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Latest oil products news
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Trump withdraws EU, UK tariff threat
Trump withdraws EU, UK tariff threat
Washington, 21 January (Argus) — President Donald Trump said Wednesday he will not proceed with plans to impose a 10pc tariff on imports from the UK and seven EU members over their position on US ownership of Greenland, averting a possible tariff war with Europe. Trump, writing via his social media platform, explained his decision by having reached the "framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region." Trump is in Davos, Switzerland, where he met with Nato secretary general Mark Rutte and delivered a rambling speech to explain his motivation for trying to annex Denmark's Greenland territory. Trump and the White House did not provide details of a possible deal. Trump on 17 January threatened to impose an additional 10pc tariff on US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden. Those countries pushed back on his Greenland plans and sent a military mission to the Arctic island to examine its security needs. Trump also said he tasked vice president JD Vance, secretary of state Marco Rubio and special presidential envoy Steve Witkoff with negotiating the placement of the so-called Golden Dome missile defense network in Greenland. Trump's threats to annex Greenland and to impose tariffs on European countries that pushed back against his plans sent US stock and financial markets lower on Tuesday, out of concern that a tariff war may erupt between the US and the EU. The European parliament was preparing to freeze work on implementing laws for the EU-US trade deal agreed to last summer. Stock and financial markets bounced back after Trump earlier Wednesday appeared to have ruled out the use of military force to take over Greenland, with further gains after he said he would not proceed with tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US energy advocates ready last push on E15 deal
US energy advocates ready last push on E15 deal
New York, 21 January (Argus) — US energy groups are readying a last-minute push for Congress to authorize year-round sales of a higher-ethanol gasoline blend, including a meeting at the White House today. The American Petroleum Institute (API) and ethanol groups agreed on the framework for a sweeping biofuel policy bill earlier this month and have lobbied lawmakers to include the deal in larger legislation to fund the government after 30 January, multiple people familiar with the deal told Argus . But oil refiners that would lose the ability to bid for exemptions from annual biofuel blend quotas have pushed back aggressively. Supporters of the deal will head to the White House today for a meeting today to lobby for President Donald's Trump support, according to three people familiar with the matter. API will attend the meeting along with farm and ethanol advocates. The White House did not immediately respond to a request for comment. US representative Zach Nunn (R-Iowa) proposed an amendment to the spending package this week to include the deal hashed out by the oil group and farm interests. The deal would immediately authorize year-round sales of 15pc ethanol gasoline (E15) and would, starting in 2028, prevent larger companies from seeking exemptions from annual biofuel blend mandates while offering some small refiners that remain eligible annual 75pc exemptions. The US House Rules Committee is holding a meeting on Wednesday to decide whether to allow a vote on the Nunn amendment during eventual floor debate on the spending package. Any deal would have to be added to the House legislation and then confirmed by the Senate too before heading to Trump's desk. Unlocking permanent access to E15 would be a major victory for ethanol producers, who have long claimed wider access to the typically-cheaper blend would benefit farmers and drivers alike. Oil majors have grown more comfortable with E15 too unlike some of their smaller refining rivals, preferring consistent nationwide rules to costly workarounds like a looming shift in the midcontinent to a boutique fuel blend that would allow more ethanol. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European diesel margins up on sanctions, US cold snap
European diesel margins up on sanctions, US cold snap
London, 21 January (Argus) — European diesel refining margins and the Ice gasoil futures structure jumped today, 21 January, supported by EU sanctions on products refined from Russian crude coming into effect and by a forecast cold snap in the US. Front-month Ice February gasoil futures have risen by $33.75/t since 19 January, settling at $685.25/t at the market close today. The rise in futures helped the premium of diesel cargoes on a fob ARA basis against front-month Ice Brent crude futures to rise by $3.76/bl over the same period to $26.98/bl today, a six-week high. The premium of Ice February gasoil futures against the March futures has risen by $5.50/t since 19 January to $9.75/t. Prior to this steepening, the backwardation in futures was relatively narrow, suggesting that market participants previously did not expect major disruption to Europe's gasoil supply caused by the sanctions. But it appears that the diversion of some vessels holding diesel from Reliance's 1.4mn b/d Jamnagar refinery away from northwest Europe in recent days may have reduced participants' expectations of supply in the coming weeks, supporting prices. Two vessels holding about 240,000t of Reliance diesel have changed their signalled destinations to west Africa from Rotterdam in the past week — the Aesop and the Isabella — according to Kpler. US demand for heating oil has also risen in anticipation of a forecast cold snap, causing European prices to follow US prices upwards, according to market participants. Front-month Nymex diesel futures settled at 233.85¢/USG on 20 January, higher on the week by 10.01¢/USG. Those futures had risen by another 9.05¢/USG to 242.9¢/USG in intraday trading by 17:10 GMT today. But some market participants expressed surprise at today's rise in refining margins, suggesting that the market should have already priced in any impact to supply from the sanctions. By Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Bitumen Danmark's new terminal set for 2027 completion
Bitumen Danmark's new terminal set for 2027 completion
London, 21 January (Argus) — Danish firm Bitumen Danmark's new bitumen terminal will go ahead in Nyborg and is expected to be completed around the middle of 2027. Once completed, the storage facility, including three tanks of 5,000m³ each and extra space for blending, will focus initially on the domestic Danish market, but could also feed neighbouring countries. The planned location changed late last year from Kalundborg to Nyborg . Bitumen Danmark said Nyborg would be an effective location for providing good value and for ease of distribution. A spokesman for the Port of Kalundborg stressed that no agreement was ever reached with Bitumen Danmark, barring an initial conversation about the potential project, adding that there is no ongoing project for a bitumen terminal there. The Nyborg terminal could be expanded at a later date and could accept bitumen vessels of up to 30,000dwt. Bitumen Danmark is in talks to enter into partnerships with international bitumen suppliers and traders and domestic distributors. Start up of the terminal could come by the second quarter of 2027. Denmark's bitumen imports totalled 191,000t in 2025, rising from 184,000t in 2024, with most vessels discharging in Nyborg. Demand is expected to firm this year against last year in Denmark and some surrounding markets, with participants expecting increased funding for roadworks. In Sweden, demand is set to be firm as the government has committed to expansive infrastructure and roadwork projects. The new terminal at Nyborg could also feed north Germany and southern Sweden. Funding is now in place for the terminal and the environmental permit has been sought. Bitumen Danmark is owned by German BVH Group, a key bitumen buyer and supplier in Germany and parts of central Europe. By Navneet Vyasan and Jonathan Weston Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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