on Thursday, after accelerating from 4.26pc in December. The annual figure was down from 5.06pc in February 2025 and marked the lowest headline reading since 3.93pc in May 2024. Housing costs fell to 5.67pc in February from 10pc the prior month, helped by slower gains in electricity. Transport costs were among the largest contributors to the monthly gain in the IPCA, rising to 2.49pc on an increase in flight tickets and bus tickets, despite gasoline pushing down motor fuels costs, IBGE said. Food and beverage costs, which weigh heavily on the index, decelerated to an annual 1.76pc in February from 2.20pc in January. Lower prices for coffee and eggs pushed down the result, IBGE's research manager Fernando Goncalves said. Brazil's central bank has kept its target interest rate elevated at 15pc since June 2025 . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Australia’s Melbourne Airport sets Dec passenger record

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