Marine fuel global weekly market update
A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. To speak to our team about accessing the stories below, please contact: oil-products@argusmedia.com.
Alternative marine fuels
14 Apr Adnoc adds five newbuild VLGCs to fleet Abu Dhabi's state-owned Adnoc announced...
14 Apr Senators urge US not to invest in fossil H2 Four US senators urged the US Department of Energy (DOE) to...
14 Apr Capacity expansions to raise Asian methanol supplies Methanol supply to Asia-Pacific markets is expected to rise in the medium-to-long term...
14 Apr Brazilian refiners tighten renewable diesel focus Brazil's leading refiners Petrobras and Acelen are focusing investments on...
14 Apr Japanese firms eye low-carbon ammonia import hub A consortium of Japanese companies intends to transform...
14 Apr Cepsal to build Spanish HVO plant with Apical Abu Dhabi-owned Cepsa said it plans to build a...
13 Apr Hapag-Lloyd ups biofuel for marine fuel German cargo ship operator Hapag-Lloyd has significantly increased its reliance...
13 Apr Icelandic utility recruits Linde for e-fuels projects Iceland's state-owned power company Landsvirkjun and industrial gas company Linde have signed...
13 Apr Germany plans intervention on wrongly labelled biofuels The German federal environment ministry (BMUV) has told Argus that...
13 Apr LNG vessels divert from well-supplied South Korea Limited incentives for power-sector gas burn and mild weather have left high South Korean LNG inventories...
13 Apr GCMD, Lloyd's Register to study vessel CO2 offloading The Singapore-based Global Centre for Maritime Decarbonisation (GCMD) announced...
12 Apr Titan delivers LNG on barge to NYK vessel Dutch LNG bunker supplier Titan completed its first ship-to-ship...
12 Apr Honeywell launches H2 carrier US engineering firm Honeywell launched a liquid organic hydrogen carrier...
12 Apr Trio team up to create marine CO2 credits Green technology firm Njord is teaming up with European alternative asset management firm...
11 Apr Gothenburg to develop methanol bunkering storage Port of Gothenburg and Inter Terminals Sweden (ITS) will develop a methanol...
11 Apr CMA CGM in $3bn methanol, LNG ship deal French shipping firm CMA CGM has signed a $3bn agreement with Chinese shipbuilder...
11 Apr Lula to expand Petrobras' fleet, focus on renewables Brazil's president Luiz Inacio Lula da Silva vowed to expand the marine fleet of state-controlled...
11 Apr Exempt H2 from EU emissions directive: Industry body Industry body Hydrogen Europe has urged EU institutions to exempt all...
11 Apr Study backs potential for Angolan green ammonia project Australia-listed Minbos Resources is looking to move ahead with a planned project in...
11 Apr South Korea's DSME receives order for LNG carrier South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has received an order...
10 Apr Cruise ship refuels with LNG in Barbados Barbados' three national energy companies collaborated to ...
10 Apr Osaka Gas, IHI, PGTS plan biomethane output in Malaysia Japanese gas utility Osaka Gas and engineering firm IHI have partnered with...
10 Apr China's Baofeng Energy starts 2.4mn t/yr methanol unit Chinese private-sector petrochemical giant Baofeng Energy achieved on-specification methanol...
10 Apr Firms tie up to supply green methanol at Chinese ports China-based shipping company Cosco Shipping, France-based shipper CMA-CGM and...
9 Apr Tsuneishi builds methanol-fuelled ships for J Lauritzen Japanese shipbuilder Tsuneishi Shipbuilding has received an order to build two dual fuel...
Conventional marine fuels
14 Apr Panama March bunker sales up from 2022 Panama bunker fuel sales in March…
14 Apr France imports diesel again after strikes French ports have mostly reopened after strike action, allowing large...
14 Apr Europe refiners restarting in south, shutting in north) The early part of Europe's refinery maintenance season cut especially into throughputs in...
14 Apr S Korea's SK Energy plans Ulsan refinery maintenance South Korean refiner SK Energy will conduct heavy maintenance at its...
14 Apr Refinery start-ups push Chinese fuel overseas Chinese product exports remain far higher than expected...
14 Apr Vietnam's Dung Quat postpones turnaround to early 2024 Vietnam's 145,000 b/d Dung Quat refinery has postponed its turnaround originally planned for...
14 Apr NWE scrubber spread narrows to below $100/t The scrubber, or Hi-5, spread in northwest Europe has narrowed to...
14 Apr Singapore bunker sales rise on year in March Total bunker sales in Singapore reached 4.18mn t in March, 11pc higher than...
13 Apr Coker halt prompts residue export from Greece's Elefsis Greek refiner Hellenic Petroleum is exporting ...
13 Apr Inland oil products demand picks up in ARA on the week Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp ...
13 Apr Volatile arbitrage redirects Asian gasoil Volatile arbitrage economics have forced Mideast Gulf and Indian gasoil supplies to...
12 Apr Carnival cuts particulate matter emissions by 50pc US cruise company Carnival Cruise Line says it has achieved one goal related to...
11 Apr Baltic port Ust Luga cancels ice restrictions Ust Luga port has cancelled its ice restrictions from ...
10 Apr Brazil's diesel imports reach six-month high Brazil's diesel imports reached a six-month high in...
Related news posts
US job growth nearly halved in April: Update
US job growth nearly halved in April: Update
Adds services PMI in first, fifth paragraphs, factory PMI reference in sixth paragraph. Houston, 3 May (Argus) — The US added fewer jobs in April as the unemployment rate ticked up and average earnings growth slowed, signs of gradually weakening labor market conditions. A separate survey showed the services sector contracted last month. The US added 175,000 jobs in April, the Labor Department reported today, fewer than the 238,000 analysts anticipated. That compared with an upwardly revised 315,000 jobs in March and a downwardly revised 236,000 jobs in February. The unemployment rate ticked up to 3.9pc from 3.8pc. The unemployment rate has ranged from 3.7-3.9pc since August 2023, near the five-decade low of 3.4pc. The latest employment report comes after the Federal Reserve on Wednesday held its target lending rate unchanged for a sixth time and signaled it would be slower in cutting rates from two-decade highs as the labor market has remained "strong" and inflation, even while easing, is "still too high". US stocks opened more than 1pc higher today after the jobs report and the yield on the 10-year Treasury note fell to 4.47pc. Futures markets showed odds of a September rate cut rose by about 10 percentage points to about 70pc after the report. Services weakness Another report today showed the biggest segment of the economy contracted last month. The Institute for Supply Management's (ISM) services purchasing managers index (PMI) fell to 49.4 in April from 51.4 in March, ending 15 months of expansion. The services PMI employment index fell to 45.9, the fourth contraction in five months, in today's report. Readings below 50 signal contraction. On 1 May, ISM reported that the manufacturing PMI fell to 49.2 in April, after one month of growth following 16 months of contraction. In today's employment report from the Labor Department, average hourly earnings grew by 3.9pc over the 12 month period, down from 4.1pc in the period ended in March. Job gains in the 12 months through March averaged 242,000. Gains, including revisions, averaged 276,000 in the prior three-month period. Job gains occurred in health care, social services and transportation and warehousing. Health care added 56,000 jobs, in line with the gains over the prior 12 months. Transportation and warehousing added 22,000, also near the 12-month average. Retail trade added 20,000. Construction added 9,000 following 40,000 in March. Government added 8,000, slowing from an average of 55,000 in the prior 12 months. Manufacturing added 9,000 jobs after posting 4,000 jobs the prior month. Mining and logging lost 3,000 jobs. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US biofuel groups challenge EU SAF regulation
US biofuel groups challenge EU SAF regulation
London, 3 May (Argus) — US biofuel groups Renewable Fuels Association, Growth Energy and US Grains Council and ethanol-to-jet producer LanzaJet have joined European renewable ethanol producers in their challenge to the ReFuelEU aviation regulation. The legal challenge, launched by ePure and Pannonia Bio in February, demands an annulment of the sections that exclude crop-based biofuels from the definition of sustainable aviation fuel (SAF). The regulation allows for SAF produced from biofuels, referring to point 33 in Article 2 of the bloc's recast Renewable Energy Directive (RED III) which includes "liquid fuel for transport produced from biomass". But it excludes biofuels produced from "food and feed crops". The US groups have filed an "application for leave to intervene" before the General Court of the EU, arguing that the regulation would "have a detrimental effect on the US ethanol industry". "The contested provisions give rise to a de facto ban on the supply of crop-based biofuels to the aviation sector in the EU" the associations said. Earlier this year ePure also challenged the bloc's FuelEU maritime regulation, which aims to boost the use of green bunker fuels, for excluding food and feed crop-based fuels from its certification process. By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US job growth nearly halved in April
US job growth nearly halved in April
Houston, 3 May (Argus) — The US added fewer jobs in April as the unemployment rate ticked up and average earnings growth fell, signs of gradually weakening labor market conditions. The US added 175,000 jobs in April, the Labor Department reported today, fewer than the 238,000 analysts anticipated. That compared with an upwardly revised 315,000 jobs in March and a downwardly revised 236,000 jobs in February. The unemployment rate ticked up to 3.9pc from 3.8pc. The unemployment rate has ranged from 3.7-3.9pc since August 2023, near the five-decade low of 3.4pc. The latest employment report comes after the Federal Reserve on Wednesday held its target lending rate unchanged for a sixth time and signaled it would be slower in cutting rates from two-decade highs as the labor market has remained "strong" and inflation, even while easing, is "still too high". US stocks opened more than 1pc higher today after the jobs report and the yield on the 10-year Treasury note fell to 4.47pc. Futures markets showed odds of a September rate cut rose by about 10 percentage points to about 70pc after the report. Average hourly earnings grew by 3.9pc over the 12 month period, down from 4.1pc in the period ended in March. Job gains in the 12 months through March averaged 242,000. Gains, including revisions, averaged 276,000 in the prior three-month period. Job gains occurred in health care, social services and transportation and warehousing. Health care added 56,000 jobs, in line with the gains over the prior 12 months. Transportation and warehousing added 22,000, also near the 12-month average. Retail trade added 20,000. Construction added 9,000 following 40,000 in March. Government added 8,000, slowing from an average of 55,000 in the prior 12 months. Manufacturing added 9,000 jobs after posting 4,000 jobs the prior month. Mining and logging lost 3,000 jobs. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Oregon renewable diesel pours into CFP bank
Oregon renewable diesel pours into CFP bank
Houston, 2 May (Argus) — Rising renewable diesel deliveries helped grow the volume of Oregon Clean Fuels Program (CFP) credits available for future compliance by a record 30pc in the fourth quarter of 2023, according to state data released today. The roughly 253,000 metric tonne (t) increase in available credits from the previous quarter — bringing the total to 1.1mn t — illustrates the spreading influence of US renewable diesel capacity on markets offering the most incentives for their output. California and Oregon low-carbon fuel standard (LCFS) credit prices have tumbled as renewable diesel deliveries generate a surge of credits in excess of immediate deficit needs. LCFS credits do not expire. LCFS programs require yearly reductions to transportation fuel carbon intensity. Higher-carbon fuels that exceed the annual limits incur deficits that suppliers must offset with credits generated from the distribution to the market of approved, lower-carbon alternatives. Renewable diesel volumes in Oregon increased by 12pc from the previous quarter to about 37,000 b/d — more than double the volume reported in the fourth quarter of 2022. The fuel represented 24pc of the Oregon liquid diesel pool for the period, while petroleum diesel fell to 75pc. Renewable diesel generated 46pc of all new credits for the quarter, compared to the 14pc from the next-highest contributor, biodiesel. Deficit generation meanwhile shrank from the previous quarter. Gasoline deficits fell by 6.6pc from the third quarter as consumption fell by roughly the same amount. Gasoline use trailed the fourth quarter of 2022 by 7.1pc. Diesel deficits also shrank as renewable alternatives push it out of the Oregon market. Petroleum diesel deficits fell by 19pc from the previous quarter and consumption was 27pc lower than the fourth quarter of 2022. Spot Oregon credits have fallen by half since late September, when state data offered the first indications that renewable diesel that was already inundating the California market had found its way to the smaller Oregon pool. The quarter marks the first time Oregon credits available for future compliance have exceeded 1mn t. Oregon in 2022 approved program targets extending into next decade that target a 20pc reduction by 2030 and a 37pc reduction by 2035. An ongoing rulemaking process this year will consider changes to how the state calculates the carbon intensity of fuels and verifies the activity of participants, but will not touch annual targets. By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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