Poland's 210,000 b/d Gdansk refinery is increasing production after completing scheduled maintenance earlier this month. Most of the units taken off line for between late February and early April have restarted, as planned, operator Rafineria Gdanska said on 7 April. Maintenance was conducted on crude and vacuum distillation units, a diesel hydrotreater, the MHC mild hydrocracker, a reformer, the jet fuel Merox and hydrogen generation units, and two sulphur recovery units. A second phase of planned maintenance at Gdansk takes the refinery's three base oil units off line from 8 April until mid-May. Rafineria Gdanska is a joint venture of state-controlled Orlen with 70pc and state-controlled Saudi Aramco holding 30pc. Orlen is planning maintenance on a hydrocracker at its 373,000 b/d Plock refinery in Poland from 13 May until 24 June. The Polish company's 63,000 b/d Kralupy refinery in the Czech Republic has been shut down for scheduled maintenance since mid-March and should restart in early May. Orlen's 190,000 b/d Mazeikiai refinery in Lithuania was off line for 30 days of planned maintenance last month.
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Delta expects fuel costs to double in 2Q: Update
Delta expects fuel costs to double in 2Q: Update
Adds more details from analyst call Houston, 8 April (Argus) — Delta Air Lines expects its jet fuel costs to roughly double in the second quarter as the conflict in the Middle East continues to restrict supply. The company expects an all-in fuel price of $4.30/USG during the second quarter, Delta said this morning in its quarterly earnings call. Supply constraints and higher prices due to the war will add more than $2bn in additional fuel costs for Delta in the second quarter, chief executive Ed Bastian said on the call. The company's first quarter adjusted fuel price was $2.62/USG, up nearly 7pc from a year earlier, with total fuel expenses totaling $2.6bn, a $330mn increase. Delta's 190,000 b/d Monroe refinery in Trainer, Pennsylvania, helped shave $0.06/USG off of its fuel costs. The US and Iran agreed to a two-week ceasefire starting late Tuesday, but so far there are few signs that the flow of tankers through the strait of Hormuz has picked up significantly. Earlier this week the US Energy Information Administration yesterday increased its jet fuel price outlook to $4.22/USG during the second quarter, compared with just $2.74/USG during the first quarter. That estimate assumed a full resumption in tanker traffic through the strait by the end of April. Delta intends to limit capacity growth to flat year-on-year "until the fuel environment improves," Bastian said, which will help the company better manage higher jet fuel costs. Delta's "main cabin" capacity contracted by 3pc in the first quarter compared to the prior year. The refinery is projected to add $300mn in profit during the second quarter, based on current prices, Delta said. Delta's first-quarter revenue passenger miles — a measurement of miles flown by paying passengers — increased by 1pc annually to 56.47bn miles. Available seat miles — a measure of capacity — also increased by 1pc to 69.16bn in the first quarter. The company expects more than 10pc annual revenue growth in the second quarter as it sees continued strength in corporate and consumer demand. First-quarter operating revenue was up by 13pc annually to $15.85bn while the company reported a $289mn net loss — compared to a $240mn profit in the first quarter 2025. Fleet operations Delta took delivery of eight aircraft during the first quarter and ordered 95 additional aircraft, including Airbus and Boeing 787. The company announced new routes between Austin and Phoenix and plans to expand services from Austin to Bozeman, Montana, starting next winter. This will bring the airline's total destinations out of Austin to 30 by the end of the year. There will also be expanded services from Los Angeles to three destinations in Florida this winter, and a new nonstop flight from New York to Orange County, California, will begin on 7 May. By Amanda Hilow Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-Iran war sends FuelEU abatement price negative
US-Iran war sends FuelEU abatement price negative
London, 8 April (Argus) — The FuelEU used cooking oil methyl ester (Ucome)–marine gasoil (MGO) abatement ex-emissions trading system (ETS) price was negative on 7 April, underscoring how the US-Iran war has distorted marine fuel economics by driving fossil fuel prices sharply higher. The abatement price — which reflects the cost of meeting FuelEU requirements by using biodiesel instead of conventional MGO — fell below zero on 2 April for the first time since the assessment began at the start of 2025. It has remained negative since then, standing at -€23.46/t CO2 equivalent (CO2e) on 7 April. It follows a sharp rally in oil markets triggered by the conflict. The front-month Ice gasoil futures contract reached an all-time high of $1,569.75/t on 2 April, lifting MGO values and narrowing the cost gap between fossil fuels and biofuels. As a result, the typical "green premium" associated with biodiesel use was eroded. FuelEU Maritime regulations, which entered into force in 2025, require vessels operating in EU waters to cut greenhouse gas intensity by 2pc. The negative abatement price indicates that, at current values, using Ucome-based marine fuel is cheaper than using MGO on a compliance-adjusted basis. The shift follows an earlier distortion seen during the conflict, when B100 advanced fatty acid methyl ester (Fame) delivered into the Netherlands moved to a discount to MGO delivered into the Amsterdam-Rotterdam-Antwerp (ARA) hub once ETS costs were included. In parallel, traded FuelEU compliance surpluses for 2026 were reported at around €185/tCO2e on 8 April. This means it is currently cheaper to generate compliance using marine biodiesel blends than to buy surpluses to meet the FuelEU requirements. This is in stark contrast to last year, when shipowners largely opted to purchase overcompliance instead of using biodiesel — mainly due to cheaper compliance generated via manure-based bio-LNG . Despite these shifts, physical demand for marine biodiesel has yet to rise meaningfully. Market participants have reported limited increases in buying, but overall demand remains subdued even where biodiesel blends now offer a lower compliance-adjusted cost. This may be because of ongoing price volatility and uncertainty about the direction of the US-Iran war, which is keeping many shipowners focused on securing fossil fuel supplies for their vessels for the coming weeks. Another reason could be a lack of availability of marine biodiesel blends at smaller ports, and concerns from shipowners about engine compatibility for pure biodiesel. Demand for FuelEU compliance surpluses for 2026 has also softened, with plenty of offers but no bids. By Hussein Al-Khalisy Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump defends concessions to Iran: Update
Trump defends concessions to Iran: Update
Updates with details throughout Washington, 8 April (Argus) — US president Donald Trump on Wednesday said his decision to allow Iran to at least temporarily maintain control over the strait of Hormuz and to discuss full sanctions relief for Tehran was a "big day for World Peace". The US and Iran late on Tuesday Washington time announced a two-week ceasefire, during which the two countries will hold negotiations to finalize a peace agreement. The two countries' starting negotiating positions are far apart. But Trump confirmed at least one point demanded by Iran, relating to its chokehold on navigation through Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on Tuesday. Trump reposted the statement in full. Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire, as shipowners wait for clarity on security arrangements and insurance cover for transits. Additional war risk premiums for transits through the Mideast Gulf, the strait of Hormuz and the Red sea are not expected to ease immediately despite a ceasefire announcement, market participants said. And energy infrastructure in Iran and the Mideast Gulf states remained under attack in the hours after the ceasefire was announced. Rather than clarify questions over the status of the strait of Hormuz, Trump's statements only added to the confusion. On Wednesday morning, Trump asserted that there will be a "joint control" over the strait and that the US "will be helping with the traffic buildup in the strait of Hormuz". US vice president JD Vance, who could potentially lead the US negotiations with Iran, on Wednesday called the ceasefire "fragile", asserting that there are elements in the Iranian leadership who might be opposing talks with the US by misrepresenting the peace proposals under discussion. "You have people who clearly want to come to the negotiating table and work with us to find a good deal, and then you have people who are lying about even the fragile truce that we've already struck," Vance said in remarks in Budapest. Vance could potentially travel to Islamabad, Pakistan, for high-level talks with an Iranian delegation, "but nothing is final until announced by" Trump, the White House said on Wednesday. Iran's supreme national security council on Tuesday outlined a 10-point peace proposal, which included enshrining its control over Hormuz, lifting all sanctions on Iran, accepting of its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. Trump in a rambling social media post on Tuesday evening lashed out at CNN for reporting details of Iran's 10-point plan as described by Tehran. Trump, in a social media post on Wednesday, added another denunciation of the references to details of Iran's 10-point proposal, which he said were circulated by "Fraudsters, Charlatans, and WORSE". There was only "one group of meaningful 'POINTS' that are acceptable to the United States, and we will be discussing them behind closed doors during these Negotiations," Trump said. But in an earlier Wednesday social media post, Trump acknowledged at least one other point demanded by Iran: "We are, and will be, talking Tariff and Sanctions relief with Iran," Trump said. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear program. Trump's hawkish anti-Iran loyalists in Congress appeared to be confused by his willingness to discuss Iranian demands that his predecessors previously refused to even consider. Senator Lindsey Graham (R-South Carolina), who defended Trump's decision to go to war with Iran without Congress' approval, said on Tuesday that Congress will need to have a say in any peace agreement Trump signs with Iran. Trump on Wednesday also threatened a 50pc tariff against any country that supplies Iran with weapons, even though the US Supreme Court has curtailed his ability to impose tariffs at will. Pentagon officials on Wednesday morning described the US operation as overwhelmingly successful and asserted that the US had forced Iran to capitulate. "Iran begged for this ceasefire and we all know it," defense secretary Pete Hegseth said. "We congratulate all the people of Iran on this victory," Iran's supreme national security council said on Tuesday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US-iranische Waffenruhe drückt Ölproduktpreise
US-iranische Waffenruhe drückt Ölproduktpreise
Hamburg, 8 April (Argus) — Die Preise für europäisches Gasöl und Benzin fielen am 8. April, nachdem sich die USA und Iran über Nacht auf eine zweiwöchige Waffenruhe geeinigt hatten. Der Schiffsverkehr durch die Straße von Hormus ist seit der Ankündigung der Kampfpause bislang nicht gestiegen, da Reeder weiterhin auf Klarheit über Sicherheitsvorkehrungen und den Versicherungsschutz für Transitfahrten warten. Der Frontmonat April der ICE Gasoil Futures fiel am 8. April um 16:30 Uhr deutscher Zeit verglichen zum Settlement des Vortags um knapp 20 % auf 1.218 $/t. Dieser Kontrakt dient als Basispreis, auf dessen Grundlage europäische Diesel- und Kerosin-Cargos sowie Binnenschiffsladungen gehandelt werden. Benchmark Benzinbargen (non-oxy) wurden zur gleichen Zeit etwa 10 % günstiger gehandelt als der Schlusskurs vom 7. April. Sowohl die ICE Gasoil Futures als auch non-oxy Benzinbargen lagen jedoch weiterhin über den Vorkriegsniveaus vom 27. Februar von 752,75 $/t beziehungsweise 690 $/t. Der Rückgang der europäischen Ölproduktpreise folgte auf einen deutlichen Einbruch der ICE Brent Rohöl Futures, die seit dem 7. April um knapp 15 % gefallen sind. Die Preise für europäisches Gasöl sind nach der Verkündung der Waffenruhe stärker gefallen als die für Benzin, da der Kontinent Nettоimporteur der ersten Produktgruppe und Nettoexporteur der zweiten ist. Diesel- und Kerosinlieferungen aus dem Nahen Osten machten im vergangenen Jahr laut Kpler rund ein Fünftel beziehungsweise die Hälfte der gesamten Importe der EU, des Vereinigten Königreichs und Norwegens aus. Die USA und Iran erklärten am 7. April, die Kampfhandlungen für einen Zeitraum von zwei Wochen auszusetzen, um ein Friedensabkommen zu finalisieren. Ihre öffentlichen Stellungnahmen unterscheiden sich jedoch hinsichtlich des Status der Schifffahrt durch die Straße von Hormus, sodass weiterhin Unsicherheit über den Schiffstransit besteht. Die faktische Schließung der Straße von Hormus seit Beginn des US-Israelischen Kriegs gegen den Iran am 28. Februar hat die Lieferungen von Diesel und Kerosin aus dem Nahen Osten im März deutlich eingeschränkt. Für April wird wegen fehlender Buchungen im März ein Rückgang der Ankünfte erwartet. Der Waffenstillstand dürfte vorerst nicht zu einem Anstieg der Lieferungen aus dem Nahen Osten nach Europa führen. Für Produzenten in der Region ist es weiterhin profitabler, Produkt nach Fernost zu exportieren, was bedeutet, dass Europa weiterhin Schwierigkeiten hätte, mit anderen Regionen um verfügbare Mengen aus dem Nahen Osten und Indien zu konkurrieren. Und selbst wenn Schiffe sich jetzt auf den Weg Richtung Europa machen würden, bräuchten sie bis zur Ankunft zwischen vier und sechs Wochen. Die USA bleiben also die attraktivste Quelle für europäische Dieselimporte, so ein europäischer Dieselhändler gegenüber Argus , da der Unterschied zwischen den Preisen an der US-Golfküste und in Nordwesteuropa vergleichsweise deutlich geringer ist. Auch die Benzinpreise in Europa sind seit Beginn des Kriegs gestiegen. Dies ist auf eine geringere Verfügbarkeit von Rohöl sowie Rohbenzin und Kondensaten östlich von Suez aus dem Nahen Osten zurückzuführen. Die Ankündigung der Waffenruhe hat bislang nur geringe Auswirkungen auf die aktuelle Marktstruktur für europäisches Gasöl und Benzin. Die Struktur der ICE Gasoil Futures blieb in ausgeprägter Backwardation, wobei der Frontmonat weiterhin knapp 100 $/t über dem Folgemonat gehandelt wird. Am 27. Februar betrug die Backwardation vor Kriegsbeginn nur 9,75 $/t. Sind Futures in Backwardation, zahlen Händler für prompt verfügbare Ware einen Aufschlag gegenüber späteren Ladefenstern. Die Kurve der Eurobob Oxy Benzin Swaps zeigte am Mittwochmorgen Mai Swaps mit einem Aufschlag von 29,25 $/t gegenüber den Juni Swaps, befinden sich also auch in einer Backwardation. Die Eurobob Oxy Futures-Struktur befindet sich zu dieser Jahreszeit normalerweise im Contango, da Händler ab Mai eine höhere Nachfrage und steigende Beimischungskosten einpreisen. Reeder begrüßen Einigung, warten aber auf weitere Details Irans Oberster Nationaler Sicherheitsrat bestätigte die Waffenruhe, erklärte jedoch, dass der diskutierte Vorschlag eine "fortgesetzte iranische Kontrolle über die Meerenge" festschreiben würde, berichtete die iranische Nachrichtenagentur Tasnim, die mit den Islamischen Revolutionsgarden (IRGC) verbunden ist. Seit der Ankündigung sind zwar einige wenige Schiffsbewegungen durch die Meerenge verzeichnet worden, darunter der griechische Massengutfrachter NJ Earth und die unter liberianischer Flagge fahrende Daytona Beach , wie der Trackingdienst MarineTraffic meldete. Insgesamt blieb das Verkehrsaufkommen jedoch begrenzt. Die Waffenruhe könnte es ermöglichen, dass sich die kommerziellen Schifffahrtsströme nach Wochen minimalen Verkehrs infolge von Sicherheitsrisiken und Versicherungsbeschränkungen während der Kämpfe zwischen den USA, Israel und Iran jetzt erholen. Dass die Durchfahrten bislang nicht zugenommen haben, spiegelt die Unsicherheit über technische, sicherheitsrelevante und versicherungstechnische Details wider. "Die Schifffahrtsindustrie wartet derzeit auf technische Details von den USA und von Iran dazu, wie die Straße von Hormus sicher passiert werden kann", sagte Jakob Larsen, Leiter für Sicherheit und Schutz beim Schifffahrtsverband Bimco. Er wies darauf hin, dass Iran weiterhin die Kontrolle über die Wasserstraße anstrebe. Die Internationale Seeschifffahrtsorganisation (IMO) begrüßt die Waffenruhe und arbeitet "mit den relevanten Parteien an der Umsetzung eines geeigneten Mechanismus, um die sichere Durchfahrt von Schiffen durch die Straße von Hormus zu gewährleisten", sagte Generalsekretär Arsenio Dominguez. Das maritime Sicherheitsunternehmen Ambrey erklärte, Iran habe trotz der Forderungen der USA nach uneingeschränkter Passage die Kontrolle über die Meerenge behalten. Es geht davon aus, dass sich das Risiko für die Schifffahrt im Nahen Osten während der Waffenruhe verringern wird, warnte jedoch, dass weiterhin "eine realistische Möglichkeit fortbestehender Risiken für nicht autorisierte Transite durch die Straße von Hormus sowie für mit Israel oder den USA verbundene Schiffe besteht, die einen Transit versuchen". Marktteilnehmer sagten, die Zahl der Rohölladungen im Nahen Osten scheine zuzunehmen, fügten jedoch hinzu, dass die Aktivität zurückhaltend bleibe, bis die Versicherer die Bedingungen für den Versicherungsschutz klar definieren. Von Johannes Guhlke, George Maher Bonnett, Josh Michalowski und Leonard Fisher Matthews Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.
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