Market news and commentary
Reporting market moving events as they happen
Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well- informed decisions.
Our world-class team of market reporters and journalists specialise in the coverage of commodity markets across the globe. We are in constant contact with industry participants, revealing, reporting and analysing the events that shape the global energy and commodities landscape.
With our news and market commentary opportunities to further your strategies are uncovered and clarified. We illuminate specific aspects of the markets directly relevant to your business.
Global coverage through a local lens
143,000+ news, commentary and analysis articles published each year
As markets move, so does our coverage. Every day of every month of every year, we are tracking, analysing and commentating on every market
800+ news stories published every day
We are constantly publishing insightful new stories throughout the day, reporting events that shape the global energy and commodities markets
500+ editorial staff globally
Our specialist team of reporters and journalists are located where the action happens, reporting from every key energy and commodity hub across the globe
Latest news
Explore the latest market moving news from Argus.
US court rules against Trump emergency tariffs
US court rules against Trump emergency tariffs
Washington, 29 August (Argus) — President Donald Trump overstepped his authority to place emergency tariffs on most goods imported into the US, a federal appeals court said in a sweeping decision today that will remain on hold until at least 14 October. The US Court of Appeals for the Federal Circuit, in a split 7-4 ruling, affirmed a lower court ruling from May that said Trump did not have the ability to unilaterally impose tariffs under a law called the International Emergency Economic Powers Act (IEEPA). The ruling, if upheld, would invalidate many of the tariffs that Trump has imposed since taking office and eventually require the US to issue refunds, although the ruling does not apply to separate sectoral tariffs such as those on steel and automobiles. Trump has used IEEPA to impose tariffs of 10-50pc on nearly all global trading partners, although he has exempted most energy imports. Among those tariffs are Trump's unilateral decision to increase tariffs to 50pc on Brazil in retaliation for criminal charges against its former president, along with the 50pc tariffs on India ostensibly in retaliation for purchasing Russian crude. The appeals court today put its ruling on hold until at least 14 October to provide the White House time to file an appeal to the US Supreme Court. If the administration files an appeal, the decision would remain on hold until the Supreme Court rejects the appeal or reaches a final decision, which means the tariffs will remain in effect in the near-term. Trump, in a social media post, criticized the ruling from what he says is a "Highly Partisan Appeals Court". He said with the "help" of the Supreme Court, where Republican appointees have a 6-3 majority, the tariffs will ultimately be upheld. Trump has previously said it would be "impossible" to pay back the tariffs he has imposed. "If allowed to stand, this Decision would literally destroy the United States of America," Trump wrote today. The US Court of International Trade, in a ruling in May, previously found that Trump's emergency tariffs under IEEPA were unlawful and that any tariffs collected would need to be refunded to importers. The US Court of Appeals for the Federal Circuit on 29 May quickly imposed an administrative stay putting that ruling on hold, and held oral arguments on 31 July. The court, in its ruling today, said it was not deciding if IEEPA authorized the president to issue tariffs, but instead said it was deciding whether Trump's country-specific "reciprocal" tariffs and separate tariffs tied to drug trafficking were lawful. The court noted that IEEPA does not explicitly mention the word tariff, making it seem "unlikely" that Congress intended to give the president "unlimited authority to mention tariffs." The court also said the tariffs ran afoul of what is known as the "majority questions doctrine", which states that it is up to Congress to decide questions of major economic significance. In a dissent, circuit judge Richard Taranto and three other judges said they believed IEEPA provided an open congressional grant of emergency authority to impose import tariffs By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
California pauses refiner margin cap 5 years
California pauses refiner margin cap 5 years
Houston, 29 August (Argus) — California regulators today voted to pause rulemaking for five years on a refiner margin cap and a penalty for non-compliance. The vote comes as California is facing the closure of two major refineries within eight months, triggering concerns about the state's tightly supplied and often volatile products market and the impact on neighboring states . The California Energy Commission (CEC) voted 3-0 to approve the five-year pause but stopped short of a full repeal of the legislation that included the margin cap, which is preferred by the refining industry. Two commissioners were not present at the vote. The CEC said in a staff report that imposing a refiner margin cap at this time "may affect refiners' capital outlay plans in essential refinery maintenance and upgrades" and may also "increase the risk of unplanned outages, compromise safety protocols, and delay maintenance activities." In addition, the agency said that pausing the refiner margin cap provides "necessary certainty for refiners and infrastructure investors to maintain system reliability" and protects consumers from risks associated with excessive pricing and inadequate supply. The CEC measure approved on Friday also said that the agency will continue to collect information on the cost-benefit analysis of implementing a refiner margin cap and that any refiner margin cap imposed from 2030-2035 would include the possibility of exemptions. The CEC in June first recommended a pause in the refiner margin cap in a letter to governor Gavin Newsom (D). The agency said at the time that rulemaking for the refiner margin cap should be paused "for a reasonable length of time." A refining margin refers to the difference between the cost of crude and the value of the refined products — such as gasoline and diesel — that are produced at a refinery. The refiner margin cap is part of a multi-year legislative effort by Newsom to mitigate price volatility in the state after gasoline prices rose to records in 2022. The CEC said on Friday that it is still considering refinery resupply and minimum inventory rules. US refiners have long opposed the new regulations seeing them as a political attack on the industry, conflicting with other laws and the latest example of an increasingly difficult environment in the state. US independent refiner Phillips 66 plans to shut its 139,000 b/d Los Angeles refinery by the end of this year, while cohort Valero aims to close or repurpose its 145,000 b/d Benicia, California, refinery by April. Phillips 66 said it will start some winding down of the Los Angeles facility operations in the next month. The two refinery closures will cost the state 17pc of its refining capacity. In light of the closures, Newsom has urged state regulators to redouble efforts to work closely with refiners to ensure adequate supplies of transportation fuels. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil starts process for reciprocating US tariffs
Brazil starts process for reciprocating US tariffs
Sao Paulo, 29 August (Argus) — Brazil has started the process of developing reciprocal tariffs against the US, vice-president and trade minister Geraldo Alckmin said, a move designed to speed up negotiations. Brazil's foreign trade chamber, Camex, has 30 days to determine how the 50pc tariffs the US imposed on Brazil effective 6 August can be countered under the country's economic reciprocity law approved in April. The law authorizes retaliation through goods, services and intellectual property. There is no time frame for the process of imposing reciprocal tariffs after the initial 30-day deliberation period. "Brazil will not give up on its sovereignty," Alckmin said this week during a visit to Mexico, where he signed two cooperation agreements on biofuels with Mexico as well as a letter of intent on agriculture. "I hope that [this process] will help accelerate dialogue and negotiations [with the US], which is what president Lula has been asking us to do." The move comes weeks after President Luiz Inacio Lula da Silva had said that Brazil would not reciprocate the tariffs but seek to negotiate. Brazil has been working to counter the tariffs' effect on its economy by supporting companies in efforts to find new markets , and by approving a line of credit to small businesses hurt by the measures. Earlier this month, Brazil asked the World Trade Organization to intervene in the dispute over tariffs. The US typically runs a trade surplus for goods and services with Brazil, which has totaled more than $400bn over the last 15 years, finance minister Fernando Haddad said in a televised interview in early July. In the first half of 2025 the US' trade surplus with Brazil reached $2.3bn, a more than seven-fold increase from a year before, according to US-Brazil chamber of commerce Amcham. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Canada opens major projects office in Calgary
Canada opens major projects office in Calgary
Calgary, 29 August (Argus) — Canada launched its new Major Projects Office (MPO) today, part of prime minister Mark Carney's effort to help the country pivot away from over-dependence on the US for trade and fast-track infrastructure projects. The office, which will be based in the oil and gas hub of Calgary, Alberta, has a mandate to both streamline and accelerate regulatory approval processes, acting as a single point of contact in an effort to get "nation-building projects built faster," Carney said. The office will consider projects named to a special, but yet-to-be-unveiled, "National Interest Projects" list, which will be able to avoid certain regulatory hurdles that have discouraged applications in the past. They will include ports, railways, energy corridors, critical mineral developments and clean energy initiatives, according to the government. Former Trans Mountain chief executive Dawn Farrell will oversee the office. She held the top role at the federally-owned pipeline company for two years ending in August 2024, overseeing the C$34bn ($25bn) 590,000 b/d Trans Mountain Expansion (TMX) project, which had been mired in regulatory red tape for years. "The government will announce the first set of nation-building projects in the coming weeks," said Carney. The Canadian Association of Petroleum Producers estimates that the oil and gas industry has about more than C$100bn worth of projects planned or waiting for a final investment decision. The office is a product of Bill C-5, passed by Parliament in June in response to the trade hostilities started by the US administration under President Trump. Carney this spring campaigned on providing Canadians with both an answer to Trump's rhetoric and to kickstart a lagging economy that has been stifled by unfriendly policies for investors. Having the office headquartered in Calgary, but with offices also in other major Canadian cities, represents an olive branch to Alberta that is frequently at odds with the federal government. The province has demanded changes to onerous federal policies, mostly relating to energy, warning Carney that a national unity crisis could unfold otherwise. Energy has arguably been Canada's largest bargaining chip in the ongoing trade war with the US, but Carney has so far has so far refused to remove restrictive policies inherited from his predecessor Justin Trudeau, despite calls from industry to scrap them. This includes the oil tanker ban on British Columbia's north coast, an industrial carbon tax, and an emissions cap on oil and gas producers that they say amounts to a cap on production. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Already a subscriber?
Log into Argus Direct now to explore our extensive catalogue of news, commentary and analysis articles.
Log in now
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more