Road fuels
Overview
Fuels for road transportation continue to drive the refining industry. But gasoline and diesel are coming under increasing pressure from low-carbon targets being implemented around the world.
Global oversupply, new regulatory measures and rapidly increasing competition for export markets are affecting refining margins. The need for accurate insight and data is more critical than ever.
Argus road fuels coverage includes price assessments and key insights into both conventional fuels - gasoline, distillates and blending components – as well as biofuels, in each key region. Our trusted prices are delivered alongside the latest market-moving news, in-depth analysis, supply and demand dynamics, price forecasts and forward curves data.
Latest road fuels news
Browse the latest market moving news on the global road fuels industry.
Mercado mexicano evalúa cambios en incentivos de Pemex
Mercado mexicano evalúa cambios en incentivos de Pemex
Mexico City, 5 June (Argus) — La decisión de la estatal mexicana Pemex de cambiar los incentivos para los minoristas de combustible y sus distribuidores asociados podría reconfigurar la cadena de valor en un futuro próximo, según participantes del mercado. Pemex aumentó sus bonificaciones en efectivo, conocidas como el bono de visibilidad de la marca, para las gasolineras a Ps0.20/l a partir del 16 de mayo, frente a Ps0.09/l implementado desde finales de 2021. Pemex informó a sus franquiciados este mes que eliminó el pago de Ps0.08/l concedido anteriormente a los distribuidores que comercializan exclusivamente su combustible. La empresa estatal tomó esta decisión "sin proporcionar ninguna razón ni justificación para esta medida extrema", dijo la asociación mexicana de distribuidores de energía (AMDE) en una carta el 9 de mayo a Pemex. Los bonos eran "esenciales" para las operaciones de los distribuidores asociados de Pemex, y algunas empresas dependían de él para ser rentables, según AMDE. Aunque algunos distribuidores han considerado la posibilidad de emprender acciones legales contra Pemex por su decisión unilateral, AMDE espera resolver el problema a través de la comunicación directa con la empresa, de acuerdo con fuentes del mercado. Pero AMDE no ha recibido ninguna respuesta de Pemex desde el 9 de mayo y envió una segunda carta el 30 de mayo, dijo la asociación a Argus . Los distribuidores asociados de Pemex compran combustible directamente a la empresa y lo venden a minoristas o usuarios finales en estaciones de autoconsumo. Algunos distribuidores cuentan con espacio arrendado en terminales de almacenamiento de combustible. El riesgo para Pemex al eliminar la bonificación es que el acuerdo exclusivo entre la empresa y sus distribuidores asociados podría volverse poco atractivo para estos últimos, lo que podría llevarlos a comprar a importadores de combustible del sector privado, afirman fuentes del mercado. La bonificación de visibilidad de la marca solo se aplicaba a los distribuidores que venden exclusivamente combustible Pemex. La empresa estatal ha dependido durante mucho tiempo en los distribuidores y transportistas del sector privado para garantizar el suministro en México, incluso antes de la reforma energética de 2014, que abrió el mercado. La bonificación de visibilidad de marca de Pemex tenía como objetivo incentivar a los distribuidores a trabajar con Pemex, pero muchos distribuidores no construyeron la infraestructura de almacenamiento necesaria, dijo un minorista de combustibles. Reconfiguración de la cadena de valor La empresa con el cambio tiene como objetivo fortalecer su relación directa con los minoristas de combustible, eliminando los distribuidores asociados y motivando a los minoristas a comprar directamente a la propia comercializadora de Pemex, un distribuidor dijo a Argus . Esta estrategia impulsaría las ventas directas de MGC México, la comercializadora de Pemex, a los minoristas. Mientras tanto, duplicar el bono para las gasolineras minoristas ampliará aún más la presencia de Pemex en el mercado minorista de combustibles. La bonificación solo se aplica a las estaciones con la imagen más reciente de Pemex, introducida en agosto de 2018, y no a las estaciones que venden combustible Pemex bajo otras banderas. Según dijeron varios minoristas de combustible, algunos gasolineros que operan estaciones bajo banderas distintas a Pemex están considerando cambiar la marca de algunas estaciones después del aumento de la bonificación, dependiendo de los costos. La migración a marcas distintas a Pemex comenzó en 2016, cuando el gobierno mexicano permitió la inversión del sector privado en el sector minorista de combustibles. Sin embargo, la empresa ha recuperado progresivamente terreno en su cuota de estaciones de servicio desde 2019 bajo las políticas nacionalistas del gobierno actual en materia de energía. Pemex también ha implementado estrategias empresariales para aumentar su cuota de mercado en los mercados de gasolina y diésel, ofreciendo nueve niveles de descuentos basados en el volumen a sus clientes e introduciendo el bono de visibilidad de la marca en 2018, comenzando con Ps0.06/l para los minoristas. El número de estaciones bajo la bandera de Pemex aumentó en 3pc a 7,252 en marzo comparado con el año anterior, según los últimos datos de la empresa. Esto representa 54pc de las aproximadamente 13,600 gasolineras de México. Pemex cerró el primer trimestre con una cuota de mercado de 84.7pc en ventas de gasolina y 80.5pc en diésel, frente a 81.7pc y 71.5pc, respectivamente, un año antes, según datos de Pemex. Las ventas totales de gasolina y diésel de la empresa aumentaron en 12pc hasta los 996,200 b/d en abril, frente a los 887,500 b/d de abril de 2023, impulsadas por el aumento de su cuota de mercado. Por Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
California diesel inventories hit all-time low: CEC
California diesel inventories hit all-time low: CEC
Houston, 30 May (Argus) — Combined California diesel stocks fell to the lowest level in California Energy Commission (CEC) history in the week ended 24 May. Combined diesel inventories — including in-state CARB, non-California EPA and renewable diesel — totaled 2.3mn bl after significant draws across grades, despite a sharp increase in-state CARB diesel output during the week, according to CEC data going back to 2005. In-state CARB diesel stocks totaled 1.37mn bl by the end of the week and marked a 13pc drop from the week prior. Other diesel fuel inventories contracted by nearly 17pc to 929,000 bl. Production of in-state CARB diesel jumped by nearly 40pc in the week to 128,000 b/d, while other diesel output — including non-California EPA and renewable diesel — plummeted by more than 44pc to average 51,000 b/d. In-state CARBOB gasoline production dipped by 2.8pc to average 800,000 b/d from the week prior, although inventories added a nominal 1.8pc to a nine-week high of 6.10mn bl. Total gasoline production trended 2.7pc lower at 879,000 b/d. California jet fuel production jumped by nearly 18pc to 321,000 b/d, the highest level since 19 April. Inventories grew by 0.6pc to 3.24mn bl, continuing a trend of largely stable volumes since 10 May. Crude throughputs increased by 9.4pc to 1.44mn b/d as stocks shrank by 19pc to 11.1mn bl — the lowest volume since January 2024. By Jasmine Davis California refining throughputs and storage Commodity 24-May-24 17-May-24 ± Throughputs '000 b/d Crude 1,440 1,316 124 CARBOB 800 823 -23 Total gasoline 879 904 -25 Jet fuel 321 273 48 California distillate 128 92 36 Inventories '000 bl Crude 11,098 13,670 -2,572 CARBOB 6,098 5,988 110 Jet fuel 3,235 3,215 20 California distillate 1,373 1,586 -213 California Energy Commission Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Mideast Gulf gasoline premiums at four-year low
Mideast Gulf gasoline premiums at four-year low
Dubai, 28 May (Argus) — Gasoline premiums in the Middle East fell to levels last recorded during the Covid-19 pandemic as the region became oversupplied as a result of high refinery runs. The 92R Mideast Gulf gasoline premium declined to a four-year low of $1.80/bl on 27 May, while the backwardation in the product's market structure, where prompt-month gasoline cargoes are sold at a premium to forward months, has been narrowing in recent trading sessions. The premium was last lower in July 2020 with the steep fall in demand during pandemic lockdowns. Refinery runs have been high with the regional refinery maintenance season drawing to an end. "Many refineries are now producing at full throttle as expectations are still high for seasonal demand," a Dubai-based gasoline trader said. A 45-day turnaround at Saudi Aramco and Total's joint-venture 460,000 b/d Satorp refinery in Jubail, Saudi Arabia, will end in mid-June, adding to regional gasoline supplies. Gasoline exports from the Middle East typically head to Pakistan and east Africa, but there have been unusual flows from Saudi Arabia to west of Suez markets. Around 189,000t of Saudi gasoline arrived in the Netherlands, Latvia and Belgium in April, the highest since at least May 2019, according to Kpler data. The rare flows could have also emerged because of a relatively heavy maintenance season in Europe, but escalating freight rates and subdued domestic gasoline demand in Europe are likely to discourage arbitrage economics. Singapore was another unusual destination for gasoline cargoes from the UAE, Saudi Arabia and Oman this month, with imports touching 190,000t, only around 50,000t lower from the record volume in February. Slimmer demand from Iraq, a traditional importer, has been impacting the persistent supply glut as have higher exports from Kuwait, a significant importer in the past. Iraqi state-owned Somo has trimmed down its requirements following the start-up of the 140,000 b/d Karbala refinery, built to reduce the country's dependence on product imports. Somo's new term import requirements for May-December fell to 13.55mn bl, from the 15.82mn bl imported during October 2023-March 2024. Kuwait's exports rose to 259,000t in 2023 from zero in 2022, following the completion of the Clean Fuels Project (CFP). The resolution of a series of issues at the Mina Abdullah and Mina al-Ahmadi refineries, which curtailed exports in the first quarter, will enable state-owned KPC to make more cargoes available, adding to the regional glut, traders said. KPC recently offered non-oxygenated gasoline blendstock for loading in June. By Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Oversupply drops Germany's E5 gasoline prices
Oversupply drops Germany's E5 gasoline prices
Hamburg, 27 May (Argus) — The end of this year's maintenance season and a general oversupply are pushing down E5 gasoline prices in Germany. Meanwhile, dumping prices for diesel in the south and east are causing disruptions. Traders are offering E5 gasoline at significantly lower prices at the end of May than in April. The prices in the past week, which were €4.60/100l lower than last month, have dropped because the maintenance season in Europe is largely over and refineries have resumed production. At the same time, imports are increasing. Gasoline cargo imports from trading hub Amsterdam-Rotterdam-Antwerp to Germany steadily increased in recent weeks. German seaports received 8,500 b/d in May, according to data from Vortexa. German gasoline exports by cargo were down to 3,700 b/d. At the same time, market participants in the south and east are struggling to understand the unusually large price differences in the respective regions. According to traders, some sellers have been offering diesel with free delivery since at least the end of 2023, with prices €4-6/100l below domestic price quotations and thus far below usual purchase prices. As a result, other traders cannot compete. Furthermore, various customs offices have been made aware of this price discrepancy and asked to investigate, but a result is still pending, market participants said. The General Customs Directorate cannot not provide information on any ongoing investigations, it told Argus . The companies that offer diesel so cheaply have only been active for a short time or were not previously active in the oil market. Two of them confirmed to Argus that they sell diesel below domestic price levels, but did not provide information on who exactly imports the goods to Germany and puts them on the market, meaning who is responsible for the energy tax, EBV contribution, CO2 levy and THG costs. It was just typical trading business, they said. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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