概要
Oil products market coverage
Argus is the leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for every kind of refined oil product. Explore the coverage most relevant for your industry.
Latest oil products news
Browse the latest market moving news on the global oil products industry.
Double trouble for Caracas
Double trouble for Caracas
Earthquake recovery takes centre stage, but the same uncertainties about upstream investment wait in the wings, write Carla Bass and Carlos Camacho Caracas, 10 July (Argus) — Venezuela's twin earthquakes in late June left crude and natural gas production infrastructure largely intact, despite killing thousands, even as they shifted the political ground in ways that are still emerging. The country's oil operations are concentrated in the Orinoco heavy oil belt east of Caracas and around Lake Maracaibo to the west — outside areas hardest hit by the quakes, such as the city of La Guaira. The destruction killed more than 3,800, a count that is expected to rise as thousands are still missing. The earthquakes came as Venezuela is trying to rebuild its economy and oil industry in the wake of the US' 3 January incursion.Crude production is continuing apace, most operators say. It climbed to 1.2mn b/d in June from about 1.1mn b/d in prior months, with the government aiming for 3mn b/d in 2030. Efforts to attract inward investment are also expected to continue as planned, industry sources say, although progress here was already slow as investors await greater certainty about operating in the country. Interim president Delcy Rodriguez says oil regulations she approved this week will help provide "resources for the recovery and reconstruction of our country" after the quake. The regulations are meant to implement reforms passed earlier this year to allow firms other than PdV to operate oil fields. They also simplify taxes and trim the state's share of earnings and production — Caracas' take from crude production projects has fallen to 20-35pc for most projects, down sharply from an earlier standard of 83.33pc — and create more defined royalty tiers. But Rodriguez must first get to grips with a country where many citizens want basic disaster recovery to take priority over oil contracts. Disapproval of the Rodriguez administration rose to 63pc in an AtlasIntel-Bloomberg poll conducted on 26-20 June, following the quakes, up from 59pc a month earlier. And 65pc disapprove of the government's earthquake response, according to the same poll. Pressure release The disaster could buy Rodriguez's regime a temporary reprieve from political pressure or catalyse a democratic transition, according to consultancy Teneo's political analyst Nicholas Watson. Most officials who worked under former president Nicolas Maduro — including some wanted by the US for drug trafficking — remain in place. But the US has said it is prioritising stability before moving to free elections. The US has indicated it will reinforce the status quo. This includes not opening a path for opposition leader Maria Corina Machado to visit Venezuela after the disaster, although President Donald Trump later indicated this could change. He has still expressed solidarity with Rodriguez and committed to continue disaster recovery aid, while cutting humanitarian assistance to many other countries. But in any case, investor uncertainty will do more to delay upstream development than earthquake recovery. Both existing and hopeful new producers have lined up to sign initial agreements, but "the push now is to turn those into contracts", one industry source said. Contract models included in the reform are workable if not perfect, industry sources say, but the energy ministry will still have a high level of discretion. Potential newer entrants are also wary about commercialisation of production, which involves selling, for example, lighter crude to PdV and receiving potentially heavier crude or fuel oil as payment in kind. Cash flow also remains a problem. Disbursements of oil revenue that must go via a US Treasury Department fund could be more frequent, some operators say. For now, some Venezuelans' main energy concern is having natural gas supplies for cooking turned back on as pipeline and building inspections continue, if the building was lucky enough to stand. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil’s inflation slows to 4.64pc in June
Brazil’s inflation slows to 4.64pc in June
Sao Paulo, 10 July (Argus) — Brazil's inflation slowed to an annual 4.64pc in June, with lower motor fuel prices helping offset higher electricity bills. The consumer price index IPCA decelerated from 4.72pc in May , national statistics agency IBGE said on Friday, after accelerating from 4.39pc in April. Housing costs, appointed as the largest contributors to the monthly gain in the index in June, decelerated to 5.85pc from 6.22pc a month earlier, mostly thanks to electricity bills and tax readjustments for power supply in some southern states. Food and beverage costs, which weigh heavily on the index, contributed the most with the monthly decrease in the IPCA, decelerating to an annual 3.82pc in June from 3.87pc in May. Lower prices for coffee, fruits and meat drove the result, IBGE said. Transport costs slowed to 3.95pc in the month from 4.05pc in May. Lower prices for ethanol, diesel, gasoline and compressed natural gas (CNG) weighed on motor fuel costs, despite an increase in airfares. The annual gain for June was down from 5.35pc in June 2025. Inflation expectations, as calculated by the central bank's Focus survey, remain above target at 5.3pc for 2026 and recently ticked up to 4.18pc for 2027. Brazil's central bank lowered its target rate to 14.25pc in June. By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European refinery economics shift back to road fuels
European refinery economics shift back to road fuels
London, 9 July (Argus) — European refinery economics are shifting back towards road fuels as diesel and gasoline markets tighten and concerns over jet fuel supply ease. Market participants expect the shift to encourage refiners to dial back some of the jet fuel production increases made earlier in the US-Iran war in favour of diesel and gasoline. European refiners boosted jet fuel production in March-June as concerns over supply pushed jet fuel margins above $100/bl. But tightening road fuel markets and softer jet fuel fundamentals are beginning to reverse that trend. European diesel and gasoline values have strengthened in recent weeks. Diesel cracks are around $70/bl , their highest in three months, while gasoline cracks are at four-year highs of around $40/bl. In contrast, jet cracks have fallen to around $60/bl. Russia, the world's second-largest diesel exporter, announced a ban on diesel exports on 8 July , raising the prospect of tighter global supply. Europe will now face greater competition for remaining diesel cargoes, as Turkey and buyers in north Africa seek to replace Russian supplies. The US could help fill some of Europe's diesel shortfall, although Europe will face competition from Brazil for US cargoes. Diesel has priced above jet fuel for the past three weeks, after moving above jet for the first time this year . Argus Consulting expects the spread to remain in diesel's favour over the coming months. Meanwhile, gasoline demand has picked up in Europe in recent weeks, especially in the Mediterranean and Germany, traders said. Export demand from Europe's secondary markets has also firmed, and shipments to Brazil, Canada, Egypt, Libya and Syria are expected to rise sharply in July. Market participants said demand is outstripping availability. Refiners have increased blending activity in recent weeks, drawing down blending component stocks. Naphtha prices have rallied, supported by demand from gasoline blenders and petrochemical buyers, lifting naphtha cracks to a 10-year high. Jet fuel prices remain supported by strength across the wider middle distillate complex, but jet fundamentals look softer. Europe has coped with the loss of Middle Eastern flows and supply concerns have eased. European jet fuel imports hit an eight-month high in June , supported by record US and Nigerian deliveries. More jet fuel from east of Suez is due to arrive in Europe this month, while Chinese jet fuel exports are set to increase , supporting global balances. Spain's Repsol has already begun prioritising diesel and gasoline production after previously boosting jet fuel output. Refiners can typically shift a portion of output between kerosine and gasoil pools. Refining margins for secondary units have strengthened at the same time. Margins for an average hydrocracker, producing diesel and gasoline at a 70:30 ratio, rose to a $30.46/bl premium to Ice Brent crude earlier this week, Argus calculations show. Margins for a typical fluid catalytic cracker (FCC), producing gasoline and diesel at a 70:30 ratio, rose to a $23.42/bl premium. Both margins were trading at discounts to crude in early June. Heavier naphtha-grade material will probably return to the gasoline blending pool instead of the kerosine pool, according to one market analyst. Some refiners had been taking larger kerosine cuts from petrochemical units , but this has probably also decreased now. A pivot away from jet fuel output could leave the market exposed if supply tightens again. European jet fuel inventories remain heavily depleted and will probably not rebuild until the new year, according to Argus Consulting, leaving little cushion if supply gaps re-emerge. By Amaar Khan and Atishya Nayak Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
CFTC suspends listing of new 24/7 oil contract
CFTC suspends listing of new 24/7 oil contract
Washington, 9 July (Argus) — The US Commodity Futures Trading Commission (CFTC) has prevented exchange operator CME Group from listing as early as this week a first-of-its-kind contract that would have allowed crude futures to trade around the clock. CME on Wednesday sought to "self-certify" the listing of the new 24/7 crude contract, using a fast-tracked listing process that could have allowed trading to begin as soon as Friday. The CFTC on Thursday said it was using its authority to stay the listing until it can conduct a "thorough review" to determine if it complies with federal law and its own regulations. The CFTC last month opened public comment on the idea of around-the-clock trading of energy, and that comment period remains open. "CME's decision to disregard the commission's effort to undertake a reasoned analysis of the critical issues at stake is wholly inappropriate and necessitates commission action to stay the certification," CFTC chairman Michael Selig said. "The commission encourages exchanges to work with agency staff to address potential legal issues before seeking to list novel contracts." The CFTC rarely stays self-certification. Under that process, an exchange will detail a new product's rules to the agency and self-certify the product complies with federal law and the agency's regulations. Unless the agency acts to block a listing, an exchange could list a self-certified product within just one business day. CME last month announced it was preparing to allow 24/7 trading of a new WTI crude futures contract on 30 August. If listed, the new contract — equivalent to 10 bl of crude — would become the first 24/7 energy futures contract available in the US, giving traders the ability to buy and sell futures at night and over the weekends. Since the US-Iran war began in late February, attacks on infrastructure and shipping in the Mideast Gulf have frequently taken place over the weekend when futures markets are closed. Although CME asked to self-certify the 24/7 crude contract, it also separately asked to list the new product through a voluntary review and approval process called "section 40.3". That process will give the CFTC a 45-day review period it can then extend by an additional 45 days for products it determines raise "novel or complex issues". "We work with the commission on their review of any new product," CME said. The CFTC's action to halt the listing comes after oil industry executives and commodity trading firms held at least nine meetings with Selig over the last two weeks to discuss "concerns" about 24/7 energy trading, according to meeting records made public on Tuesday. The CFTC, in a request for comments that remains open through 27 July, asked whether allowing 24/7 oil trading could result in higher volatility during thinly traded off hours, potentially triggering collateral demands or forced liquidation. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our oil products services
Whether you’re looking for independent spot price assessments or long-term market analysis, we have the solutions you need for the refined oil and biofuels markets. Explore the range of our services.
主要価格指標
提供している価格指標の一部は、中東積みナフサやインドネシア向けガソリン供給契約の決済価格として利用されているものもございます。提供する市況解説はその詳細さに定評があり、市場動向の情報源として世界中の石油製品取引関連企業に利用いただいております。










