Latest market news

Air passenger traffic up at Australia’s Sydney, Perth

  • Market: Oil products
  • 24/07/24

Australia's Perth airport logged its highest ever passenger numbers in the 2023-24 fiscal year to 30 June, breaking a record set in 2013-14, while Sydney remained behind pre-Covid-19 pandemic levels.

About 16.1mn passengers used Perth airport topping the previous 14.9mn high a decade earlier. Perth's regional passenger numbers for 2023-24 edged over 6mn, outstripping interstate passengers of 5.7mn and international at 4.3mn, likely showing an increase in mining and resources activity in the state's minerals and gas provinces. Fly-in, fly-out passengers comprise a major part of Perth's total because of the remote location of many of the state's resources projects.

Sydney airport, Australia's largest, reported 9.74mn passengers for April-June, led by increased international traffic and representing a 94pc recovery rate on international passengers recorded in pre-pandemic April-June 2019. Sydney's passenger numbers for this year's first half remained 7pc below 2019 but 10pc higher than the same time last year.

Australia's second-largest airport Melbourne reported 35.13mn passengers for 2023-24.

Australian jet fuel sales averaged 158,000 b/d for January-May, behind the 161,000 b/d in 2019 but 8pc above 2023's average of 146,000 b/d, according to Australian Petroleum Statistics. Imports were also up by 11pc on a year earlier for the same period.

Sydney air passenger traffic (mn)
Apr-Jun '24Jan-Mar '24Apr-Jun '23Jan-Jun '24Jan-Jun '23Jan-Jun '19q-o-q % ±y-o-y % ±
Total9.7410.309.1620.0618.1721.60-56
International3.774.163.367.936.698.30-912
Domestic5.976.165.8012.1311.4913.30-33

Sharelinkedin-sharetwitter-sharefacebook-shareemail-share

Related news posts

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. Explore a selection of news stories related to this one.

News
23/07/24

US House passes waterways bill

US House passes waterways bill

Houston, 23 July (Argus) — The US House of Representatives overwhelmingly approved a bill on Monday authorizing the US Army Corps of Engineers (Corps) to tackle a dozen port, inland waterway and other water infrastructure projects. The Republican-led House voted 359-13 to pass the Waterways Resources Development Act (WRDA), which authorizes the Corps to proceed with plans to upgrade the Seagirt Loop Channel near Baltimore Harbor in Maryland. The bill also will enable the Corps to move forward with 160 feasibility studies, including a $314mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. Water project authorization bills typically are passed every two years and generally garner strong bipartisan support because they affect numerous congressional districts. The Senate Environment and Public Works Committee unanimously passed its own version of the bill on 22 May. That bill does not include an adjustment to the cost-sharing structure for lock and dam construction and other rehabilitation projects. The Senate's version is expected to reach the floor before 2 August, before lawmakers break for their August recess. The Senate is not scheduled to reconvene until 9 September. If the Senate does not pass an identical version of the bill, lawmakers will have to meet in a conference committee to work out the differences. WRDA is "our legislative commitment to investing in and protecting our communities from flooding and droughts, restoring our environment and ecosystems and keeping our nation's competitiveness by supporting out ports and harbors", representative Grace Napolitano (D-California) said. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Find out more
News

US House to vote on waterways bill


22/07/24
News
22/07/24

US House to vote on waterways bill

Houston, 22 July (Argus) — The US House of Representatives is expected to vote on 22 July on a waterways bill that would authorize new infrastructure projects across ports and rivers. The Water Resources Development Act (WRDA) is renewed typically every two years to authorize projects for the US Army Corps of Engineers (Corps). The bipartisan bill is sponsored by representative Rick Larsen (D-Washington) and committee chairman Sam Graves (R-Missouri). The full committee markup occurred 26 June, where amendments were added, and the bill was passed to the full House . A conference committee will need to be called to resolve the different versions of the bill. The major difference between the bills is that the House bill does not include an adjustment to the cost-sharing structure for the lock and dam construction and other rehabilitation projects. The Senate Committee on Environment Public Works passed its own version of the bill on 22 May, with all members in favor of the bill. The House version of the bill approves modifications to the Seagirt Loop Channel near the Baltimore Harbor in Maryland, along with 11 other projects and 160 feasibility studies. One of these studies is a $314.25mn resiliency study of the Gulf Intracoastal Waterway, which connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

Dangote refinery's diesel quality proves divisive


22/07/24
News
22/07/24

Dangote refinery's diesel quality proves divisive

London, 22 July (Argus) — Nigerian conglomerate Dangote Group has defended the quality of diesel output from its 650,000 b/d refinery near Lagos after the country's downstream regulator said it contained much higher levels of sulphur than imported product. Dangote said the sulphur content of its diesel is now as low as 88ppm, citing laboratory tests on a sample from the refinery's mild hydrocracking unit. The company issued the statement in response to claims from the head of the downstream regulator NMDPRA, Farouk Ahmed, that diesel from Dangote and some of Nigeria's small modular refineries lies between 650ppm and 1,200ppm. Dangote said it aims to achieve 10ppm diesel production this week, in line with Euro V specifications and lower than the 50ppm cap on west African imports, adding that the NMDPRA allows domestic refiners to produce up to 650ppm diesel until January next year. Since receiving its first crude feedstock cargo late last year, the refinery has exported low-sulphur straight run fuel oil, naphtha, gasoil and jet fuel via its offshore single point moorings, according to vessel trackers Vortexa and Kpler. The refinery also hosts its own truck-out gantries to load product for overland delivery. Farouk said the NMDPRA has not complied with a request from Dangote to suspend imports of middle distillates due to concerns around security of supply and market monopoly. Dangote has pushed back against the monopoly concerns, saying there are multiple players in the industry, including state-owned NNPC. Nigerian imports of diesel, jet fuel/kerosine, naphtha and fuel oil have declined since the Dangote refinery came online, falling to 8,600 t/d so far this year from 10,900 t/d across the whole of 2023, according to Vortexa data. Nigeria's gasoline imports have declined too, but at a slower pace — to 27,500 t/d from 30,200 t/d over the same period — reflecting the fact Dangote's gasoline production units have yet to start up. By George Maher-Bonnett and Adebiyi Olusolape Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

German diesel prices drop with demand low


22/07/24
News
22/07/24

German diesel prices drop with demand low

Hamburg, 22 July (Argus) — German middle distillate prices fell in the week to 19 July, as declining Ice gasoil futures coupled with low domestic demand. The extent of the price drop varied significantly across regions. Traders in areas with the lowest prices made only minor downward adjustments, while prices fell most sharply in those regions that were relatively expensive. This is because of varying supply and demand situations. At the Miro consortium's 310,000 b/d Karlsruhe refinery, oversupply of diesel has been decreasing steadily in recent weeks. The build up has led to a significant price drop at the end of June, but suppliers no longer seem compelled to significantly lower their prices to attract buyers. In southern Germany at Shell's 334,000 b/d Rhineland refinery, spot supply of diesel is being rationed. Scheduled maintenance work at the Bayernoil consortium's 215,000 b/d Neustadt-Vohburg refinery and a resulting shortage of spot offers are cushioning the price drop. Around the Rhineland refinery the price decrease was relatively small, as a previously defective plant for diesel production in the 147,000 b/d Wesseling part of the plant was only ramped up at the beginning of the past week. Spot offers will be limited until stocks are refilled, traders said. The largest price drop was in northern Germany, again primarily a result of diesel oversupply. Imports of diesel into northern Germany in July are at their lowest since February, as domestic supply is sufficient to meet regional demand. An importer said demand is so low that contract volumes imported by cargo are barely being sold. Another importer has reduced its barge term volumes in view of weak diesel demand. Importers are worried that the situation will not change fundamentally until at least autumn, when maintenance work begins at TotalEnergies' 236,000 b/d Leuna refinery and at the 187,000 b/d Godorf section of the Rhineland complex. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

News

ExxonMobil Joliet refinery may be limited for 3 weeks


19/07/24
News
19/07/24

ExxonMobil Joliet refinery may be limited for 3 weeks

Houston, 19 July (Argus) — It could take up to three weeks for ExxonMobil's 252,000 b/d Joliet refinery in Channahon, Illinois, to resume normal operations after severe weather caused a facility-wide shutdown Monday . The company has limited its unbranded fuel supply in the region and placed customers on allocation, according to buyers. Restoring power and ramping-up the refinery to full operations could take up to three weeks, lasting well into August. ExxonMobil confirmed this afternoon that power has not been restored to the plant and previously declined to comment on a time line for a return to normal operations as it assesses damage at the plant. Channahon's emergency management director told Argus that Monday's tornado skirted the refinery and it faced no direct damage. US Interstate 55 which borders Exxon's refinery was closed due to downed power lines, but these have since been cleared and the road re-opened. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Generic Hero Banner

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