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Latest market news

Texas renewable diesel flows up as Calif. demand eases

  • : Biofuels, Oil products
  • 26/06/24

Renewable diesel producers along the US Gulf coast are increasingly selling into the Texas ultra-low sulphur diesel (ULSD) market as bulk demand slows across California — the largest R99 market in the country — in tandem with record-high US output of the fuel.

Renewable diesel production at US biorefineries in May hit an all-time high of about 6.86mn bl, part of a steady increase since the beginning of the year following the implementation of record-high biofuels blending targets, according to the latest RIN generation data from the Environmental Protection Agency (EPA). Higher run rates through the second quarter, compounded by elevated and volatile diesel prices across the country, made California buyers hesitant to commit to high-volume R99 spot purchases as the market faced fresh supply.

But Texas's 20¢/USG diesel excise tax abatement, applicable to renewable diesel, appears to have thrust the state — particularly Houston's fob truck spot market — into the spotlight as an attractive secondary supply outlet. Local market participants have cited R99 on offer from various Gulf coast producers throughout June, with the tax abatement now making renewable volume competitive with conventional ULSD in the region.

Offers for R99 fob truck in Houston as recently as Wednesday morning were heard at July Nymex ULSD +9¢/USG, which a number of sources said represented about a 5¢/USG discount versus conventional ULSD once accounting for the excise tax abatement.

Spot R99 via the pipeline in California by comparison last traded at double-digit discounts, 35¢/USG and 80¢/USG, respectively, to the corresponding Los Angeles and San Francisco CARB complexes (conventional in-state CARB diesel + attributes).

By Jasmine Davis

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26/06/24

Argentina GDP growth ticks higher in first quarter

Argentina GDP growth ticks higher in first quarter

Montevideo, 24 June (Argus) — Argentina's economic growth ticked up by 2.3pc in the first quarter of 2026 from a year earlier, led by agriculture and livestock, mining and exports. Growth in gross domestic product (GDP) edged up from 2.2pc in the fourth quarter of 2025 and compared with 3.3pc in the third quarter last year, according to INDEC, the statistics institute. It marked a sixth consecutive quarter of annual growth. Growth in the first quarter was led by agriculture, livestock and forestry, the country's traditional economic motor, which surged by 18.1pc. Fishing was up by 27.5pc and mining, where Argentina is beginning to make gains with copper, gold and lithium production, expanded by 12.3pc, according to INDEC, the statistics agency. Construction grew by 2.5pc. Private consumption rose by 2.7pc on the year, while exports grew by 9.8pc. Weighing on growth were manufacturing, which dipped by 1.7pc from a year earlier; utilities, down by 1.1pc; and retail and wholesale trade, down by 0.3pc on the year. Investment fell by 11.6pc on the year. The GDP numbers reflect a mixed bag for Argentina's economy, with exports rebounding, but investment down and inflation and unemployment stubbornly high. Inflation was at a 33.2pc annualized rate in May, an uptick after edging lower the prior two months, INDEC reported last week. Monthly inflation for May was 2.1pc, the lowest monthly rate since September 2025. -By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Kazakhstan, Chad to get fossil fuel transition funding

26/06/23
26/06/23

Kazakhstan, Chad to get fossil fuel transition funding

Edinburgh, 23 June (Argus) — Kazakhstan, Trinidad and Tobago and Chad will receive some funding from the $20mn Beyond Oil and Gas Alliance (Boga) fund, to support development of plans to transition away from fossil fuels. The three oil-dependent economies will receive support from Boga and the NDC Partnership, under an initiative launched at the UN Cop 29 summit in Azerbaijan — the so-called first NDC Window. NDC stands for Nationally Determined Contribution, the climate plans countries have to produce and implement under the Paris Agreement. Boga, an international alliance launched at Cop 26 in Glasgow, spearheaded by Denmark and Costa Rica, is working to facilitate a managed phase-out of oil and gas production. The NDC partnership is a coalition of developing and developed countries aiming to help developing countries turn climate plans into actions. Kazakhstan produces around 1.7mn b/d of crude and condensate. The country adopted its first low-carbon strategy in 2022 . Chad exports most of its oil production of around 130,000 b/d. Its government said last year it wants to increase oil production to 250,000 b/d by 2030 and the share of renewable energies in national electricity production to 30pc by 2030, from 9pc in 2024. Trinidad and Tobago produces around 50,000 b/d of oil, from a peak of around 144,000 b/d in 2005. The first NDC Window was aimed at supporting developing oil producing countries seeking to reflect, in their climate plans, energy commitments taken at Cop 28 in Dubai. The outcome text Cop 28 in Dubai included an energy section calling for "transitioning away from fossil fuels in energy systems", a tripling of renewable capacity by 2030 and for "accelerating action in this critical decade". The two organisations announced today at the London Climate Week a second window to support development of national and sectoral plans to cut fossil-fuel dependency in developing oil- and gas-producing countries. Five countries have already benefited from financial support under the Boga fund — Barbados, Brazil, Colombia, Kenya and Nigeria. The latter last year received an initial $800,000 for a two-year period. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Paraguay sets biodiesel blend at 8-10pc

26/06/23
26/06/23

Paraguay sets biodiesel blend at 8-10pc

Sao Paulo, 23 June (Argus) — Paraguay's industry and commerce ministry has set the country's mandatory biodiesel blend at 8-10pc, giving the market its first operational benchmark under the new biofuels framework. The decision, reached on 19 June, marks the government's first concrete move following this year's legislative change to Paraguay's biodiesel regime , which expanded the legal blending range to 5-20pc. By setting the initial operating band at 8-10pc, the government is moving above the previous mandate while stopping well short of the new statutory ceiling. The blend takes effect 30 days after its approval. The ministry framed the higher blend as part of a broader strategy to displace imported fuels with domestically produced biofuels, saying the shift would deliver economic and environmental gains, strengthen energy security and support efforts to mitigate climate change. The text also underscores the government's intention to provide the biofuels sector with a more predictable framework for investment. Paraguay's biofuels industry welcomed the decision. In a 23 June statement, the Paraguayan Chamber of Biofuels and Renewable Energies (Biocap) said the regulation marks an important step toward a more diversified energy matrix, greater national energy security and lower dependence on imported fuels. Biocap also said Paraguay has installed industrial capacity, feedstock availability and technical know-how to support further growth in biofuels. The industry group also sought to address compatibility concerns around higher blends, saying international experience shows biodiesel blends that comply with existing quality specifications are compatible with the normal operation of diesel engines. Biocap added that fuel quality and compliance with technical standards will be critical for sustainable sector growth. By Flavia Alemi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

IEA wants Cop parties to support Turkey's power target

26/06/23
26/06/23

IEA wants Cop parties to support Turkey's power target

Edinburgh, 23 June (Argus) — The IEA is hoping that countries at the next UN Cop 31 climate summit will agree on an electrification target put forward by Turkey, which will host the talks in November in Antalya. But ministers from developing countries warned at the Cop 31-IEA high-level dialogue today in London that global electrification needs increased access to finance and technologies for developing countries. Turkey has proposed a global goal for electricity to reach 35pc of global final energy consumption by 2035 , up from around 20pc at present during the Bonn climate talks earlier this month. IEA executive director Fatih Birol said that this target is achievable and welcomed that Turkey and Australia put it as a "flagship priority". The main goal of high-level dialogues is to foster consensus on key topics in order to facilitate decisions at later meetings, such as climate summits, he said. "I very much hope that in Antalya all the countries come together and agree" on the electrification target, he said. "It would be a "major legacy for Cop 31". Cop 31 president-designate Murat Kurum told the Cop 31-IEA dialogue held during London Climate week today that the electrification target was more than "technical". "We cannot consider electrification separately from finance, finance separately from the right to development," he said. He called for a special report from the IEA to help countries and serve as a "traceable roadmap". He also warned that the energy transition "must not allow electrification to become a race reserved for countries with access to technology". An energy transition not supported by financial justice would lead to more development inequality, he said, after Birol acknowledged that the target would be easier to achieve for European countries than for African nations. Australian energy minister, and future Cop 31 president of negotiations, Chris Bowen called for removing barriers to finance for developing economies. Finance for implementation The electrification target can help close the implementation gap by focusing on delivery rather than creating new commitments, but the gap in developing countries remains "closely linked to financial constraints", Ethiopia foreign minister and Cop 32 president-designate Gedion Timothewos said, pointing to high borrowing costs in markets perceived as "high-risk". These barriers need to be addressed, including under the official Cop process, he added. For Colombian environment minister Irene Velez Torres, accelerating green energy sources is urgent but not sufficient. "The phase out of fossil fuels needs to be addressed," she said. Turkey's proposed Cop 31 electrification target as well as an upcoming global roadmap on the transition away from fossil fuels led by the Cop 30 Brazilian presidency sit under the so-called Action Agenda — a parallel process from official Cop negotiations to help accelerate implementation. Some countries stressed during the Bonn talks that these processes need to remain separated. Civil society organisations have also warned that the devil is in the detail when it comes to electrification. Increasing electricity consumption can be met by fossil as well as non-fossil sources. The Powering Past Coal Alliance (PPCA) — a coalition of countries aiming to cut coal use — recommended today that governments bring electrification, clean build-out and coal transition scenarios together and the global transitioning away from fossil fuels roadmap should address "coal lock-in". "The impact of electrification will depend on the energy that powers it," French climate ambassador Benoit Faraco said today, adding that the PPCA recommendations highlight what developing countries can gain by choosing clean energy — including lower long-run energy costs and greater energy security. By Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hormuz traffic management changed forever: Iran

26/06/23
26/06/23

Hormuz traffic management changed forever: Iran

Dubai, 23 June (Argus) — Administration of the strait of Hormuz will never return to how it was prior to the US-Iran war and will instead be managed by Tehran, according to the country's parliament speaker and top negotiator Mohammad Bagher Ghalibaf. "Everyone needs to know that management of the strait will never return to the way it was before the war," Ghalibaf said. The strait has emerged as a key point of contention since the early days of the war, with Iran insisting that it and Oman, as the two countries bordering the waterway, should play a role in controlling how it is used and which vessels are allowed to pass through it. Tehran in May set up a maritime authority, the Persian Gulf Strait Authority (PGSA), in an effort to consolidate its control. The PGSA would manage transit through the strait and has said it has engaged with hundreds of vessels seeking permits to pass safely, in some cases for a toll or fee. The US-Iran interim deal, signed last week, called for Tehran to ensure movement of vessels from the Mideast Gulf to the Gulf of Oman, and vice versa, with the aim of returning traffic to pre-war levels within 30 days — by around 18 July — while allowing Iran to "remove technical and military obstacles and removal of mines." Latest data from Kpler show an uptick in seaborne Iranian crude and oil product exports as of the week starting 15 June, coinciding with the US lifting the blockade it imposed on Iranian ports in April. Iran has agreed not to charge tolls for passage through the strait, at least for the initial 60 days. But it appears intent on keeping the PGSA in control of all traffic. "Of course, we will fully comply with international law," Ghalibaf said. "But people need to understand [that administration of the strait will remain with Iran]." He said the US and Iran have agreed to "establish co-ordination mechanisms there including a hotline and a centre that can be contacted whenever there is any ambiguity or dispute." "Because the administration/management of the strait is with us, we will manage it easily," said Ghalibaf. "If there is any issue, we will solve it." A tale of two shores But Iran will have to act in co-ordination with Oman, which controls the strait's southern shore, and the two have held a meeting that could help institutionalise a new administrative regime. They agreed to form "a joint working group" to "reach agreement on the future administration of navigation in the strait of Hormuz and the services that will be provided in this regard and the costs associated with them in accordance with international standards," the Omani foreign ministry said on 23 June. Oman's foreign minister Badr Albusaidi said the sides "affirmed commitment to international law and toll-free safe passage." Any toll for passage would be incompatible with the UN Convention on the Law of the Sea (Unclos), notably Articles 38 and 42 that provide "all ships and aircraft enjoy the right of transit passage" that "shall not be impeded". Measures adopted by states bordering a strait must not have "the practical effect of denying, hampering or impairing the right of transit passage," Unclos states. But Article 42 also says states bordering straits may adopt laws and regulations relating to transit passage in respect of the safety of navigation, the regulation of maritime traffic, and the prevention, reduction and control of pollution. "The services that will be provided… and the costs associated with them in accordance with international standards," as mentioned by the Omani foreign ministry, will require clarification. By Nader Itayim and Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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