Latest insights
Our team of 600+ commodity market experts keep you up-to-date on the energy and commodity markets as they evolve. Explore our latest complimentary written, audio and video content.
Russia’s Uralchem agrees urea JV deal with Indian firms
Russia’s Uralchem agrees urea JV deal with Indian firms
Amsterdam, 5 December (Argus) — Russian fertilizer producer Uralchem has reached an agreement with India's RCF, NFL and IPL to set up a joint venture to build a 1.8mn-2mn t/yr urea plant in Russia. The plant is set to receive ammonia — urea's key feedstock — from Russian supplier Togliattiazot, while the Indian firms will finance the project until the plant begins commercial operation, according to Uralchem. No timeline has emerged for the project. The agreement comes during the 23rd India-Russia annual summit, with Russian president Vladimir Putin attending in-person in New Delhi. Russia's existing urea plants are owned and operated solely by Russian firms without any third-party involvement. But Indian fertilizer firms have rolled out the joint-venture model in other countries, notably in Oman with the 2.1mn t/yr granular urea Omifco plant, and more widely for the supply of phosphate-based fertilizers. Russia is consistently one of India's top suppliers of fertilizers and has typically been the second largest of urea to India after Oman in recent years. India remains strongly reliant on urea imports, despite its considerable domestic production, with Indian firms buying over 9mn t of urea through import tenders so far this year. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Australia’s Carbon2Nature launches ACCU project
Australia’s Carbon2Nature launches ACCU project
Mumbai, 5 December (Argus) — Carbon2Nature Australia, a subsidiary of Spanish utility Iberdrola's nature-based solutions company, has launched the Talia project to generate Australian Carbon Credit Units (ACCUs) under the Environmental Plantings (EP) method. The project will be developed as a joint effort between Carbon2Nature and Land Life, an Amsterdam-based social enterprise. The first ACCUs are expected to be issued in 2027, Iberdrola Australia told Argus on 4 December. The project is estimated to generate approximately 114,000 ACCUs over its 25-year crediting period in South Australia. EP ACCUs trade sporadically and in limited volumes, but recent transactions have achieved prices in the mid-A$50s/t CO2e — well above the range for generic ACCUs. Argus assessed generic ACCU prices at A$35.70/t CO2e on 5 December. Carbon2Nature is targeting projects capable of providing high-integrity ACCUs such as EP, the firm said. Voluntary demand for these ACCUs is growing, and the value of such projects appear to be long term, it added. By Shribalaji Shenbagaraj Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil increases 2025 coffee crop outlook
Brazil increases 2025 coffee crop outlook
Sao Paulo, 4 December (Argus) — Brazil is set to produce its third-largest coffee crop ever this year, despite it being a low productivity year in the crop cycle, according to national supply company Conab's last crop estimate for this cycle. Brazil will produce almost 56.5mn 60kg bags of coffee this year, up from the previous forecast released in September of 55.2mn bags. The upward revision was driven by higher average national productivity, reflecting a better performance of Conilon coffee crops, one of the two major types of coffee grown in Brazil. This is above the 51.8mn bags first projected for the season and surpasses the 2024 crop, which produced 54.2mn bags. Droughts, irregularly distributed rainfall and high temperatures severely hampered yields in the prior cycle, despite initial expectations for a high-producing one. Coffee cycles occur biennially in Brazil, with larger volumes produced in alternating years. During the lower producing years — known as negative years — plants replenish their nutritional reserves, leading to reduced output. The 2025 cycle is considered a negative year, with the current estimate representing an all-time high for a negative year, topping the record registered in the 2023 crop, when Brazil produced nearly 55.1mn bags. It is expected to rank as the third-largest in the nation's history, only behind the positive cycles of 2020 and 2018, which produced 63.1mn bags and 61.7mn bags, respectively. Conab revised the outlook for the current cycle based on an increase in expected yields to 30.4 bags/hectare (ha) from 29.7 bags/ha in the prior forecast. That is up by 5.5pc from 28.8 bags/ha in the positive 2024 year and compares with 29.4 bags/ha in the negative 2023 cycle. Brazil grows two types of coffee: the higher-grade Arabica coffee and the Conilon grade coffee, also referred to as Robusta. These varieties have different taste, caffeine content and productivity levels, as well as distinct producing regions and harvesting calendars. Arabica coffee production is forecast at around 35.8mn bags, ahead of the nearly 35.2mn bags projected in September, but down from 39.6mn bags in 2024. There has been significant vegetative recovery in crops, mainly in southeastern Minas Gerais state, Brazil's largest producer, which contributed to an increase compared to the previous estimate, according to Conab. Yields rose to 24.1 bags/ha from 23.7 bags/ha in September. That is behind the 26.2 bags/ha in 2024. Conilon coffee output should reach an overall record of 20.8mn bags, up from 20.1mn bags in the previous outlook following the consistent weather conditions in major producing states Espirito Santo and Bahia that promoted good conditions for areas and resulted in high yields. That compares with 14.6mn bags in the prior cycle. Yields are up to 55.9 bags/ha, from 53.8 bags/ha estimated in September and 39.2 bags/ha yielded in 2024. Conab continues to expect the total area allocated to both coffee grades to reach approximately 2.25mn ha this cycle, 0.9pc above on the year. The area set aside for coffee is split between space for production and new crops. Areas allocated to crops in production fell by 1.2pc on the year to nearly 1.86mn ha. New areas account for around 396,428ha, up by 12pc, as is usual for negative years. Coffee exports fall on year Brazil exported 34.2mn bags of coffee in January-October, around 17.8pc below the total shipped in the same period a year before, according to trade ministry Mdic data. This reduction in volume exported in the first ten months of 2025 is mainly because of limited domestic stocks at the beginning of the year, following a record shipment of 50.5mn bags in 2024. Tariffs imposed by the US from April onwards, a major buyer of Brazilian coffee, also contributed to the reduction in exports. Brazil exported coffee to 150 countries in the first ten months of 2025. The US and Germany accounted for the largest share of shipments, with 14.1pc and 14pc, respectively. Italy received 8.1pc of exports, Belgium and Japan 6.3pc each. By João Petrini Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Funds’ Ice gasoil long position down from 45-month high
Funds’ Ice gasoil long position down from 45-month high
London, 4 December (Argus) — Sharp swings in European diesel prices in November were driven in part by entities with no physical exposure, as money managers briefly held their largest long positions in Ice gasoil futures in nearly four years. Funds have looked to gasoil futures because of increasing volatility in the contract when compared with Ice Brent crude futures, according to a senior participant in oil paper markets. The daily change in the value of front-month Ice gasoil has averaged 1.66pc so far this year, compared with 1.32pc for front-month Ice Brent. Money managers — hedge funds and pensions funds, along with other entities managing on behalf of clients — have increased their long positions in Ice gasoil futures as the year has progressed. This reached a 45-month high of 153,689 lots in the week to 18 November, according to Ice's Commitment of Traders report. Ice gasoil futures hit $777.50/t on 18 November, the third-highest of the year. Money managers trimmed 10pc of that position the following week, to 137,971 as of 25 November. Ice futures fell below $700/t on that date, pressured by reported progress on a plan to end the conflict in Ukraine. This led market participants to consider what peace would mean for diesel markets: a slow down in Ukraine's drone campaign against Russian energy infrastructure and, in the longer term, a possible European return to importing Russian diesel. Funds' long position is still almost double the 74,015 held at the start of 2025, and the average 75,398 held in 2024. Long and the short of it Before peace talks started to progress, money managers' net long positions were the highest in more than three-and-a-half years. An analyst said funds have probably taken an overall position of being long diesel cracks — taking long positions in gasoil futures and short ones in Brent. Permanent cuts to refining capacity in Europe, as well as extensive temporary outages this year, have contributed to a disconnect between gasoil and Brent price movements. As gasoil prices rise, refiners can hit capacity limits, which has capped their crude buying and kept Brent steadier. Managed money held the biggest short position in Brent since at least 2015 on 21 October at 190,639 lots. This has fallen since, but did rebound to 163,975 on 25 November, the eighth shortest since 2015. Funds' involvement in futures has further increased volatility, as they tend to buy and sell futures more quickly than entities with physical exposure. That volatility increases potential losses as well as potential gains. Some funds may have made very large losses this year because of unexpected swings, the paper market participant said. European diesel often prices on a exchange-of-futures-for-physical (EFP) basis, using Ice gasoil futures, meaning the futures price can be an influence on the physical price. European physical diesel cargoes priced at a $45.64/bl premium against North Sea Dated on 19 November, the highest in nearly three years. The following week, when money managers were cutting their long positions, the physical diesel premium fell to $27.15/bl. Ice gasoil futures is a physically-delivered contract, so any price dislocation is generally soon closed as traders look to work an arbitrage between the futures and physical. By Josh Michalowski and Benedict George Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
关税持续升级，如何影响并重塑市场格局？
关税持续升级，如何影响并重塑市场格局？
Market outlook: What's next for agricultural biofuels feedstocks?
Market outlook: What's next for agricultural biofuels feedstocks?
Global SAF Market Deep Dive: Regional Developments, Corsia, and 2026 Outlook
Global SAF Market Deep Dive: Regional Developments, Corsia, and 2026 Outlook
Commodities we cover
From upstream production to downstream end-uses, Argus illuminates complex and opaque commodity markets through accurate and reliable price discovery and actionable insight.
Crude Oil
As the leading price benchmark provider for global crude oil, Argus brings transparency to naturally opaque markets to enable trade efficiency.
Oil products
Price benchmarks and forward looking analysis for global refined oil products, including; road fuels, jet fuel, marine fuels, base oils and more.
LPG/NGLs
Market-leading price assessments, news, analysis, fundamentals data and price forecasting for the global LPG and NGL markets.
Gas and Power
Our benchmark price assessments, news and analysis give you vital insight into the key coal markets of Europe, Asia-Pacific, the Americas and Africa.
Why Argus
Argus Market Highlights
These free email alerts keep you ahead of the rapidly changing energy and commodity markets with the latest news and insight from Argus, sent direct to your inbox.
Sign-up now
How we deliver our services
Our wide range of delivery methods ensures you have instant access to the information you need whenever you need it, however you want it.
The Argus advantage
Our people
Our dedicated team of industry professionals are close to local markets, so you benefit not only from precise pricing data but the breadth of market intelligence at their fingertips. Data alone – no matter how accurate – is not sufficient.
Find out more
Methodologies
The unique market insights we deliver are founded on a deep understanding of market mechanisms. Our methodologies for price discovery are transparent and firmly based on rigorous processes and specifications developed in consultation with market participants.
Find out more
Heritage
For over 50 years, clients have benefited from the precise market intelligence delivered by Argus experts working collaboratively across the global commodity markets.
Find out moreLatest events
We draw upon our deep industry expertise and widespread network of well-placed industry commentators to organise events across key energy and commodity markets around the world.
Argus Biomass Asia Conference
Argus Biomass Asia Conference
Argus Global Base Oils Conference
Argus Global Base Oils Conference
Argus Americas Crude Summit
Argus Americas Crude Summit
How can we help?
No matter which side of the energy commodity market you are on, we remain committed to providing you with a clear focus on the intelligence that is relevant to you