Qatar's Ras Laffan comes under attack

Spanish Market: Crude oil, Natural gas, Oil products
18/03/26

The Ras Laffan industrial complex sustained damage after a missile attack on Wednesday, QatarEnergy said.

"Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said.

Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it said it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field. It was not immediately clear whether the refinery itself was directly attacked or sustained any damage.

Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi.

Riyadh also came under attack on Wednesday night local time. The Saudi defense ministry said it intercepted 4 ballistic missiles, "resulting in some debris falling in different areas of the capital" but without "damage or casualties, according to preliminary assessments".

By Haik Gugarats

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18/03/26

Qatar's Ras Laffan comes under attack: Update

Updates with details throughout Washington, 18 March (Argus) — The Ras Laffan industrial complex sustained damage after a missile attack on Wednesday, QatarEnergy said. "Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused," QatarEnergy said. Qatar's interior ministry attributed the attack to Iran and said that it has "gained preliminary control over the fire at Ras Laffan, with no reported injuries". Tehran earlier on Wednesday listed the 305,000 b/d Ras Laffan refinery in Qatar among five downstream facilities it said it would attack shortly in retaliation for what it described as US-Israeli strikes on Iranian gas treatment plants at the South Pars gas field. It was not immediately clear whether the refinery or the nearby 77mn t/yr LNG export terminal were directly attacked or sustained any damage. Tehran also threatened strikes against the 400,000 b/d Samref refinery at Yanbu and the Sadara petrochemical complex at Jubail in Saudi Arabia, Qatar Chemical in Doha and the Al-Hosn sour gas field in Abu Dhabi. Saudi Arabia also came under attack on Wednesday night local time, according to the Saudi defense ministry. "Part of an intercepted ballistic missile" fell near a refinery located south of Riyadh, the ministry said. It also reported intercepting drones aimed at an unnamed gas facility in the country's east. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil updates climate plan through 2035

18/03/26

Brazil updates climate plan through 2035

Sao Paulo, 18 March (Argus) — Brazil's government launched its updated climate plan on Tuesday, setting targets for specific sectors such as forests and transportation and proposing carbon-neutral technology roadmaps to more than halve its greenhouse gas emissions (GHG) by 2035 from 2005 levels. The previous plan was launched in 2008. Brazil has committed to reducing its GHG emissions by 59-67pc by 2035 and to achieve net-zero by 2050, according to its latest nationally determined contribution under the Paris Agreement. "There are no environmental policies without scientific evidence," Brazil's science and technology minister Luciana Santos said during an event in federal capital Brasilia to launch the plan. "We are not only reacting to disasters, we are anticipating solutions," she added. The plan draws up measures to attract climate financing in both the public and private sectors — with programs such as the Amazon fund and Eco Invest . The government expects to discuss the plan every two years and update it every four years, the environmental ministry said. The climate plan also includes eight policy routes for mitigation and another 16 for climate change adaptation, which were all approved in December, totaling 312 in all. It includes plans for adaptation measures in sectors such as agriculture, cattle raising, mining, energy and transport, among others. But some environmental groups said that the sectorial energy plan for mitigation is not ambitious enough to reach a fossil fuel phase-out. This particular plan foresees to reduce emissions in both crude and natural gas supply chains but does not provide any timeframes, while it also includes expanding the country's nuclear power generation, which would be "unnecessary" and more expensive than other power generation alternatives, climate umbrella group Observatorio do Clima's public policies coordinator Suely Araujo said. The government is working on a roadmap to phase out fossil fuels, but has not yet presented it . President Luiz Inacio Lula da Silva called for a global roadmap on the topic during a global summit days prior to the UN Cop 30 climate summit held last November in northern Brazil. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil's distributors see signs of gasoline shortage

18/03/26

Brazil's distributors see signs of gasoline shortage

Sao Paulo, 18 March (Argus) — Fuel distributors have expressed concerns, albeit measured, about the availability of gasoline in Brazil's center-south, thanks to changes in refiners' selling strategies and higher prices for oil products amid an increase in domestic demand. Demand for fuels has increase since the beginning of the US-Iran war on 28 February, according to major distributors. That is partly caused by a perception that buyers want to build up stocks because of uncertainties in the international market. The shift in market dynamics intersects with a projected rise in domestic consumption. Unblended gasoline demand in March is expected to rise by 8pc from the same month in 2025, reaching 2.8bn liters (569,000 b/d), according to a survey conducted by Argus of analysts at Brazil's largest fuel distributors and producers. State-controlled Petrobras chief executive Magda Chambriard said on 13 March that there are no disruptions in domestic fuel supply. Petrobras was responsible for around 81pc of the 30bn liters of gasoline produced in Brazil in 2025, according to data from the hydrocarbons regulator ANP. Distributors, however, are struggling to increase quotas with the company, which is limiting withdrawals to a day-quote or below in some cases. The situation is prompting some participants to seek imported products. Lineup data from maritime transport agencies points to around 190mn liters of foreign gasoline arriving at Brazilian ports in March, with around 86pc of the volume destined for ports in the northeast. That volume would represent an almost 58pc increase from the 120mn liters imported in March 2025 but still below the 285mn liters and 435mn liters imported in January and February of 2026, respectively, according to trade ministry data. On 17 March, offers for imported unblended gasoline for prompt delivery in Santos reached R1,650/m³ (120¢/USG) above Petrobras' reference prices in Paulinia, in Sao Paulo state. On 24 February — before the beginning of the war — offers were around R120/m³ above reference prices, according to market participants. Even participants who have products available for sale are opting to hold on to the fuel and ensure maintaining their own inventories. On 13 March, the replacement cost for imported unblended gasoline delivered to Santos or Paranagua reached R1,265/m³ above Petrobras prices in Paulinia. That compares with a discount of approximately R20/m³ on 27 February, the eve of the US and Israel's first strikes in Iran. Despite the nearly 50pc difference between the price of the imported product and the fuel traded at Petrobras refineries, changes to Petrobras' gasoline prices in the coming weeks are unlikely, Chambriard said. The sector is still closely monitoring the company's gasoline tenders, which it defines as a "complement the regular supply of products in a competitive and transparent manner." Petrobras held tenders for 550mn liters and 440mn liters of gasoline in January-February, respectively, in central-southern hubs, with delivery scheduled for subsequent months. A tender for 95mn liters planned for 16 March with initial bids starting at premiums of R980/m from the company's regular prices was postponed, with no new date set, according to market participants. By Maria Albuquerque Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

First Jones Act waiver deals enter spot market

18/03/26

First Jones Act waiver deals enter spot market

New York, 18 March (Argus) — Traders in the US refined products market moved quickly on Wednesday after the US announced a 60-day waiver on Jones Act shipments, snapping up internationally flagged medium range (MR) tankers for the voyages instead. The availability of prompt vessels for quick Jones Act-style shipments — a market dominated by long-term time charters and restricted vessel supply — after the launch of the waivers has likely created strong arbitrage opportunities for charterers. This comes despite higher freight costs, at least initially, on some routes as international demand remains elevated, with buyers scrambling to secure shipments after Mideast Gulf flows largely ceased. A charterer put the PIS Kalimantan , a Panamanian flagged MR tanker, on subjects for a US Gulf coast-Jacksonville, Florida, voyage today loading from 21-22 March at $2mn lumpsum, including demurrage at $115,000/d. The deal would equate to around $6.74/bl for the shipment. This is lower than the $6.92/bl for a Caribbean-bound voyage assessed on 17 March but much higher than a $3.70/bl voyage assessed for a Port Everglades-bound Jones Act voyage from Houston assessed on 13 March. Meanwhile, another charterer put a Norden-owned MR tanker on subjects for a New York-Hawaii voyage at $6.5mn, or $21.92/bl. The deal was likely influenced by a US Gulf coast-Asia voyage that commodity trader Clearlake put the Boxer on subjects for $6.4mn, or $21.49/bl, earlier within the trading day. These deals suggest that spot market activity for US cabotage over the next 60 days will depend on international freight levels, at least as long as they outstrip Jones Act $/bl rates. But Jones Act rates usually outperform international spot rates for the few vessel operators that are US flagged and US crewed. It remains to be seen whether international vessel operators will insist on at least typical Jones Act voyage rates if international freight rates begin to trade at a discount in the near term. By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Iran-Krieg führt zu volatilen Importmargen

18/03/26

Iran-Krieg führt zu volatilen Importmargen

Hamburg, 18 March (Argus) — Die rechnerischen Margen für Kraftstoffimporte aus ARA über den Rhein schwanken seit dem Angriff der USA und Israel auf den Iran stark. Hierbei zeigen sich teils deutliche Unterschiede — nicht nur zwischen Diesel und Benzin, sondern auch zwischen einzelnen Regionen. Die seit Beginn des Iran-Kriegs steigenden Rohöl- und Produktpreise in Deutschland und Europa spiegeln sich auch in den zunehmend volatilen Importmargen für Gasöl und Benzin. Nach den starken Preisanstiegen am 2. und 9. März war das Preisniveau für Diesel in Deutschland sogar höher als in ARA, sodass sich Spot-Importe rechnerisch kurzzeitig lohnten (siehe Grafiken). In den folgenden Tagen stiegen die Preise in ARA jedoch wieder vergleichsweise stärker als im Inland und die Margen fielen in den negativen Bereich. Generell seien zusätzliche Spot-Importe von Diesel seit Anfang März wegen der hohen Backwardation der ICE Gasoil Futures aber nicht attraktiv, so ein Importeur. Sind die Futures in einer Backwardation, zahlen Käufer für prompte Lieferungen einen Aufschlag gegenüber späteren Ladefenstern. Dies kommt häufig vor, wenn die Nachfrage das derzeitige Angebot übersteigt. Insbesondere Anfang März unmittelbar nach Ausbruch des Kriegs wollten sich viele Marktteilnehmer noch Volumen sichern, bevor die Unterbrechung der Lieferketten das Angebot in Europa mittelfristig einschränken könnte. Für Benzin zeigen die rechnerischen Margen für die meisten Regionen ein etwas weniger volatiles Bild: Die jeweiligen Preisanstiege zu Beginn der KW 10 und 11 führten hier ebenfalls zu einem Anstieg der Margen — jedoch fielen sie im Anschluss nicht so deutlich wie für Diesel. Bei beiden Kraftstoffarten fällt zusätzlich die Entkopplung der Region Südwest von den übrigen Rhein-Regionen ins Auge. Grund hierfür ist der akute Mengendruck bei Gasöl und Benzin an der Miro (310.000 bl/Tag), während viele Standorte in den Regionen Kölner Bucht, Rhein-Main und West hauptsächlich über Importe versorgt werden: Die Raffinerie produziert auf hohem Niveau, und Anbieter sehen sich dort mit einer schwachen Nachfrage aufgrund der derzeit hohen Preise konfrontiert. Ein weiterer Faktor sind niedrige Pegel am Oberrhein, durch die der Abtransport per Binnenschiff in andere Regionen oder in die Schweiz erschwert wird. Entsprechend senken Verkäufer an der Miro ihre Produktpreise, um vor Monatsende noch genügend Käufer anzulocken. Und obwohl das niedrige Preisniveau in Südwest den Anstieg der Bundesdurchschnittspreise für Diesel und Benzin begrenzt, sind sie in Deutschland zwischen dem 27. Februar und 17. März stärker angestiegen als in ARA. Lediglich beim Heizöl war der Anstieg in ARA deutlicher ausgeprägt (siehe Grafik). Für diese Betrachtung vergleicht Argus dominante Produkt-Benchmarks in ARA mit ihren Pendants in Deutschland — exklusive Steuern, Beiträgen für Branchenverbände oder CO2-Abgabe und THG-Kosten. Von Johannes Guhlke Importmarge Diesel via Rhein Importmarge Benzin via Rhein Preisveränderung 27. Februar bis 16. März Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.

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Qatar's Ras Laffan comes under attack

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