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Latest market news

Biomarine discounts fails to spur demand gains on war

  • : Biofuels, Oil products
  • 26/03/12

Marine biodiesel discounts to fossil bunker fuels have yet to support demand growth as market volatility as a result of the Iran-US war is weighing on marine fuel trading activity.

B100 advanced fatty acid methyl ester (Fame) dob Netherlands flipped to a discount to marine gasoil (MGO) dob ARA when accounting for EU emissions trading system (ETS) costs on 2 March, the first trading session after the start of the US-Iran war. The marine biodiesel product has since sustained this discount, reaching $83.66/t on 11 March. And B100 was also marked at an outright price discount to MGO dob ARA on 9 March, not accounting for ETS costs.

Market participants told Argus that the new dynamic will have to be sustained for a while longer for significant demand shifts to materialise — with shipowners and buyers hesitant to make significant changes to their procurement strategy based on an acute price spread.

Shipowners are also staying out of the spot market for non-urgent volumes because of bunker fuel price volatility, and many are concerned about pre-agreed contract volumes for near-term voyages.

Some told Argus that their focus is on ensuring that those volumes are met as suppliers could call in a force majeure if product shortages emerge from a prolonged war in the Mideast Gulf. Others added there were concerns about engine compatibility as well as the lower energy content of B100 product versus conventional fuels.

Other marine biodiesel blends have also flipped to ETS-inclusive discounts to conventional counterparts in recent sessions. B24 dob Algeciras-Gibraltar achieved an $11.92/t discount to very-low sulphur fuel oil (VLSFO) prices in the west Mediterranean hub on 9 March, once ETS costs were accounted for. And B30 Advanced Fame and MGO dob Netherlands was also at a discount to MGO dob ARA on 4 and 9 March, inclusive of ETS costs.

Beyond consideration of ETS-inclusive price spreads, FuelEU Maritime requirements, which set a 2pc greenhouse gas (GHG) reduction for vessels operating in EU waters this year. FuelEU used cooking oil methyl ester (Ucome)-MGO abatement ex-ETS prices averaged €85.78/tCO2e between 2-11 March. This compares with FuelEU compliance surplus values seen at €170-185/tCO2e for 2026 compliance and €185-200/tCO2e for 2025 compliance during the same period. This means that it is currently cheaper for shipowners to generate FuelEU compliance using marine biodiesel blends instead of MGO volumes, than it is to buy FuelEU compliance surplus.

By Hussein Al-Khalisy

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26/03/12

US may waive Jones Act shipping restrictions

US may waive Jones Act shipping restrictions

New York, 12 March (Argus) — President Donald Trump's administration is considering temporarily waiving Jones Act restrictions on domestic shipping to ensure the stability of supply chains during the US-Israel war with Iran. While the action has not been finalized, the waiver would be for a limited period to ensure energy and agricultural products are flowing freely to US ports, the White House told Argus today. The Jones Act is a longstanding US maritime law that requires commercial vessels operating between US ports to be built, owned, operated and crewed by US citizens. Jones Act tankers normally command a premium because of their unique status and limited number compared to the overall international fleet. While permanent changes to the Jones Act require congressional approval, waivers can be issued by the president's administration, often during natural disaster-driven supply chain disruption. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Brazil scraps tax on diesel amid Iran war

26/03/12
26/03/12

Brazil scraps tax on diesel amid Iran war

Sao Paulo, 12 March (Argus) — Brazil will eliminate its federal, VAT-like PIS/Cofins tax levy on diesel imports and sales to mitigate the Iran war's effect on oil prices, the government said on Thursday The measure will cut prices by R0.32/liter (20.9¢/USG), the government said. The government will also offer a subsidy of the same amount to producers and importers, thus generating a relief of R0.64/liter to customers at the pumps, it said. "We are performing economic engineering to prevent the effects of the irresponsibility of the war from reaching the Brazilian population," Brazil's president Luiz Inacio da Lula said when announcing the measure, adding that the country will do "everything within its means" to make sure that the war "does not reach the pockets of drivers and truckers". The war in Iran, started following US and Israeli attacks on the country on 28 February , has spiked global oil prices, with Ice Brent futures surging above $100/bl early on Thursday. Lula also said he hopes to "count on the goodwill of state governors" to reduce state taxes for diesel as well. The federal government will also create an export tax on oil to increase domestic refining and guarantee domestic supply, as well as increase hydrocarbon regulator ANP's overseeing of the fuel market in order to curb "abusive price increases" and the "speculative retention of stocks with the aim of causing scarcity or selling the product at higher prices". Members of the government such as vice-president Geraldo Alckmin and chief of staff Rui Costa will meet with representatives of Brazil's largest private fuel distributors to demand that the measures are effectively passed onto final consumers, the government said. It is unclear whether the government will extend the measure to other products, such as base oils. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

LPG most affected of any product by Iran war: IEA

26/03/12
26/03/12

LPG most affected of any product by Iran war: IEA

London, 12 March (Argus) — LPG is the oil product most affected by the effective shutdown of the strait of Hormuz, the IEA said today. In its latest monthly Oil Markets Report (OMR), the agency estimated LPG flow disruption at 1.5mn b/d, with naphtha following at 1.2mn b/d. As a result, it trimmed its annual demand growth forecast for LPG and ethane by 170,000 b/d to 150,000 b/d, with China and India accounting for two-thirds of the downward revision. The IEA said 99pc of Middle East LPG exports go to Asia-Pacific. The IEA said India is facing the biggest challenge from the loss of supply, as it takes more than 45pc of total Middle East exports as part of its 1.1mn b/d consumption. This has grown rapidly in recent years as government schemes have promoted its use for clean cooking. About 90pc of India's LPG demand comes from the domestic sector, and limited storage infrastructure leaves consumers particularly exposed to the immediate effects of any supply losses. The IEA revised India's LPG and ethane demand down by 200,000 b/d in March and April. Without LPG flows through the strait of Hormuz, a route that allows tankers to reach India's west coast in less than a week, replacement supplies are taking much longer to arrive. Voyages from the US to India require five to six weeks. China, the world's largest consumer of LPG, is also vulnerable to the loss of product and would have to substitute part of its petrochemical feedstock intake with other fuels and curb production rates. The disruption is redrawing trade flows elsewhere. Europe does not import LPG directly from the Mideast Gulf,relying mainly on the US and Algeria, but there will be stronger competition for Atlantic Basin cargoes from Asian buyers. The US exported an average 2.3mn b/d of LPG in 2025 and could have an estimated 450,000 b/d of spare export capacity. That would not fully replace the Mideast Gulf shortfall, especially as US exports are heavily weighted towards propane rather than the more balanced propane-butane mix typical of Middle Eastern supply. The IEA said member countries agreed on 11 March to make 400mn bl of oil from the emergency reserves available to the market, which it said is a "stop-gap measure". By Efcharis Sgourou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

UAE's Fujairah terminals resume loading after attacks

26/03/12
26/03/12

UAE's Fujairah terminals resume loading after attacks

Dubai, 12 March (Argus) — Most storage terminals and berths at the Middle East's key products storage and bunkering centre Fujairah, the UAE, are operating, following earlier suspensions of operations, according to trade and shipping sources. At the 1.18mn m³ Fujairah Oil Tanker Terminal (FOTT), all the berths of Oil Terminal 1 (OT1) and a VLCC jetty are operating and few berths at OT2 are able to accept vessels, shipping agent reports showed. FOTT, where most crude loadings take place, had sustained damage from "falling debris following a successful interception by the air defenses" on 9 March, according the emirate of Fujairah's press office. Abu Dhabi state-owned Adnoc earlier today informed equity partners that it will now allow its international partners with a share of Murban production to load some March-loading volumes of the grade from Fujairah port. One bunker supplier said they were waiting for the port's permission to send a barge to Vopak Horizon's storage terminal, another key terminal in Fujairah, even though it was still not operating as of this morning. All other fuel terminals are operating, except Mena Fujairah Terminal, where drone debris damaged naphtha tanks last week. Many tank terminal operators had stopped loadings as Iran continued to target the regions energy infrastructure in retaliation for the US-Israeli air strikes, but limited bunker supply operations continued, mostly from the products stored in barges, bunker suppliers said. Fujairah is a key supplier of bunker fuel for ships transiting the strait of Hormuz and is the world's third-largest crude and products storage hub. By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Global refinery runs to drop 4.3mn b/d in March: IEA

26/03/12
26/03/12

Global refinery runs to drop 4.3mn b/d in March: IEA

London, 12 March (Argus) — The US-Iran war and its impacts on oil products' infrastructure and shipping logistics will shear 4.3mn b/d off global throughput on the month and around 3mn b/d year on year in March, according to the IEA's latest Oil Market Report (OMR) , with Mideast Gulf refineries bearing the brunt of these run cuts. Global run rates will drop to 79.7mn b/d this month, down from 84mn b/d in February and 82.4mn b/d in March 2025, the IEA said today. Around three-quarters of these cuts are taking place in the Middle East, where 4mn b/d of crude refining capacity is already shut or at risk of closure. The organisation expects run rates at Mideast Gulf refineries to bounce back to 10mn b/d by May, exceeding pre-Iran war February throughput rates of 9.8mn b/d. Middle Eastern refinery units are running at reduced run rates and can be returned to full operations once the sites can recommence export loadings, the IEA said. Global runs will not return to February levels until June, when they are forecast to hit 85.1mn b/d. "Should the war and disruptions to trade flows drag on, the impact on refinery activity will extend beyond the disruptions we have assumed in [the report], which are limited to March and April," the IEA said. Feedstock, gas and power supply cuts to Mideast Gulf refineries will contribute to regional run cuts this month. The strait of Hormuz closure is also cutting cargo loadings, in turn forcing output down because of the limited storage capacity in the region. The IEA estimated that the Mideast Gulf export-oriented refineries hold capacity of two weeks of production "at best". Downstream infrastructure targeted amid the conflict is also forcing through lower regional crude throughputs. Saudi Arabia's 550,000 b/d Ras Tanura, Bahrain's 405,000 b/d Sitra, and the UAE's 817,000 b/d Ruwais refineries have been attacked by Iran, leading to part or full shutdowns, according to the IEA. The collapse in refinery runs this month will require "significant product draws" to meet a market balance, the IEA said. Global oil demand is only set to drop by 60,000 b/d this month, it added. East of Suez refiners are most exposed to the Iran war, which received 90pc of the 15mn b/d of crude and condensates exported via Hormuz last year, according to the IEA. OECD Asia Oceania will see crude runs cut by around 500,000 b/d on the month to 5.4mn b/d in March, while non-OECD Other Asian countries — excluding China — will cut rates by 430,000 b/d to 10.4mn b/d. Asia imports more than 60pc of its total crude requirements from the Middle East, according to the IEA. By contrast, OECD European run rates are set to "hold up well" as refiners pursue increasing oil product margins supported by the conflict. Throughput rates in Europe will stand at 11mn b/d in March, down from 11.3mn b/d in February as seasonal refinery maintenance programs are underway. Europe imported 1.3mn b/d of Middle Eastern crude last year, according to the IEA. The IEA forecasts 2026 run rates to now be flat on the year at 83.8mn b/d, revised down by 800,000 b/d from February's OMR. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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