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Latest Market News

Ice Brent volatility passing onto Ice gasoil

  • Spanish Market: Oil products
  • 09/03/26

The value of Ice gasoil futures and the spread between futures contracts both fluctuated wildly today, partly driven by volatility in Ice Brent crude futures, as market participants describe an increasingly opaque market.

The value of front-month Ice March gasoil futures moved in a range of $263.25/t since the Singapore open today. The contract hit a peak of $1,381/t in intraday trading at 02:18 GMT, which is higher than any settlement since June 2022. But by the London close at 16:30 GMT, the contract had settled at $1,116/t. That value was still higher by $7.75/t from the 6 March close.

The moves in gasoil futures roughly follow moves in Ice Brent crude futures. The front-month Ice May Brent contract surged to a peak of $119.50/bl, as fears grew about continued disruption to flows through the strait of Hormuz. The contract then fell after the Financial Times reported that the IEA and G7 countries were considering a joint release of oil stocks. The G7 said today it has no immediate plan to release oil from strategic reserves. Ice May Brent settled at $100.10/bl, higher on the day by almost 10pc and the first settlement over $100/bl since 2022.

The gasoil futures fall in later trading today was steeper than Brent's, eroding diesel refining margins. The premium of Ice May gasoil against Ice May Brent settled at $31.30/bl, down by $5.11/bl from the 6 March close.

The backwardation — where prompt prices exceed future prices — in Ice gasoil futures was also volatile today. The premium of Ice March gasoil against Ice April gasoil reached at least $113.50/t in early trading, but settled at $87/t.

Market participants appeared confused as to why Ice gasoil's margin against Ice Brent fell so sharply and why the structure of the gasoil futures narrowed. March gasoil futures expire on 12 March, so traders rolling their long positions to the second-month futures — which involves selling March futures and buying April futures — may have depressed values, one trader said. Market participants may also be profit-taking, another trader said. Multiple market participants said that the volatility in crude made it difficult to create a clear picture of the European gasoil market.

By Josh Michalowski

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09/03/26

G7 says ready to release stocks if necessary

G7 says ready to release stocks if necessary

London, 9 March (Argus) — The G7 today made no immediate plan to release oil from strategic reserves in response to the disruptions caused by the US-Iran war. In a joint statement, G7 ministers said: "We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to co-ordinate within the G7 and with international partners." "We stand ready to take necessary measures, including to support global supply of energy such as stockpile release," the statement said. Crude prices rose above $100/bl today for the first time since 2022, driven by concerns that supply disruption from the escalating US-Israeli war with Iran may be prolonged. Today's rally delivered some of the sharpest intraday gains in years and increased pressure on governments to consider steps to stabilise the market. The IEA said earlier that its members hold more than 1.2bn bl of public emergency oil stocks, and a further 600mn bl of industry stocks held under government obligation. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US-Iran war: Latest news

09/03/26
09/03/26

US-Iran war: Latest news

Singapore, 9 March (Argus) — A round-up of the latest Argus news stories focusing on the US-Iran conflict. TOP STORIES G7 to assess Mideast Gulf crisis as oil tops $100/bl Crude pares gains on IEA stock release report: Update 2 Iran's IRGC warns against continued attacks on energy Saudi Arabia's Shaybah oil field hit by drones again Fire at UAE's Fujairah storage contained Drone attacks tests Oman's bid as Hormuz bypass LATEST NEWS Crude and oil products Vietnam plans oil tax cut on escalating US–Iran war Bahrain's Bapco issues force majeure after refinery hit Asia's gasoline market jumps on weekend attacks Supply fears trigger fuel rationing in Australia Vietnam seeks to diversify fuel import sources Thai refineries issue force majeure on war, export ban China's CNOOC raises naphtha prices on cracker halt Asian prompt LSFO prices spike on supply fears Vietnam to curb crude exports to meet local demand Petrochemicals Kuwait's TKSC declares force majeure over US-Iran war China's Wanhua declares FM on supplies to Middle East Southeast Asia faces methanol supply crunch: Update Japan's Mitsubishi Chemical slows ethylene production Singapore's TPC declares FM on upstream supply woes Fertilizers Chinese domestic sulphur prices rise on US-Iran war Southeast Asian urea prices surge on US-Iran war Bitumen Singapore's Shell, Thai IRPC issue FM on bitumen export Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran’s IRGC warns against continued attacks on energy

09/03/26
09/03/26

Iran’s IRGC warns against continued attacks on energy

Dubai, 9 March (Argus) — A spokesman for a key command unit of Iran's Islamic Revolutionary Guard Corps (IRGC) warned the US and Israel overnight not to carry out further attacks on critical energy facilities, saying Iran's armed forces would retaliate in kind across the region. "We expect governments of the Islamic countries to warn the criminal United States and barbaric Zionist regime against inhumane actions, like attacks on fuel and energy installations, as soon as possible, or else, similar actions will be taken in the region," Ebrahim Zolfaghari said. The warning came a day after Israel struck numerous fuel storage facilities across Tehran , which it said were used to support Iranian military infrastructure, and after US forces hit a major desalination plant on Qeshm island in the Mideast Gulf. Iranian media reported that oil storage depots in Karaj, Shahran, Aghdasieh and Shahr-e Rey — all in or around Tehran — were targeted in the strikes. The depots in Shahran and Shahr-e Rey were also attacked during the 12-day war in June 2025, though on a much smaller scale . State media also said the 220,000 b/d state-owned Tehran refinery was damaged, but the extent of the impact remains unclear. Thick smoke from the weekend attacks has left parts of the capital shrouded in darkness. "Since the beginning of this invasion, the criminal United States and helpless Zionist regime have achieved nothing but the killing of innocent and defenceless men and women," Zolfaghari said, adding that they had "gone beyond this to the point that they have targeted parts of the fuel and energy infrastructures". He claimed the Iranian armed forces had "so far refrained from any similar action" in its retaliation against Israel, US bases and targets in neighbouring Mideast Gulf states out of "serious regard for the interests of the Muslim people stationed in those countries". But Iran has already targeted key energy installations across the region over the past week with varying degrees of success. Drone strikes have been launched at Saudi Arabia's 550,000 b/d Ras Tanura refinery, Kuwait's 346,000 b/d Mina al-Ahmadi refinery and Bahrain's 405,000 b/d Sitra refinery. The Ras Tanura facility has been offline since early last week. Saudi Arabia's 1mn b/d Shaybah and 250,000 b/d Berri oil fields have also been targeted by drones in recent days, with the latest attack reported earlier today. All strikes on the two fields have been intercepted, Saudi authorities said. Numerous oil product storage tanks at terminals in the UAE and Oman have also been targeted throughout the past week By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Drone attacks test Oman's bid as Hormuz bypass

09/03/26
09/03/26

Drone attacks test Oman's bid as Hormuz bypass

Dubai, 9 March (Argus) — Oman's ports have been seen as a safer alternative for cargoes seeking to avoid the strait of Hormuz, but recent drone attacks are raising questions over whether the sultanate can remain insulated from the ongoing US-Iran war. Oman's deep-water ports — Duqm, Salalah and Sohar — sit on the Arabian Sea outside the strait, allowing tankers to bypass the narrow waterway and reduce exposure to potential security risks. Tanker traffic through the strait has slowed to a treacle after several tankers were attacked since the conflict began on 28 February and as insurers raised premiums or withdrew war risk coverage for the region. Oman's geographical location has long been viewed as a key advantage to avoid the Hormuz critical chokepoint, encouraging companies to reroute cargoes through the region, with some buyers preferring to lift shipments directly from the sultanate's ports. Ship-tracking data from Kpler showed that the vessel Valery Roma , carrying around 37,000t of 95R gasoline from Paradip, which was originally headed to Jebel Ali, is now being diverted to Oman's Duqm, confirmed by port agent data. The tanker Advantage Passion which was chartered to load 60,000t of jet fuel from Jubail for northwestern Europe on 3 March, is currently anchored near Oman's Sohar. Sohar is the busiest in terms of overall cargo volumes and handles a mix of dry bulk and liquid cargoes, while Salalah, located at the southeastern tip of the country, serves as a major container transshipment hub, Rystad Energy commodity markets vice president Valerie Panopio said. Last year, Salalah expanded its container terminal capacity from 4.5mn TEU to 6.5mn TEU following upgrades at all six berths and a yard expansion. But recent drone strikes on Oman's commercial ports have undermined hopes that the country can avoid a regional hostilities spillover, raising concerns among shipowners, insurers and traders about whether the country's ports can still function as transshipment hubs. Several drones struck the ports of Duqm and Salalah last week, with at least one fuel storage tank hit at Duqm and debris falling near terminal areas . And changes to war-risk coverage on regional maritime routes have complicated the picture, with Sohar now falling within an insurer-designated war-risk area, potentially increasing charter and insurance costs for vessels calling at the port. The Joint War Committee, which represents the London insurance market, recently expanded its list of high-risk maritime areas to include waters around Oman along with Bahrain, Djibouti, Kuwait and Qatar, according to a market circular. But one broker said that tanker booking enquiries from Sohar and other Omani ports were still increasing noticeably even though the area is classified as high risk. Rising security risks are now beginning to feed into shipping insurance costs. Additional war-risk premiums (AWRP) for tankers transiting Omani waters have climbed to around 0.4pc of vessel value, up from about 0.1pc previously, according to an insurance broker. Shipping sources said rates have risen even further — to around 1pc — for vessels transiting the wider Mideast Gulf region. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Japan's Mitsubishi Chemical slows ethylene production

09/03/26
09/03/26

Japan's Mitsubishi Chemical slows ethylene production

Tokyo, 9 March (Argus) — Japanese petrochemical company Mitsubishi Chemical reduced the operating rate of its 485,000 t/yr naphtha-fed cracker at its Ibaraki plant in eastern Japan late last week, Mitsubishi Chemical told Argus on 9 March. The move is a part of its efforts to avoid halting operations altogether, following concerns over naphtha supplies because of the US-Iran conflict. Domestic and imported naphtha procurements are becoming uncertain, Mitsubishi Chemical said. Normal operations continue at the company's 496,000 t/yr cracker, jointly owned by chemical firm Asahi Kasei and Mitsubishi, at the Mizushima plant. The difference between its two crackers reflected stockpiled naphtha levels at each plant, Mitsubishi Chemical added. Separately, fellow Japanese petrochemical firm Idemitsu notified its customers last week that the company could halt its ethylene output in the middle- to long-term if the supply shortage of feedstock naphtha lasts long, it said. But Idemitsu currently has no concrete plans to stop its ethylene production, the company added. Idemitsu has a 623,000 t/yr naphtha cracker at its Tokuyama plant in western Japan and a 374,000 t/yr cracker at its Chiba plant in eastern Japan. Further concerns Other Japanese petrochemical producers also share concerns over naphtha supplies. Japanese chemical company Resonac's subsidiary Crasus Chemical has halted its 618,000 t/yr naphtha-fed cracker for maintenance since February. The cracker is expected to come back on line in late April or later. "If the current situation lasts until then, our cracker could also be affected," Crasus Chemical said. Fellow petrochemical firm Tosoh has halted its 493,000 t/yr cracker on 4 March for regular maintenance, which was planned before the US-Iran conflict started. The cracker is expected to come back on line around 19 April, but its restart could be delayed if the current situation disrupts naphtha procurement, Tosoh said. Petrochemical firm Maruzen Petrochemical has confirmed that it can continue operating its 480,000 t/yr cracker at its Chiba plant with its inventories at least during March, the company said. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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