Argus Group Three RBOB
Argus recently launched a calculated assessment for reformulated gasoline in Group Three. This move comes following recent changes that were made in gasoline specifications for the Denver, Colorado, area in 2024.
Summertime conventional gasoline sales in Denver, Colorado ended on 7 November 2023 when the US Environmental Protection Agency (EPA) mandated reformulated gasoline for the metropolitan area during the summer season. The shift in specifications was first announced by the EPA ruling in November 2022 when it found the region was not meeting federal ozone standards. Reformulated gasoline burns cleaner than its conventional counterpart but is also a more expensive fuel to produce.
For the winter months, Denver gasoline prices will likely change little from years past. The Reid Vapor Pressure (RVP) levels for reformulated gasoline will likely closely mimic those seen in Group Three’s conventional gasoline market for the southern portion of the midcontinent.
But come summer – which is defined as 1 June through 15 September – Denver area retailers will be required to sell 7.4 RVP reformulated gasoline, as opposed to a prior requirement of 7.8 RVP conventional fuel. This is expected to widen Denver's premium to conventional prices in nearby regions.
Denver reformulated gasoline's premium to sub-octane gasoline prices in adjacent states such as Oklahoma and Kansas should be similar to spreads between Gulf coast CBOB and Gulf coast RBOB. Denver's reformulated gasoline supply will come from a combination of shipments from the midcontinent and Gulf coast markets, as well as from Suncor's 103,000 b/d refinery in nearby Commerce City, Colorado.
Group Three RBOB Methodology
Prices for Regular RBOB are published year-round for 10,000 bl on a fob Tulsa, Oklahoma basis.
Prices are calculated by applying the spread between the prompt Argus Regular Texas Destination RBOB and Regular Colonial CBOB from the US Gulf coast markets to the respective prompt Magellan suboctane V grade price. The use of the spread value mitigates the end-of-summer shift in Colonial RVP specifications.
Your Go-To Source for Reliable Road Fuel Prices
As a trusted source in the industry, Argus delivers accurate, timely pricing for gasoline, diesel, jet fuel, RINs, ethanol, and more. Our data equips buyers, sellers, and refiners with the precision necessary to operate confidently in the dynamic market.
Explore our services and discover how we can support your business in mastering market dynamics.
Author: Paul Dahlgren, Editor, Refined Products Americas – Gasoline Markets
Spotlight content
Related news
Mideast Gulf war 'locks in' higher fossil fuel cost: UN
Mideast Gulf war 'locks in' higher fossil fuel cost: UN
Edinburgh, 21 April (Argus) — The war in the Middle East has "further locked in much higher fossil fuel costs for months and likely years to come", UN Framework Convention on Climate Change (UNFCCC) executive secretary Simon Stiell said today. The war is "delivering a gut punch" to every country, he told ministers from more than 40 countries during the opening of the closed-door 17th Petersberg Climate Dialogue in Berlin. "Fossil-fuel driven stagflation is now stalking economies — driving up prices, driving down growth, pushing budgets deeper into quagmires of debt, and stripping away governments' policy options and autonomy," he said, adding that climate co-operation was key to fight global heating and "fossil fuel cost chaos". He urged ministers to turn commitments into projects and to match targets with solutions. The Alliance of Small Island states (Aosis) said the case for advancing to more sustainable energy sources "has never been more clear", because dependence on fossil fuels exposes economies to shocks. The group is urging developed countries to take the lead in the global transition away from fossil fuels. The EU will present a new strategy and targets for electrification before the summer. The bloc remains behind China and the US on that front, EU energy commissioner Dan Jorgensen said last week. Higher fossil fuel costs are "the brutal reality of fossil fuel dependency and it is a reality Europe cannot afford to keep accepting". The war added more than €20bn ($23.5bn) to Europe's fossil fuel import costs, "with not a single extra molecule of energy to show for it", he said. The Petersberg Climate Dialogue aims to bring together countries to prepare negotiations at UN Cop summits. The meeting comes a week before around 50 countries are due to gather for the first conference on transitioning away from fossil fuels co-hosted by Colombia and the Netherlands. Fossil fuel producers Canada, the UK, Norway, Angola, Mexico, Brazil, Senegal and Australia will take part in the talks . By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Markets underestimate US-Iran volatility shock: Citadel
Markets underestimate US-Iran volatility shock: Citadel
Lausanne, 20 April (Argus) — Commodity markets entered the US-Iran conflict with a fairly high level of escalation risk already priced in, but still sharply underestimated the volatility shock that followed, Citadel's head of commodities Sebastian Barrack said at the FT Commodities Global Summit in Lausanne today. In the run-up to the conflict, market estimates put the probability of a disruptive event at around 50-70pc, Barrack said. He said markets had done "a pretty good job" of pricing the range of likely outcomes before the conflict began, but failed to price volatility adequately. Oil and gas volatility rose by about 300pc in the first weeks of the conflict, far above levels implied beforehand. Barrack contrasted the episode with the market shock that followed Russia's invasion of Ukraine in 2022. At that time, gas volatility surged by around 500pc and margin requirements jumped roughly 15-fold, placing severe strain on trading firms and forcing some participants to cut positions because they could not finance them. This time, the sector entered the crisis in a stronger financial position, with larger capital buffers and more robust funding lines following the windfall profits of recent years, he said. Cash-futures disconnect not unusual Barrack rejected suggestions that futures markets had become detached from physical fundamentals, arguing instead that divergences between cash and futures prices reflect different parts of the market solving different problems. Cash markets — particularly in Asia — have shown stress more directly, he said. Futures markets, by contrast, increasingly reflect assumptions that the disruption will eventually ease and that deferred supply will return. Longer-dated prices are also being anchored by producer hedging, especially in the US, where sellers have taken advantage of high prices to lock in margins. The distinction matters beyond energy. Similar tensions between tight physical supply and forward pricing have emerged across metals markets in 2026, increasingly forcing investors to separate near-term supply stress from expectations of medium-term rebalancing. Barrack also said the surge in real-time information through social media has changed how traders process events. Market-moving remarks from US president Donald Trump and other political leaders have accelerated price reactions, but this has not reduced the need for detailed analysis of physical flows, inventory responses and the mechanics of supply disruption, he said. Politicians better prepared Barrack said policymakers now have a much stronger grasp of commodity market mechanics than they did during the 2022 energy crisis. Governments, caught behind the curve four years ago, have since developed closer links with industry participants and improved their understanding of how physical shortages are resolved through demand destruction, stockdraws and policy responses, he said. One area where policymakers may still lag market participants is in identifying changes in physical flows in real time, Barrack added, particularly when supply chains begin to adjust rapidly following a shock. By Raghav Jain Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran yet to commit to new US ceasefire talks
Iran yet to commit to new US ceasefire talks
Dubai, 20 April (Argus) — Iran has signaled deep mistrust of the US and is yet to commit to joining potential renewed negotiations in Pakistan. Foreign ministry spokesman Esmail Baghaei today said Tehran is wary of Washington's intentions. "We must be cautious of the enemy's conspiracies," Baghaei said in comments carried by state-news agency IRNA, adding that Iran "cannot forget" recent experiences in which diplomacy was, in his view, undermined. Iranian president Masoud Pezeshkian echoed that stance today, calling for a "rational approach" to the current situation while stressing the need for "utmost vigilance" in dealings with the US, who he said had been displaying contradictory behavior. He said Iran should pursue diplomatic efforts to reduce tensions while continuing to resist external pressure. The remarks come as a two-week ceasefire, brokered by Pakistan and nominally in effect until 22 April, faces growing strain. The US at the weekend said it intercepted and disabled an Iranian-flagged cargo vessel attempting to breach its blockade on Iranian ports. Tehran described this as "armed piracy" and warned of potential retaliation. Oil prices rose today with the prospect of the ceasefire ending. At 11:20 GMT, the Ice front-month June Brent contract was at $95.19/bl, up by $4.81/bl from its settlement on 17 April, when it ended $9.01/bl lower. The weekend episode underscores the central friction point between the two sides: the US blockade of Iranian ports, and Iran's chokehold over commercial transit through the strait of Hormuz. Baghaei today rejected what he described as "unrealistic" US demands, reiterating that key issues — including its missile programme and broader defensive capabilities — are not open for negotiation. But neither side appears to be closing the door entirely. US officials had been preparing for a new round of talks in Pakistan ahead of the ceasefire's expiry, and regional mediators continue to engage both sides, suggesting that diplomatic channels remain active despite the escalation in rhetoric. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
German traders turn to Karlsruhe for cheap heating oil
German traders turn to Karlsruhe for cheap heating oil
Hamburg, 20 April (Argus) — German traders from the south, southeast and west of the country increased heating oil purchases from the Miro consortium's 310,000 b/d Karlsruhe refinery in order to capture lower prices stemming from the current oversupply at the facility. Increased supply at Miro's Karlsruhe refinery is a result of weaker buying interest in Southwestern Germany because of warmer weather and higher refinery runs in recent weeks. Germany's southwest is the cheapest region nationwide for heating oil and several traders from neighbouring regions have told Argus that they have sourced product in Karlsruhe, depending on logistics capacities. Rising diesel and gasoline prices resulting from supply disruptions in the Mideast Gulf have weighed on demand for the fuels in Germany and suppliers such as PCK's 204,000 b/d Schwedt refinery have started to cut prices. Lower exports to Poland after state measures reduced domestic road fuel prices there have also contributed to prop up supply in East Germany. Middle distillate prices in northern Germany remain higher than in the Southwest, with premiums against PCK supplies in April reaching its highest since 2022. Market participants attributed this mainly to the region's import dependence, as Hamburg relies heavily on seaborne imports. The nearby 103,000 b/d Holborn and 84,000 b/d Heide refineries make limited contributions to domestic supply because most of their products are exported. In the German gasoline market, traders in the south reported temporarily limited availability at the 207,000 b/d Bayernoil refinery because of production issues. But supply improved by the end of the week, and traders expect spot availability to normalise in the coming days. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.