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Últimas noticias sobre productos del petróleo
Últimas noticias sobre productos del petróleo.
Markets ever more sensitive to disruption: Glencore
Markets ever more sensitive to disruption: Glencore
London, 5 August (Argus) — Energy markets are increasingly sensitive to disruptions because of the significant inventory drawdowns in the first half of this year, trading firm Glencore said today. Reporting its results for the January-June period, Glencore said the volatility was such that it waived its $200mn value-at-risk (VaR) limit for a period between March and May. Glencore uses VaR to provide an estimate of the potential loss on risk positions over a defined time horizon, at a specified confidence level, based on historical price movements. It said the measure hit a high of $456mn during the first half, when it averaged $165mn. The measure averaged $72m in the comparable period in 2025. Glencore expects market volatility to remain "above historical norms" for some of the second half of this year, "albeit at lower levels than experienced during the first half." Glencore today said adjusted earnings before interest and taxation, depreciation and amortisation (Ebitda) at its Marketing business, which encompasses its trading operations, rose to $3.64bn in January-June, from $1.7bn a year earlier. The increase was driven mainly by oil and gas trading operations, it said. The company's Industrial business, which includes its extensive mining operations and its small crude production concern, made an adjusted Ebitda of $6.5bn, up by 72pc on the year. Glencore's overall profit in the first half of the year was $4.4bn, compared with a loss of $655mn a year earlier. By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US Senate farm bill targets E15, SRE reform
US Senate farm bill targets E15, SRE reform
Houston, 3 August (Argus) — The US Senate is pondering a farm bill that would expand small refinery exemptions from Renewable Fuel Standard (RFS) blending obligations and allow year-round sales of ethanol fuel blends up to 15pc (E15). The bill, also known as Farm Bill 2.0 and introduced by Senator John Boozman (R-Arkansas) on 31 July, provides a new avenue for advancing provisions from the stalled HR 1346 bill , with some changes. HR 1346 made little progress in the US Senate after passing the US House of Representatives in May , as some lawmakers balked at supporting year-round E15 sales without negotiating broad changes to the RFS, sources familiar with the discussions said. Like HR 1346, the proposed bill would allow year-round sales of fuel blends up to E15, which are currently restricted during the summer to limit ground-level ozone. The US Environmental Protection Agency (EPA) has increasingly issued and extended summertime E15 waivers from Clean Air Act regulations in recent years. Both bills would direct the EPA to conduct a rulemaking to modify fuel dispenser labeling and underground storage tank requirements for compatibility with E15 within 18 months of enactment. The biggest difference between the two bills concerns exemptions for small refiners from annual biofuel blending mandates under the RFS. The RFS requires refiners to blend various types of biofuels each year or buy credits, known as renewable identification numbers (RINs), from others that do so to cover their obligations. Refining facilities with a nameplate capacity of no more than 75,000 b/d can request an annual exemption from the EPA if they can show that compliance would cause disproportionate economic hardship. These are referred to as small refinery exemptions (SRE). The EPA decides whether to grant full, partial or no relief. Under the new proposal from the Senate, the EPA would reduce the compliance obligations of any qualifying small refinery by the lesser of two amounts: Its highest actual annual production volume from 2023-25, or its production volume for the calendar year in which the agency applies the reduction. For the former volume, the facility must have petitioned for an extension of its SRE by June 2026 for any of its 2023-25 obligations. If a refinery's actual annual production volume exceeds its highest volume from the 2023-25 period, only the additional amount is subject to RFS obligations. If a refinery no longer qualifies as a small refinery in 2028 or any year after, the EPA cannot grant a waiver from its RFS blending obligations in any subsequent year. The EPA would need to reallocate any RFS obligations exempted from small refineries under these proposed requirements, minus an amount equal to the energy content of 500mn USG of conventional biofuels, based on its estimate of annual exempted fuel when determining program compliance obligations. The agency would start in 2028 then compare its estimate with the actual amount of exempted fuel, with any required adjustment reflected in the next year of obligations. The EPA would also return RINs retired as part of 2016-18 obligations to small refiners that meet certain eligibility requirements, similar to HR 1346. However, HR 1346, in contrast, would have tightened the definition of a small refiner to apply only to companies or entities that did not exceed 75,000 b/d across all facilities in 2025. The EPA would reduce by 75pc RFS obligations for qualifying small refineries starting in 2028, if they did not in 2026 or any other year exceed the 75,000 b/d threshold. The House version of the bill prohibits the EPA from reallocating any exempted volumes onto other RFS participants. The addition of E15 and SRE language is a departure from the initial discussion draft of Farm Bill 2.0 released in June, which contained nothing about either provision. Lawmakers were reluctant to add E15 and SRE provisions into the bill as of last month, citing already narrow support, with Democratic committee members' approval resting on ongoing Supplemental Nutrition Assistance Program (SNAP) negotiations and the medical absence of senator Mitch McConnell (R-Kentucky), sources familiar with discussions around the bill told Argus . It is unclear what changed sentiment, but the committee's Democratic members have not indicated that the newest version of the bill achieves the SNAP changes required for their support to move it out of committee. The current farm bill expires on 30 September. Ethanol-focused industry groups Growth Energy and the Renewable Fuels Association said they plan to continue engaging on the bill. While the American Petroleum Institute (API) had put its support behind the "common sense" House version of SRE amendments, it is now urging Congress to reject the Senate language. "The proposal included in the Senate farm bill fails to deliver that balanced approach, replacing it with flawed provisions that weaken America's fuel supply instead of providing the long-term certainty consumers, farmers, biofuel producers and refiners need," API told Argus . The Senate Agriculture, Nutrition and Forestry Committee will hold a markup for the bill on 6 August. The Senate will leave for recess on 7 August, while the House is already on recess until 31 August, meaning significant progress will likely not happen until September. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Oil futures: WTI falls 5pc as US cancels Iran strikes
Oil futures: WTI falls 5pc as US cancels Iran strikes
Houston, 3 August (Argus) — Benchmark WTI crude futures fell by more than 5pc today after President Donald Trump cancelled plans to launch a new US military assault on Iran and insisted that talks with Iran are ongoing, despite denials from Tehran. September Nymex WTI fell by $4.33/bl to $80.34/bl while October Ice Brent fell by $4.16/bl to $83.77/bl. The October Brent-October WTI spread widened by $2.61/bl to $5.87/bl. WTI at the Magellan East Houston terminal was discussed at a prompt 90¢-$1/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker , down slightly from Friday's $1.03/bl volume-weighted average premium. Trump on Sunday said he cancelled plans to launch a major new military assault on Iran, citing progress on a deal with Tehran. He told reporters that the talks would begin in earnest on Monday afternoon. But Iran's foreign ministry on Monday denied holding talks with the US, noting that, instead, Iran and Oman are negotiating over a safe shipping route through Hormuz. Pressed by reporters on Monday to explain the status of diplomacy with Iran, Trump said that the talks with Iran are in fact "going on right now" and added that "we are straight about it but they deny". Trump also suggested that the strait of Hormuz would reopen fully, perhaps as soon as Tuesday. Oil and gas exports through the strait have plummeted since the start of the US-Iran war on 28 February. The interim peace deal between the two sides in mid-June — which saw transits through the waterway briefly rise — collapsed in early July due to disagreements over control of the strait. This sparked weeks of military attacks by the US and Iran during which Iran and its proxies launched drone and missile attacks on oil infrastructure in neighbouring countries. Meanwhile, the Opec+ core group of seven countries agreed on Sunday to raise collective production targets by a further 188,000 b/d starting in September, completing — at least on paper — the phased unwinding of the 1.65mn b/d voluntary production cuts first announced in 2023. The seven countries participating in the voluntary cuts — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — reiterated their commitment to compensate for past overproduction. But quota increases over the past months have not translated into additional physical supply because of disruptions to exports resulting from the US-Iran conflict. Separately, Kazakhstan's energy ministry has denied media reports of a possible complete shutdown of the Caspian Pipeline Consortium (CPC) system. "This scenario is not being considered," it said in a 1 August statement. Loadings of light sour CPC Blend crude have been disrupted by drone attacks on tankers calling at the CPC terminal on Russia's Black Sea coast. At least eight tankers have been targeted by drones at or on route to the terminal since mid-July. Nymex RBOB fell by 25.49¢/USG to $2.9667/USG while Nymex ultra-low sulphur diesel fell by 24.43¢/USG to $3.8772/USG. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Saudi base oil Luberef’s profit tripled in 2Q
Saudi base oil Luberef’s profit tripled in 2Q
Singapore, 3 August (Argus) — Saudi-state controlled Aramco's base oil subsidiary Luberef nearly tripled its profit on the year in the second quarter of 2026 as a result of record high base oil margins. The company posted a profit of 734mn Saudi riyals ($196mn) in the second quarter, up from SR245mn a year earlier. Revenue increased by 52pc to SR3.42bn from SR2.25bn in the same period. In the first half of this year, profit rose by 112pc on year to SR992mn, from SR467mn a year earlier. Revenue rose by 27pc on year to SR5.58bn in first half, from SR4.38 in the previous year. Second quarter sales volumes stood at 313,000t, marginally higher from year-earlier level, but the company's crack margin rose by 91pc to SR3,625/t, a record high. Strong demand for Group II base oils in the second quarter supported the firm's profits. Supply of Group II grades partially compensated for the global shortage of Group III base oils, keeping Group II prices supported. Middle Eastern Group III supply has been disrupted since the start of the US-Iran war at the end of February, leaving global buyers scrambling for volumes. Some blenders that do not require approvals, switched to using more Group II grades with similar viscosities as substitutes for Group III grades. A planned maintenance at the Yanbu facility, originally schedule for August, has been postponed to October to allow the company to benefit from strong base oil margins. As a result, the Growth II expansion is now expected to come on stream in the first half of next year. Following the expansion, Luberef will have a Group III base oil nameplate capacity of 175,000t/yr. Addressing concerns about the impact on exports amid current disruption along Bab el-Mandeb strait, the company said there are several alternatives, including re-routing cargoes through the Cape of Good Hope and increasing deliveries by trucks locally. It added that ships are still transiting through Bab el Mandeb and that Luberef's tankers continue to be nominated and accepted, although the company acknowledged that the situation is evolving. Yemen's Houthi militant group started a maritime blockade on Saudi vessels in the Red Sea on 20 July. In the second quarter, Luberef also signed an agreement with Indian firm APAR Industries to supply base oils at the LubeHub Value Park in Yanbu Industrial City, supporting the local production of transformer and specialty oils. By Chng Li Li Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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