Brazil's flood-hit airport to resume flights in Oct

Market: Oil products
18/07/24

The Salgado Filho international airport in Porto Alegre, in flood-hit Rio Grande do Sul state, will begin receiving some flights in October, Brazil's port and airport ministry said.

The airport, which is managed by Germany's Fraport, will initially receive roughly 50 flights/d, with the goal of resuming full capacity by year-end.

Prior to the floods, the airport had forecast that it would have 5,404 domestic and international flights (180 flights/d) and transport over 608,000 passengers in April. But it was forced to shut in late April after the record floods that hit the state.

The economy of Rio Grande do Sul state contracted by 9pc in May from the previous month, according to preliminary estimates by Brazil's central bank.

The floods have left at least 182 dead and nearly 600,000 people displaced, according to the state's civil defense.

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Colonial shuts Line 1 due to Georgia spill: Update

Houston, 14 January (Argus) — Colonial Pipeline's main gasoline bearing line may be closed for more than a day as the company responds to a gasoline spill in Georgia detected on Tuesday. "Colonial has taken Line 1 out of service temporarily while we respond to a potential product release," the company said in a notice. "Normal operations continue on the remainder of the system." The spill occurred in Paulding County, Georgia, about 25 miles southwest of Marietta, Georgia. The company said it had crews on site responding to the incident. The company did not provide information on when the line would restart. Market sources said leak was small but it could take up to two days to resume operations. Line 1 has capacity to carry up to 1.3mn b/d of gasoline from Houston, Texas, to Greensboro, North Carolina. Cash prices for US Gulf coast 87 conventional gasoline in the Gulf coast ended Tuesday's session down by 3.19¢/USG at $2.115/USG, reversing gains from the previous session's 14-week high that was driven by higher blending demand. Liquidity fell during Tuesday's trading session with uncertainty over the length of the pipeline shut-down. The pipeline leak did not affect line space trading on Tuesday, which had already been falling. Values saw their sixth session of losses, shedding 0.25¢/USG day-over-day. A trade was reported at -1.5¢/USG, prior to the notice of the pipeline shut down, with no further trades reported for the remainder of the session. By Hannah Borai Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Singapore bunker prices rise to multi-month highs

13/01/25

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13/01/25

Singapore bunker prices rise to multi-month highs

Singapore, 13 January (Argus) — Bunker fuel prices in the port of Singapore touched multi-month highs today, supported by a rally crude futures Ice Brent Singapore crude reached $81.23/bl by close of trading in the port city, following the announcement of sweeping sanctions by the US administration on Russian energy exports. Shipowners and bunker buyers in Singapore were cautious about procurement given the elevated prices. Many pushed back their bunker buying, preferring to monitor near-term market developments. Very-low sulphur fuel oil (VLSFO) prices on a delivered basis in Singapore jumped by $16.7/t to $590.72/t, the highest since 24 October 2024. Deals concluded by 19:00 Singapore time had touched $599/dob and could breach $600/t in the coming days if strength in the energy complex continues. "Market is firm… I would not dare to fix anything today," a ship owner said, adding that "buyers should be very careful" when making procurement decisions. Another vessel owner said its earliest VLSFO bunker requirement would be for delivery from 26 January, and it was not looking to trade at the moment. "It is very difficult to know how things will proceed, but think it might move higher," said a UK-based bunker trader. VLSFO supply availability is limited, which could further support upward movement in prices in the coming days. High sulphur fuel oil (HSFO) prices jumped by $34.67/t today to $507.67/t dob, the highest since 26 July 2024. Marine gasoil (MGO) prices were at a six-month high $731/t dob in Singapore, up by $30/t from the previous session. The upside in crude futures was reflected in marine biodiesel prices, with B24 rising in Singapore. B24, which is a blend of 24pc used cooking oil methy ester (Ucome) and 76pc VLSFO, were assessed by Argus $14-15/t higher at $721-726/t dob. Traders said B24 prices will follow the trend in VLSFO cargo prices, but spot liquidity may remain thin. "Today people are still trying to figure out what right value is," said a key shipowner and trader, adding that prices could rise further this week. By Mahua Chakravarty and Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Brazil’s inflation decelerates to 4.83pc in December

10/01/25

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10/01/25

Brazil’s inflation decelerates to 4.83pc in December

Sao Paulo, 10 January (Argus) — Brazil's headline inflation decelerated to 4.83pc at the end of 2024, as declines in power costs were only partially offset by gains in fuel and food, according to government statistics agency IBGE. The consumer price index (CPI) slowed from 4.87pc in November and compared with 4.76pc in October. The year-end print compared with 4.62pc in December 2023, but was down from 5.79pc in December 2022. Food and beverage costs rose by an annual 7.69pc in December, accounting for much of the monthly increase, following a 7.63pc annual gain in November. Beef costs increased by an annual 20.84pc in December following a 15.43pc annual gain for the prior month. Higher beef costs in the domestic market are related to the Brazilian's real depreciation to the US dollar, with the Brazilian real depreciating by 27.4pc to the US dollar between 31 December 2023 and the same date in 2024 . Still, beef prices decelerated by 5.26pc in December alone, down from 8pc in November. Soybean oil rose by 29.21pc over the year, an increase of 1.64 percentage points from November. Fuel prices rose by an annual 10.09pc in December after an 8.78pc gain in November. Motor fuel costs grew by 0.7pc in December, compared with a 0.15pc drop in the prior month, thanks to higher gasoline prices. Diesel prices increased by 0.66pc in the 12-month period, while it decreased by 2.25pc in November. Gasoline prices — the major individual contributor to the annual high, according to IBGE — rose by 9.71pc in December from 9.12pc in the prior month. Still, that was lower than in December 2023, when the annual inflation for gasoline stood at 11pc. Power costs in December contracted by an annual 0.37pc in December, as improvements in power generation allowed for removal of a surcharge from customer bills, after a gain of 3.46pc the prior month. In November, Brazil faced lower river levels at its hydroelectric plants after a period of severe droughts . Brazil's central bank is targeting CPI of 3pc with a margin of 1.5 percentage point above or below. Brazil's central bank in December raised its target rate to 12.25pc from 11.25pc as the real's depreciation accelerated. It also signaled it is likely to increase the rate to 14.25pc by March. Monthly inflation accelerated to 0.52pc in December from 0.39pc in November. But the rate was lower than in December 2023, when it stood at 0.56pc. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US issues 45Z tax guidance for low-carbon fuels

10/01/25

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10/01/25

US issues 45Z tax guidance for low-carbon fuels

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US banks withdraw from global climate alliance

09/01/25

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09/01/25

US banks withdraw from global climate alliance

Washington, 9 January (Argus) — The six largest US banks have withdrawn from an industry-led group that works to align financing with a goal of reaching net-zero greenhouse gas emissions by 2050. With president-elect Donald Trump poised to return to the White House, JPMorgan Chase this week joined Bank of America, Citibank, Wells Fargo, Goldman Sachs and Morgan Stanley in pulling out of the Net Zero Banking Alliance (NZBA). All of the departures have occurred since climate skeptic Trump won re-election in November. JPMorgan did not give a reason for leaving the group it had joined in 2021 but said it was focused on "pragmatic solutions to help further low-carbon technologies while advancing energy security". The NZBA declined to comment on the departures. The bank-led NZBA launched in 2021, with a goal to align with industry's lending and investments with the goals of the Paris climate accord. Trump has promised to again pull the US out of the Paris agreement. The 144 banks that were members of the group as of last October were committed to align their portfolios with pathways to reach net-zero by 2050 or sooner. But critics said the industry group, which was convened by the UN, was effectively coordinating a boycott of investment with the oil and gas industry. Texas attorney general Ken Paxton in 2023 began reviewing JPMorgan and other US banks to see if their membership in the NZBA ran afoul of a state law that barred state entities from entering into contracts with banks that boycott the oil and gas sector. Paxton said the departure of banks from the group was a "major step in the right direction." Paxton's office said it had closed reviews of Wells Fargo, Bank of America, JP Morgan and Morgan Stanley. Trump has called climate change a hoax and recently said he wanted to impose a "policy where no windmills are being built". In response to the deadly wildfires across Los Angeles, Trump today blamed the crisis on California leaders and falsely claimed the US Federal Energy Management Agency has "no money — all wasted on the Green New Scam". By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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