Gasolina sobe, mas arbitragem segue fechada

: Oil products
19/04/09

A alta nos preços da gasolina A nas refinarias da Petrobras anunciada recentemente foi insuficiente para estimular a importação do combustível. Apesar do reajuste quinzenal de R$102,6/m³ (ou 5,6pc) em média nacional para R$1.935,4/m³ em 4 de abril, o valor do produto no mercado doméstico segue cerca de $30/m³ abaixo das cotações internacionais, segundo traders entrevistados pela Argus.

A decisão da Petrobras de aumentar os preços está alinhada com o comportamento do mercado internacional nas últimas semanas, mas ficou aquém do esperado. A gasolina convencional 97 ex-RVO fob Golfo Americano atingiu 201,4¢/USG em 8 de abril, alta de 12pc desde o reajuste anterior ocorrido em 15 de março, quando a estatal subiu o valor do combustível para R$1.832,6/m³ em média nacional . A alta da gasolina no mercado internacional foi estimulada pelo aumento global do preços do petróleo, problemas logísticos na região do golfo causados por enchentes no Rio Mississipi e manutenção em três refinarias da região.

A consequente valorização da nafta (principal componente usado para formular gasolina) e da gasolina acabada no Golfo Americano fez com que a Europa se tornasse uma fornecedora mais competitiva do combustível, passando a atender uma demanda crescente da Costa Atlântica dos Estados Unidos e África Ocidental. A maior procura elevou o valor da gasolina Eurobob oxy fob no Noroeste da Europa para seu maior nível desde outubro em 191¢/USG em 8 de abril .

No Brasil, o diferencial entre o preço médio da gasolina vendida nas refinarias e o valor médio da gasolina A importada base dap Brasil subiu de 3¢/USG para 14¢/USG entre 3-4 de abril . Na semana encerrada em 5 de abril, o valor médio para cargas completas de gasolina A importada base dap Brasil ficou em 178,5¢/USG, enquanto o preço médio nacional praticado nas refinarias da Petrobras alcançou 189,6/USG. "Ainda está muito ruim", disse um trader baseado no Rio de Janeiro à Argus.

A negociação de algumas cargas de gasolina por um número limitado de participantes não significa que a arbitragem seja favorável, segundo ele. "O fundamento [para importação de derivados] hoje é o seguinte: ou você tem um take or pay muito grande no seu contrato de uso de tancagem nos portos, ou você têm que adquirir produto, mas a Petrobras não está vendendo mais nada acima da cota mensal estabelecida no contrato para garantir o seu abastecimento. Ninguém está maximizando nada, ninguém quer comprar mais do que deve."

"Não vi nenhuma demanda adicional depois deste aumento, não mudou o quadro geral. Parece que a Petrobras está tentando deixar a arbitragem aberta para a gasolina , diferentemente do que estão fazendo para o diesel", ponderou uma representante de uma trading estrangeira.

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26/02/06

Sydney Airport passenger traffic rises 3pc in 2025

Sydney, 6 February (Argus) — Australia's busiest airport recorded higher passenger transit in 2025 on increased international activity, Sydney airport data released 4 February show. October-December transits of 11.41mn passengers were by 4pc up on the year, driven by a 6pc rise in international travellers. Last year was Sydney's busiest ever for international travel with 17.17mn passengers passing through gates. But the 25.36mn domestic passengers was still down from pre-Covid levels of 27.5mn in 2019. And total passenger numbers in 2025 were 4pc below 2019 figures. Passenger traffic at Australia's Melbourne Airport — the nation's second-busiest — rose by 7pc on the year in 2024 to 35.75mn, but this was 5pc below 2019's 37.45mn. National jet fuel sales leapt 8pc in the first 11 months of 2025 to 172,000 b/d, with November the latest month for which data from Australian Petroleum Statistics are available. The figure was just 160,000 b/d in January-November 2024. Jet fuel sales in New South Wales state, where Sydney airport is located, averaged 57,000 b/d in January-November last year, up from 55,000 b/d in the first 11 months of 2024. By Tom Major Sydney Airport passenger traffic Oct-Dec '25 Jul-Sep '25 Oct-Dec '24 2025 2024 2019 q-o-q % ± y-o-y % ± 2025 vs 2024 % ± Total 11.41 10.68 11 42.54 41.4 44.4 7 4 3 International 4.62 4.28 4.4 17.17 16.3 16.9 9 6 5 Domestic 6.79 6.4 6.7 25.36 25.1 27.5 6 2 1 Source: Sydney Airport Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

E15 'council' convenes without Dem. lawmakers

26/02/05

E15 'council' convenes without Dem. lawmakers

New York, 5 February (Argus) — A council of Republican lawmakers tasked with negotiating major changes to US fuel policy held its first meeting Tuesday evening, leaving out Democrats that had pushed for a seat at the table. The US House of Representatives last month punted on a proposal that would have allowed year-round sales of gasoline with up to 15pc ethanol (E15) and restricted how many refiners can win hardship exemptions from annual biofuel mandates. Instead, lawmakers tasked a new "rural domestic energy council" with developing policy recommendations by 15 February in the hopes that Congress will weigh legislation by 25 February. The full council met for the first time Tuesday evening, four people familiar with the matter said. The task force includes more than 20 House Republicans with a range of views on biofuel policy, but no Democrats, two of the people said. The office of House speaker Mike Johnson (R-Louisiana), who was in charge of appointing council members, did not respond to Argus' requests for comment. "My Democratic colleagues and I have been clear about the need for Democratic voices on this council — a concern leadership has so far failed to address," representative Nikki Budzinski (D-Illinois) said. "I will continue to press for real, bipartisan action that our growers deserve." Proposals to expand E15 have historically drawn bipartisan support, particularly from Midwestern lawmakers keen to help the region's farmers. Democrats could still support legislation that includes an E15 deal even if left out of negotiations this month. But some lobbyists close to the debate privately doubt that the council will reach any substantial compromise, especially after the earlier E15 proposal drew strong opposition from mid-sized oil refiners that want to maintain their ability to avoid the costly biofuel quotas. The council includes members from states with those refineries, including Gabe Evans' district (R-Colorado), where a Suncor refining complex is located, while CVR Energy and HF Sinclair have units in council co-chair Stephanie Bice's state (R-Oklahoma). Some Republican US senators that have long wanted deeper reforms to the biofuel mandate program are also skeptical of the earlier proposal, complicating any deal's chance of passage. "The federal government should not force Americans to put ethanol in their gas tanks," senator Mike Lee (R-Utah) said. "It is not good for the economy, the environment or car engines. We should not subsidize the corn industry at the expense of hardworking American families." The latest E15 proposal was developed partly by the American Petroleum Institute — an influential lobby within the Republican Party — and has won the support of larger oil refiners like Valero. Farmers' and fuel groups that support the earlier bill have urged the council to focus narrowly on improving it, rather than considering more divisive fuel market issues too. President Donald Trump, who has backed the biofuel industry with a proposal last year for record-high blend mandates, has made clear that he would sign legislation expanding E15 access. He said in an Iowa speech last month that he was optimistic Congress could strike a deal. It is unclear when the council, which includes a number of farm-state biofuel supporters too, plans to meet again. The large majority of gasoline in the US is sold as a 10pc ethanol blend. Farm advocates have pushed for over a decade to loosen summertime smog rules that forbid sales of higher blends in much of the country without emergency waivers . By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Rotterdam biomarine 2025 sales fall as bio‑LNG surges

26/02/05

Rotterdam biomarine 2025 sales fall as bio‑LNG surges

London, 5 February (Argus) — Marine biodiesel sales fell on the year in Rotterdam in 2025, but bio-LNG and biomethanol made sharp gains while conventional bunker fuels were roughly steady. Marine biodiesel blend sales fell by 16pc to 629,700t in 2025 from 2024, according to data from the Port of Rotterdam. Sales declined by 18pc in the fourth quarter from the third quarter. Data from the Port of Singapore, on the other hand, showed strong growth in blend sales, with marine biodiesel sales higher by 56pc year-on-year in 2025. This was driven by higher uptake of B24, B30 and B100 used to meet FuelEU Maritime requirements, which came into effect in 2025 and require ships coming in, out of, and operating within EU waters to reduce emissions. Rotterdam sales fell due to more competitive pricing east of Suez, pulling demand towards Singapore. B24 Ucome dob Singapore prices averaged $685.71/t in 2025, compared with $797.23/t for B30 Ucome dob ARA. Shipowners bunkering marine biodiesel in Singapore for EU-bound voyages can use it for FuelEU Maritime compliance. Energy used on voyages between EU and EEA ports and non-EU ports has a 50pc share of regulatory coverage, and full coverage for voyages intra-EU. Compliance generated from bunkering marine biodiesel in Singapore can then be used to achieve compliance on vessels operating European routes, via the pooling mechanism, in which obligated companies can combine their compliance balance with other vessels. This has driven an emerging FuelEU compliance surplus market, where participants can buy compliance via pooling to avoid physical bunkering of alternative marine fuels. For use of bio-LNG, over-compliance has sold at a significant premium to cost. As a result, bio-LNG bunker sales in Rotterdam jumped by more than 500pc on the year to 17,650m³ in 2025 on strong demand , and by 1,975pc on the year in the fourth quarter. Biomethanol sales rose by 200pc on the year to 11,800t in 2025, also supported by FuelEU Maritime and an increase in the number of methanol-capable vessels coming into operation — 60 methanol-capable vessels were in operation or on order in 2025, according to DNV data, compared with 17 in 2024. Sales of conventional bunker fuels in Rotterdam in 2025 were largely stable, up by 1pc on the year to 8.73mn t. But ultra-low sulphur fuel oil (ULSFO) sales rose by 16pc on the year, to the highest since 2021, as demand rose to reflect stricter requirements after the Mediterranean was designated an emissions control area (ECA) by the International Maritime Organisation (IMO) in May. Vessels transiting the sea are limited to emitting 0.1pc sulphur. The sulphur emission limits of the ECA in the Mediterranean also contributed to firmer demand for marine gasoil (MGO) and marine diesel oil (MDO). Sales of the products at Rotterdam were up 7pc on the year while fourth quarter sales were unchanged on the year but up by 4pc on the quarter. MGO-based marine biodiesel blends firmed to record highs of 93,200t in 2025, supported by the ECA expansion. But European decarbonisation and regulations — such as EU ETS expansion, FuelEU Maritime, and RED III — made very-low sulphur fuel oil (VLSFO) less attractive for shipowners that are seeking ECA-compliant 0.1pc sulphur fuels such as ULSFO or marine gasoil. VLSFO sales fell by 7pc on the year in 2025 while fourth quarter VLSFO sales were down 8pc on the year but up 17pc quarter on quarter. The increase in scrubber-fitted vessels continued to support sales of high-sulphur fuel oil (HSFO) at Rotterdam, which increased 3pc on the year. HSFO sales at the port in the fourth quarter were up by 3pc on the year but down by 8pc on the quarter. By Hussein Al-Khalisy and Siew Hua Seah. Rotterdam bunker sales t Fuel 2025 2024 y-o-y % 4Q 2025 3Q 2025 q-o-q % 4Q 2024 y-o-y % ULSFO 864,782 748,186 16% 219,039 232,720 -6% 193,567 13% VLSFO 2,850,083 3,076,817 -7% 745,786 635,638 17% 810,831 -8% HSFO 3,420,908 3,330,327 3% 804,962 872,077 -8% 780,437 3% MGO/MDO 1,590,902 1,483,332 7% 402,781 387,173 4% 395,903 2% Conventional total 8,726,675 8,638,662 1% 2,172,568 2,127,608 2% 2,180,738 -0% Biofuels blends 629,706 752,103 -16% 161,934 198,515 -18% 118,201 37% LNG (m³) 992,911 941,366 5% 192,433 331,620 -42% 263,068 -27% Bio-LNG (m³) 17,644 2,775 536% 11,932 960 92% 575 1975% Biomethanol 11,819 3,946 200% na na na 930 na Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Hängepartie beim Gebäudeenergiegesetz dauert an

26/02/05

Hängepartie beim Gebäudeenergiegesetz dauert an

Hamburg, 5 February (Argus) — Die angekündigte Neufassung des Gebäudeenergiegesetzes lässt weiter auf sich warten. Betroffene Branchen sind zunehmend verunsichert, in der Folge werden deutlich weniger Heizungen verkauft. Derweil bezweifeln grüne Interessenverbände basierend auf einem rechtlichen Gutachten, ob eine Abschwächung des Gesetzes verfassungskonform wäre. Im Koalitionsvertrag der aktuellen Bundesregierung aus CDU/CSU und SPD heißt es:"Wir werden das Heizungsgesetz abschaffen. Das neue Gebäudeenergiegesetz (GEG) machen wir technologieoffener, flexibler und einfacher". Knapp neun Monate nach Amtsantritt warten sowohl Heizungsbauer, als auch Konsumenten weiterhin auf mehr Klarheit, wie das geplante neue Gesetz tatsächlich ausgestaltet wird. Bislang wurde lediglich der Name geändert: Statt Gebäudeenergiegesetz soll es künftig Gebäudemodernisierungsgesetz (GMG) heißen. Zentraler inhaltlicher Streitpunkt in der Koalition ist weiterhin die geltende Vorgabe, dass Heizungsanlagen unter bestimmten Voraussetzungen künftig mit einem Anteil von 65 % erneuerbaren Energien betrieben werden müssen. CDU und CSU möchten die erreichbare CO2-Vermeidung im Gebäude als zentrale Steuerungsgröße etablieren — wie auch im Koalitionsvertrag festgeschrieben. Die SPD warnt hingegen, dass eine Aufweichung der Vorschriften den Klimaschutz im deutschen Gebäudesektor unterlaufen könnte. Zur Debatte steht außerdem, ob durch verstärkte Effizienzmaßnahmen wie eine bessere Gebäudedämmung der vorgeschriebene Anteil erneuerbarer Energien gesenkt werden könnte, oder ob die Umsetzungs- und Übergangsfristen angepasst werden. Zuletzt sagte eine Sprecherin des Bundeswirtschaftsministeriums (BMWE) am 2. Februar in der Bundespressekonferenz, dass die Regierung noch mehr Zeit brauche. Man befinde sich nach wie vor gemeinsam mit dem Bauministerium und den Fraktionsspitzen in Verhandlungen. Die Sprecherin zeigte sich optimistisch, dass die Regierung "Eckpunkte bald, beziehungsweise zügig, vorlegen" könne. Die Regierungsparteien möchten demnach verhindern, dass eine mangelnde Abstimmung mit den Fraktionen erneut zu einer langwierigen Diskussion im Bundestag führt. In der vergangenen Legislaturperiode sei dies eingetreten, nachdem die Ministerien ohne ausgiebige Beratung mit den Fraktionen eigene Eckpunkte für das GEG vorgestellt hätten. Limbo verunsichert Kunden und Heizungsbranche zunehmend Bereits Mitte Oktober 2025 mahnten der Bundesverband der Deutschen Heizungsindustrie und der Zentralverbrand Sanitär Heizung Klima, dass eine Verschleppung des Vorhabens Heizungsanbieter und Verbraucher weiter verunsichern würde. Und dies wiederum treffe die Branche empfindlich: "Seit fast zwei Jahren schrumpft der Absatz von Heizungen in Deutschland. 2025 wird der Absatz voraussichtlich so niedrig sein wie seit über einem Jahrzehnt nicht mehr". Demnach habe sich der Heizungsabsatz 2024 im Vorjahresvergleich bereits halbiert. Bis einschließlich August 2025 lag ein weiterer Rückgang um 19 % vor. Die Branche stehe bereit, pro Jahr mehr als eine Million Heizungen zu modernisieren. Dafür ist sie jedoch darauf angewiesen, dass es klare politische Rahmenbedingungen gibt. Denn sowohl Hersteller von Heizungssystemen, als auch Handwerksbetriebe müssten in neue Produkte und Nachwuchs investieren. Laut dem aktuellen Gebäudereport der deutschen Energieagentur (dena) von Anfang Januar werden trotz des Wärmepumpen-Booms in 2024 und 2025 derzeit noch 79 % der 20 Millionen Wohngebäude in Deutschland mit Öl oder Gas beheizt. Da die Bauaktivität in den letzten Jahren deutlich abgenommen hat, stammen viele der Bestandsbauten außerdem aus einer Zeit, als die energetischen Standards noch deutlich niedriger waren. Dies unterstreiche aus Sicht der dena die Bedeutung von Sanierungsmaßnahmen, auch abseits der Heizungssysteme. Neben Branchenverbänden legen auch Anbieter von Biomethan großen Wert auf eine zeitnahe Verabschiedung der angekündigten Eckpunkte: Denn das geplante GMG setzt für die Biomethanbranche den Rahmen, in dem sich ihr Markt künftig entwickeln kann. Biomethan gilt weiterhin als ein wichtiger erneuerbarer Energieträger, der dazu beitragen kann, den bislang noch vorgeschriebenen Anteil von 65 % erneuerbarer Energien in gasgestützten Heizsystemen zu erreichen. Damit hängt die künftige Nachfrage nach Biomethan stark davon ab, welche Regeln das Gesetz am Ende festschreibt. Eine Analyse der dena zeigt, dass die aktuell gültige Fassung des GEG den Biomethanbedarf bis 2040 auf 13,4 bis 44,6 TWh ansteigen lassen könnte, falls Wasserstoff in den kommenden Jahren nicht flächendeckend verfügbar wird. Die Verzögerungen bei der Ausarbeitung des Gesetzes führten in den letzten Monaten zu einer Phase der Unsicherheit für Produzenten und auch Investoren in der Biomethanbranche. Verzögert sich das GMG, verzögern sich auch die verbindlichen Rahmenbedingungen dafür, wo Biomethan künftig eine Rolle spielen kann. Für die Branche bedeutet das einen Stau bei Investitionen in Produktionskapazitäten, Zertifizierungssysteme und langfristige Lieferverträge. Zweifel an Verfassungskonformität Während in Berlin noch an Details gefeilt wird, werden inzwischen Zweifel laut, ob eine Absenkung oder sogar Abschaffung des 65 %-Ziels überhaupt verfassungskonform wäre: In einem von Greenpeace und Gaswende in Auftrag gegebenen Gutachten der Hamburger Anwaltskanzlei Günther — das am 2. Februar veröffentlicht wurde — wird insbesondere infrage gestellt, ob eine solche Aufweichung mit dem "Klimabeschluss" des Bundesverfassungsgerichts aus 2021 vereinbar ist. In diesem stellte das oberste Gericht fest, dass "die Pariser Klimaziele in Deutschland der verfassungsrechtliche Maßstab für Klimaschutz sind (Art. 20a GG)". Darüber hinaus habe der Internationale Gerichtshof im Juli 2025 entschieden, dass das Pariser 1,5 °C-Ziel völkerrechtlich bindend ist. Da Deutschland laut dem Sachverständigenrat für Umweltfragen die vor dem Hintergrund der Zielerreichung zulässigen CO2-Emissionen bereits jetzt ausgeschöpft habe, werden Klimaschutzinitiativen im Gebäudesektor zunehmend relevanter. Die Anwälte kommen in ihrem Gutachten zu dem Schluss, dass "eine Reduktion des Erfordernisses, in neuen Heizungsanlagen 65 % erneuerbare Energien einzusetzen" das GEG (oder künftig das GMG) und dessen Auswirkungen auf den Klimaschutz "massiv entwertet". Auch die Etablierung der möglichen CO2-Einsparung im Gebäude als Steuerungsgröße sehen die Verfasser kritisch: "Emissionsfaktoren beruhen auf festgesetzten und damit letztendlich politischen Werten". Zusätzlich könnten bilanzielle Ausgleichmechanismen dazu führen, dass im Endeffekt zu wenig Emissionen im Gebäudesektor eingespart werden, um die Klimaziele zu erreichen. Eine feste Quote für erneuerbare Energien sei deshalb der sicherste Weg, um auf den Pfad der Zielerreichung zurückzukehren. Von Johannes Guhlke und Svea Winter Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2026. Argus Media group . Alle Rechte vorbehalten.

Crude Summit: Brazil not worried about Venezuela crude

26/02/04

Crude Summit: Brazil not worried about Venezuela crude

Houston, 4 February (Argus) — Rising volumes of heavy sour Venezuelan crude will not compete with Brazilian grades because they cater to different markets, panelists said at the Argus Americas Crude Summit in Houston, Texas, today. In the short term, less than 300,000 b/d of Venezuela crude will head to the US while Brazil will keep sending barrels worldwide, mainly to Asia, said PetroChina International Trading's vice president of crude Alipio Ferreira. "It makes a lot of sense for American refiners to buy this," Ferreira said. The Venezuelan crude will compete with other grades including Western Canadian Select (WCS), and crudes from Mexico, Ecuador and Colombia, said state-controlled Petrobras' global crude oil manager Fernando Colares Nogueira on the sidelines of the conference. More Venezuelan heavy sour crude is hitting the global market after trading firms Trafigura and Vitol were approved by the US government to market unsanctioned Venezuelan oil following the US capture of former Venezuelan president Nicolas Maduro on 3 January. More recently, the US lifted sanctions on Venezuela's oil exports, with caveats prohibiting sales to Cuba, business deals involving many Chinese companies and oil-for-debt arrangements. The lifting of sanctions will allow Venezuela's state-owned PdV to directly sell cargoes to eligible buyers abroad. Brazil is the sixth-largest oil producer, with output increasing by about 400,000 b/d in 2025, part of a boom in crude production in Latin America that will continue, Nogueira said. Most of Brazil's exports will continue to go to Asia though the end of the decade , Ferreira said. Growing supply from Brazil and Argentina could also lead to an increase in co-loading cargoes with crude from the two countries going to China, Ferreira said. Petrobras has already co-loaded crude from the two countries on a very large crude carrier (VLCC) — one time late last year and once early in 2026, Ferreira said. The co-loading involves a ship-to-ship transfer. Argentina sent a few cargoes of light sweet Medanito crude to Asia-Pacific at the start of this year as producers try to expand the grade's market in the region. Only four Medanito cargoes headed to Asia-Pacific in 2024, according to data from oil analytics firm Vortexa. The growing number of shipments to Asia come as a consortium of eight Argentinian producers build a new oil pipeline, the 271-mile Vaca Muerta Sur, connecting the Vaca Muerta shale fields, from where Medanito is produced, to the Punta Colorada port. The new port will handle VLCCs. The lack of VLCC loading has been one of the biggest bottlenecks for expanding Medanito's reach to Asian markets. Currently, draft limitations cap Argentina exports to a maximum 800,000 bl on Suezmaxes or Aframaxes, which makes sales to Asia-Pacific mostly unfeasible. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Gasolina sobe, mas arbitragem segue fechada

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