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Funds’ Ice gasoil long position down from 45-month high
Funds’ Ice gasoil long position down from 45-month high
London, 4 December (Argus) — Sharp swings in European diesel prices in November were driven in part by entities with no physical exposure, as money managers briefly held their largest long positions in Ice gasoil futures in nearly four years. Funds have looked to gasoil futures because of increasing volatility in the contract when compared with Ice Brent crude futures, according to a senior participant in oil paper markets. The daily change in the value of front-month Ice gasoil has averaged 1.66pc so far this year, compared with 1.32pc for front-month Ice Brent. Money managers — hedge funds and pensions funds, along with other entities managing on behalf of clients — have increased their long positions in Ice gasoil futures as the year has progressed. This reached a 45-month high of 153,689 lots in the week to 18 November, according to Ice's Commitment of Traders report. Ice gasoil futures hit $777.50/t on 18 November, the third-highest of the year. Money managers trimmed 10pc of that position the following week, to 137,971 as of 25 November. Ice futures fell below $700/t on that date, pressured by reported progress on a plan to end the conflict in Ukraine. This led market participants to consider what peace would mean for diesel markets: a slow down in Ukraine's drone campaign against Russian energy infrastructure and, in the longer term, a possible European return to importing Russian diesel. Funds' long position is still almost double the 74,015 held at the start of 2025, and the average 75,398 held in 2024. Long and the short of it Before peace talks started to progress, money managers' net long positions were the highest in more than three-and-a-half years. An analyst said funds have probably taken an overall position of being long diesel cracks — taking long positions in gasoil futures and short ones in Brent. Permanent cuts to refining capacity in Europe, as well as extensive temporary outages this year, have contributed to a disconnect between gasoil and Brent price movements. As gasoil prices rise, refiners can hit capacity limits, which has capped their crude buying and kept Brent steadier. Managed money held the biggest short position in Brent since at least 2015 on 21 October at 190,639 lots. This has fallen since, but did rebound to 163,975 on 25 November, the eighth shortest since 2015. Funds' involvement in futures has further increased volatility, as they tend to buy and sell futures more quickly than entities with physical exposure. That volatility increases potential losses as well as potential gains. Some funds may have made very large losses this year because of unexpected swings, the paper market participant said. European diesel often prices on a exchange-of-futures-for-physical (EFP) basis, using Ice gasoil futures, meaning the futures price can be an influence on the physical price. European physical diesel cargoes priced at a $45.64/bl premium against North Sea Dated on 19 November, the highest in nearly three years. The following week, when money managers were cutting their long positions, the physical diesel premium fell to $27.15/bl. Ice gasoil futures is a physically-delivered contract, so any price dislocation is generally soon closed as traders look to work an arbitrage between the futures and physical. By Josh Michalowski and Benedict George Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Golden Pass LNG approved to receive cool-down cargo
Golden Pass LNG approved to receive cool-down cargo
Houston, 4 December (Argus) — QatarEnergy and ExxonMobil's 18.1mn t/yr (2.4bn ft³/d) Golden Pass LNG export terminal in Texas received federal approval today to unload a cool-down cargo, a key step in commissioning the plant. The Federal Energy Regulatory Commission granted the project's request to introduce hazardous fluids into various systems and receive the cool-down cargo. The 174,000m³ Imsaikah has been holding offshore Texas' Port Arthur since 29 November after departing QatarEnergy's 77mn t/yr Ras Laffan export terminal with a cargo on 27 October. The vessel's LNG will be used to cool down Golden Pass' equipment for its start-up process. The three-train project also has federal approval to introduce fuel gas to train 1 and train 1's gas turbine. Feedgas flows to Golden Pass have yet to materially rise. Pipeline nominations on 4 December were just over 8mn ft³, in line with daily flows since mid-October. Flows to LNG plants can be revised later in the day. The project's developers anticipate the facility will start production by the end of the year or in early 2026, with each of its three trains coming on line in six-month intervals. By Tray Swanson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Контейнерные перевозки через Каспий подорожают
Контейнерные перевозки через Каспий подорожают
Riga, 4 December (Argus) — Стоимость транспортировки контейнеров по Транскаспийскому международному транспортному маршруту (ТМТМ) в декабре вырастет относительно октября — ноября. Тарифы увеличатся на фоне ожидаемой отмены скидок, которые транспортные компании вводили для привлечения грузов, полагают участники рынка. Стоимость контейнерных перевозок снижалась последние четыре месяца. Стоимость перевозки 40-футового высокого контейнера (40HQ) из Сианя в Абшерон (Баку) в декабре увеличится до $5 500—5 600/40HQ с $5 350—5 400/40HQ — месяцем ранее, полагают экспедиторы. Срок прохождения контейнерными поездами маршрута Сиань — Алтынколь — Актау — Алят — Абшерон в ноябре составлял 14—18 суток, как и месяцем ранее, рассказали перевозчики. Стоимость перевозок контейнеров из китайского Иу, а также с прилегающих станций на востоке Китая в Абшерон в декабре составит $5 500—6 900/40HQ относительно $5 350—7 050/40HQ в ноябре, сообщили участники рынка со ссылкой на прайс-лист Maersk. К увеличению стоимости контейнерных перевозок могут также привести неблагоприятные погодные условия в зимнее время на Каспии и в Черном море, что ограничит морскую транспортировку контейнеров, полагают перевозчики. Стоимость перевозки из Сианя в турецкий Мерсин/Амбарлы транзитом через Апшерон/Алят в ноябре составила $5 800—7 250/40HQ, как и месяцем ранее. Отгрузки контейнеров из Иу на терминал Амбарлы в Турции в декабре могут подешеветь до $5 800—6 700/40HQ с $6 300—7 200/40HQ на фоне разовых скидок к тарифам, предоставляемых Maersk, сообщили экспедиторы. В Азербайджане, Грузии и Казахстане по-прежнему простаивает несколько тысяч порожних контейнеров, по данным участников рынка на конец ноября. Компаниям не удается найти достаточно груза для обратной отправки контейнеров в Китай, сообщил представитель транспортной компании. В январе — октябре Азербайджанская железная дорога (АЖД) увеличила на 32% прием контейнерных блок-поездов по ТМТМ по сравнению с аналогичным периодом прошлого года, доведя их количество до 317 блок-поездов, в том числе 119 транзитных поездов, говорится в официальном сообщении АЖД. В Бакинском международном морском порту (Алят) в январе — октябре объем перевалки контейнеров увеличился на 38% относительно того же периода прошлого года и составил 86 тыс. ДФЭ (двадцатифутовый эквивалент), сообщает АЖД, владеющая портом. ________________ 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 © 2025. Группа Argus Media . Все права защищены.
Arab region warming at twice the global average: WMO
Arab region warming at twice the global average: WMO
London, 4 December (Argus) — The Arab region is warming at twice the global average, with temperatures increasing by 0.43°C per decade from 1991 to 2024, a report from the World Meteorological Organisation (WMO) found today. The world experienced the hottest year on record in 2024. The average temperature across the Arab region in 2024 was 1.08°C higher than the 1991-2020 average, the WMO said. The Arab region saw "intense heatwaves and droughts as well as extreme rainfall and storms", the WMO added. The WMO's report, the inaugural State of the Climate in the Arab Region , covers 22 countries across north and east Africa and the Middle East and was compiled with the Economic and Social Commission for Western Asia and the League of Arab States. The Middle East and north Africa "are among the hottest regions in the world, and climate projections indicate a continued intensification of summer heat extremes in both subregions", the WMO said. The report also included regional climate projections from the UN Intergovernmental Panel on Climate Change. "If the current warming rate continues, mean temperature increase in the Arab region could reach 1.8°C with respect to the 1991-2020 average by 2050", the report found. A handful of climate plans — known as nationally determined contributions (NDCs) — submitted recently by Arab region countries underline the challenges that climate change poses for the region. NDCs submitted over the past few weeks by Bahrain, Qatar and Yemen all note the countries' vulnerability to climate change, including water scarcity. Of the 20 most water-scarce countries globally, 15 are in the Arab region, and climate change is compounding this, the WMO said. Qatar and Bahrain flagged in NDCs their water sectors as a source of emissions , including through power-intensive desalination processes. Bahrain this week noted its "water vulnerability as a challenge that is further intensified by climate change impacts", in its third NDC. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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