P66 moves US oil on foreign ship after Jones Act waiver

Spanish Market: Crude oil, Oil products
23/04/26

Independent refiner Phillips 66 has shipped oil from the US Gulf coast to the US east coast on a foreign-flagged ship, taking advantage of a waiver of the Jones Act.

A Malta-flagged Panamex vessel loaded about 300,000 bl of Bakken crude on 3-5 April at Phillips 66's Nederland terminal in Texas and delivered it to Monroe Energy's 190,000 b/d Trainer refinery in Pennsylvania on 17-18 April, according to ship-tracking data from Kpler. Monroe Energy is owned by Delta Air Lines.

The tanker is currently empty and scheduled for another US-to-US shipment starting 28 April, according to Kpler.

A Phillips 66 spokesman declined to comment on the shipment saying that the company does not discuss commercial activities.

The shipment took advantage of a 60-day Jones Act waiver issued on 17 March. President Donald Trump approved the waiver of domestic shipping requirements under in an attempt to ease a spike in commodity prices caused by the war in Iran.

The temporary waiver allows shippers to transport crude, natural gas, natural gas liquids, fertilizer, coal and other energy-related products from one US port to another without using US-built, US-crewed and US-flagged ships, as the 1920 Jones Act requires.

By Eunice Bridges and Amanda Hilow

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23/04/26

Antwerp bunker sales overtake Rotterdam: Correction

Corrects city in table heading. Sao Paulo, 23 April (Argus) — Antwerp sold more marine fuel than Rotterdam in the first quarter of 2026 for the first time since the fourth quarter of 2023. Volumes traded in Antwerp were 52pc higher than in the neighbouring Dutch port, reflecting the impact of the Netherlands' implementation of the EU's revised Renewable Energy Directive (RED III). Bunker sales data for the first quarter at the port of Antwerp show that volumes of conventional marine fuels sold rose by 37.5pc quarter-on-quarter and 14.8pc on the year, to nearly 2.4mn t. Sales in Rotterdam fell by 27pc on the quarter and 28pc on the year, to 1.58mn t. The retroactive implementation of the RED III marine mandates in the Netherlands since January has increased the cost of conventional marine fuels in Dutch ports, extending renewable fuel blending and compliance obligations to the maritime sector. From 2026, fuel suppliers in the Netherlands must meet stricter greenhouse gas reduction targets, which can be achieved by incorporating more expensive alternative fuels into their supply mix or by purchasing tickets (ZREs) from other suppliers who have done so. These additional costs are passed on to bunker fuel buyers. As a result, prices for conventional marine fuels in the Netherlands have risen relative to ports where RED III implementation has been delayed, such as Belgium. Between early February and the end of March, MGO dob Rotterdam prices were on average $12.75/t higher than equivalent Antwerp prices, while VLSFO dob Rotterdam held an average premium of around $14.50/t over the same period. This price differential is expected to persist at least until the end of the year, when RED III is due to be implemented in Belgium. The increase in sales in Antwerp was capped in March owing to supply constraints. The effective closure of the strait of Hormuz following the start of the US–Iran war sharply reduced bunker availability in Singapore, increasing competition for VLSFO and MGO cargoes that would otherwise be exported to the ARA hub. This led to tighter availability of conventional bunker fuels in March and lengthened bunkering lead times across the entire hub, including Antwerp. By Gabriel Tassi Lara Antwerp bunker sales t Fuel 1Q 2026 4Q 2025 Q1 2025 q-o-q % y-o-y % ULSFO 164,114 124,634 118,447 31.5 38.5 VLSFO 955,032 521,017 708,410 83.3 34.8 HSFO 718,016 524,229 661,352 37.0 8.6 MGO/MDO 338,364 345,899 352,867 -2.0 -4.0 Conventional total 2,397,146 1,744,407 2,089,779 37.5 14.8 Biofuel blends 20,726 10,959 41,973 89.0 -50.5 LNG (m³) 90,038 48,634 28,670 85.0 214.0 Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Middle East crisis bolsters case for fossil fuel shift

23/04/26

Middle East crisis bolsters case for fossil fuel shift

Edinburgh, 23 April (Argus) — The war in the Middle East is strengthening the case for a transition away from fossil fuels, but countries must balance the crisis' shorter-term consequences on energy costs with longer-term policies. The situation will spur energy shifts, as others crises have done before, IEA executive director Fatih Birol said this week, pointing to increased fuel efficiency in vehicles, the rise of biofuels in Brazil and an increase in nuclear power in Europe and some countries in Asia-Pacific after the oil crises in the 1970s. "I believe there will be a major response on the energy side, and we are more fortunate now because we have many available technologies which are cost effective," he said. Turkey's environment minister Murat Kurum, the upcoming Cop 31 climate summit president, said this week that the crisis has "clearly shown us that fossil fuels do not guarantee energy supply security" and countries should invest in "alternative energy sources" to support stability, resilient and clean development. He recalled the agreement taken in Dubai in 2023, when almost 200 countries agreed on "transitioning away from fossil fuels in energy systems" and to triple renewable energy capacity and double energy efficiency rates by 2030. Kurum highlighted how important the need for alternative energy sources and economic diversification is now, considering national circumstances. "Doubling down on fossil fuels is not the answer to that crisis," Australia's climate and energy minister Chris Bowen said on 21 April , the same day UK energy minister Ed Miliband said "the era of fossil fuels is over". "In response to recent events, our actions must be faster, deeper and more wide-ranging to protect energy security", Ed Miliband said as he laid out measures to cut electricity costs . He said it will be irresponsible "to carry on with business as usual", because there are compelling clean alternatives to fossil fuels. EU energy commissioner Dan Jorgensen said more actions need to be taken to protect citizens and industries from future shocks, saying the current crisis "must be a wake-up call". But he cautioned about the costs being felt now and the long-term effects the crisis will have on member states' economies as countries find themselves having to balance short-term measures with longer term policies. Jorgensen warned against "burning" public money in fossil fuels subsidies, and suggested looking at targeted measures delivering "double value", such as offering support to change from boilers to heat pumps or electric vehicle (EV) leasing. He also said the crisis should not derail long term signals deployed alongside climate policies. Some countries in Asia-Pacific, including South Korea and Vietnam, have turned to increased coal-fired power generation to reduce LNG consumption, as the disruptions in the Mideast Gulf have cut off around 20pc of global LNG supply. Japan has moved to lift restrictions on coal-fired power plants until March 2027. Globally, power generation from fossil fuels fell in the first month since the maritime traffic halted through the strait of Hormuz, according to Helsinki-based Centre for Research on Energy and Clean Air lead analyst Lauri Myllyvirta. But the IEA's Birol warned the longer the conflict goes on, the more severe the effects will be. Long-term strategy resilience is important because short-term reactions are always costly, Indian think-tank senior modelling specialist Niti Aayog Venugopal Mothkoor told Non-profit World Resources Institute (WRI). India is looking at electrification in terms of decarbonisation and as an important strategy to support resilience, because electricity can be produced domestically and most of the renewable resources are located in the country, he said. Long term policies to shift to cleaner energy cut emissions and contribute to bolster energy security and help insulate countries from fossil fuel price swings. "Long term strategies are indispensable in an unstable world," he said. "At the end of the day, we have to take steps to help countries to transition towards clean energies and in terms of phasing out fossil fuels," Turkey's Kurum said this week. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Bundestag stimmt THG-Gesetzesentwurf zu

23/04/26

Bundestag stimmt THG-Gesetzesentwurf zu

Hamburg, 23 April (Argus) — Der Bundestag hat am 23. April das Gesetz zur Weiterentwicklung der Treibhausgasminderungsquote in der vom Umweltausschuss geänderten Fassung verabschiedet. Damit neigt sich ein langwieriges politisches Ringen um die Energiewende im Verkehrssektor dem Ende zu — und fällt ambitionierter aus als viele erwartet haben. Bereits der ursprüngliche Regierungsentwurf hat im November letzten Jahres die Preise für Treibhausgasminderungseinsparungen stark steigen lassen. Auch die Verabschiedung des Gesetzes führt zu einem weiteren Anstieg der Preise für THG-Zertifikate. Dies wirkt sich preistreibend für Diesel und Benzin aus, fördert aber Alternativen wie HVO, Biomethan und Strom im Verkehr. Mit dem nun verabschiedeten Beschluss wird die THG-Quote im Straßenverkehr bis 2040 schrittweise auf 65 % angehoben; im ursprünglichen Regierungsentwurf war ein Zielwert von 59 % vorgesehen. Dieser basiert auf umfangreichen Änderungen des Umweltausschusses , der am 22. April eine Beschlussempfehlung vorgelegt hatte. Neben der höheren Gesamtquote sieht diese unter anderem vor, die Obergrenze für Biokraftstoffe aus Nahrungs- und Futtermittelpflanzen anzuheben: Sie soll schrittweise von derzeit 4,4 % bis 2032 auf 5,8 % steigen. Dies soll nach parlamentarischer Begründung zur Marktstabilisierung beitragen und Planungssicherheit für Landwirtschaft und heimische Produktion schaffen. Für den Gesetzentwurf stimmten die Koalitionsfraktionen CDU/CSU und SPD, während AfD, Bündnis 90/Die Grünen und Die Linke dagegen votierten. Für den Markt für THG-Zertifikate markiert die Verabschiedung das Ende einer Phase erhöhter Unsicherheit. Marktteilnehmer rechneten mit der zweiten und dritten Lesung des Gesetzes bereits im März, diese wurden jedoch mehrfach verschoben. In der Folge hatten Marktteilnehmer damit begonnen, alternative regulatorische Szenarien einzupreisen, insbesondere mit Blick auf die Frage, ob zentrale Regelungen wie die Abschaffung der Doppelanrechnung fortschrittlicher Biokraftstoffe wie vorgesehen rückwirkend greifen würden. Die Unterquote für erneuerbare Kraftstoffe nicht biogenen Ursprungs (RFNBO), wie zum Beispiel E-Fuels und Wasserstoff, wird ebenfalls ambitionierter ausgestaltet und soll bis 2040 auf 10 % steigen, um zusätzliche Investitionsanreize zu setzen. Abgelehnt wurden Entschließungsanträge der Oppositionsfraktionen von Grünen und Linken. Zugleich nahm der Bundestag eine Entschließung der Koalitionsfraktionen an, in der die Bundesregierung unter anderem zu weiteren Maßnahmen zur Betrugsprävention, zur Unterstützung von Anti-Dumping-Verfahren auf EU-Ebene sowie zur Flexibilisierung der Schutzsortenregelung für E5 aufgefordert wird. Darüber hinaus enthält dieser eine Aufforderung, einen nationalen Aktionsplan für Biomethan vorzulegen. Mit dem Bundestagsbeschluss kann das Gesetz nun dem Bundesrat zugeleitet werden. Eine Befassung in der Sitzung am 8. Mai halten Marktteilnehmer für wahrscheinlich. Für den THG-Markt bedeutet der heutige Beschluss vor allem, dass die regulatorische Richtung nun feststeht und zentrale Unsicherheiten, insbesondere zur Rückwirkung der Neuregelungen, weitgehend ausgeräumt sind. Von Marcel Rothenstein Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.

US sour crude from SPR heads to Europe

23/04/26

US sour crude from SPR heads to Europe

London, 23 April (Argus) — Trading companies are offering sour crude from US strategic petroleum reserves (SPR) to European refiners at discounts to local grades, which is pressuring prices for local crudes. Vitol, Trafigura, Shell and Mercuria received around 26mn bl of crude from the US SPR, mostly sour Bryan Mound and less sulphurous West Hackberry Sweet, traders said. Those companies are now offering cargoes at around $5/bl premiums to North Sea Dated on a delivered basis to the Mediterranean and northwest Europe. This was unconfirmed with the companies, and the split between sour and sweet supply was not immediately available. A trader said all 26mn bl due to arrive in May will be sour, while sweet supplies are for June arrival. The offers are well below prices for European grades. May supplies of Norway's medium sour Johan Sverdrup were recently offered above a $12/bl premium to Dated on a fob basis, but likely to trade no higher than $9/bl. This is at least $7/bl lower from the week before. In the Mediterranean, interest fell in Libyan medium sweet Es Sider, with the majority of May-loading cargoes still left to be placed with buyers, traders said. This marked a reversal from recent weeks, when Mediterranean refiners had scrambled for the grade as a substitute for lost Mideast Gulf medium sour supplies. Offers for Algeria's Saharan Blend fell from a $15/bl premium to Dated on a fob basis earlier in the week to just a $3/bl premium on the same basis in the latest session, traders said. Crude prices in Europe reached all-time highs in late March-early April, driven by global shortages following the effective closure of the strait of Hormuz. That sent refining margins for some oil products negative last week, with some refiners in Europe considering run cuts to cap losses. But as crude prices eased this week, product margins rebounded into positive territory. Incoming supply from the US might help improve refinery profitability in Europe. By Lina Bulyk and Ellanee Kruck Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Транзит через порт Туркменбаши вырос на 10%

23/04/26

Транзит через порт Туркменбаши вырос на 10%

Riga, 23 April (Argus) — Перевалка всех грузов в Туркменбашинском порту увеличилась в I квартале на 10% относительно января — марта 2025 г. Основной рост был обеспечен увеличением разгрузки партий туркменской нефти, которая поступает на Туркменбашинский НПЗ, а также экспортными поставками серы, объемы которой были перенаправлены с иранского маршрута. Транзит всех грузов через туркменские порты в январе — марте повысился на 23% относительно I квартала 2025 г. Основное увеличение пришлось на поставки карбамида из Бекдаша и перевалку наливных грузов через Окарем. Транзит серы через туркменские порты вырос на фоне перенаправления в марте продукта с иранского направления в Азербайджан и далее в черноморские порты Грузии — Поти и Батуми. Поддержку таким поставкам оказывают высокие котировки продукта в Черноморском регионе, которые с начала марта выросли на 35%, отметили участники рынка. ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2026. Группа Argus Media . Все права защищены.

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P66 moves US oil on foreign ship after Jones Act waiver

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