German oil supply holds as refinery work continues

Market: Oil products
11/11/24

Oil product supply in Germany remains high even though a delayed end to the autumn refinery maintenance season has cut regional production.

Germany's refining sector had seemed poised to finish its maintenance season at the end of October as scheduled, but the Miro and Bayernoil consortiums took catalytic hydro-desulphurisation units offline at their respective 310,000 b/d Karlsruhe refinery and the Neustadt site of the 215,000 b/d Vohburg-Neustadt refinery, both in southern Germany, at the start of November for unplanned maintenance works.

Production of distillates is restricted at both refineries, leading to a drop in local supply.

It is unknown when supply in Karlsruhe will return to normal levels. Local traders said supply at Neustadt will be restricted until 19 November.

TotalEnergies' 240,000 b/d Leuna refinery in southeastern Germany faced some technical difficulties after maintenance works at the end of October. This delayed a return to normal production levels, and suppliers restricted sales of heating oil and road fuels in the past week as inventories were running low. The restrictions were lifted on 8 November.

The rest of Germany's 11 refineries are producing normally, and diesel imports into northern ports remain high.

Demand for heating oil and diesel is relatively low. Traded diesel volumes reported to Argus were almost half in the week to 7 November compared with the last week of October, and heating oil volumes fell by about 50pc at the same time.

Supply remains high enough to meet demand despite the locally reduced production.

By Natalie Müller

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20/11/24

Mexico to keep some energy regulator independence

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Tupras agrees more than 500kt 2025 bitumen tender sales

20/11/24

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20/11/24

Tupras agrees more than 500kt 2025 bitumen tender sales

London, 20 November (Argus) — Turkish refiner Tupras has agreed 2025 annual tender sales totalling well over 500,000t of bitumen from its Izmit and Izmir refineries to leading international trading and supply firms. Market participants involved in the process said Rubis Asphalt and Continental Bitumen — the bitumen trading and supply unit of French construction firm Colas — had each won undisclosed volumes, with Colas taking fob and delivered (CFR) supplies. Vitol was also understood but not confirmed to have won fob volumes, with the firm a regular lifter of large cargoes at Izmit and/or Izmir for supply mainly into its Antwerp bitumen terminal in Belgium, including a cargo moved on Vitol's 36,962dwt tanker Asphalt Splendor last month. While in excess of 500,000t of fob volumes are understood to have been agreed for Tupras supply to lifters next year, tender process participants said a further seven to eight cargoes — each around 12,000t — had also been agreed for supply to Continental Bitumen on a CFR basis. The 14,786dwt Tupras bitumen tanker T Adalyn is to move those cargoes, as it has done in a similar arrangement with Continental Bitumen under the Turkish firm's 2024 tender arrangements, with the tanker delivering Tupras cargoes this year into Colas import terminals in France, Ireland and the UK, and on some occasions into other northwest European locations. Tupras tender participants said that at least some of the 2025 fob volumes had been awarded at double-digit fob discounts to fob Mediterranean high-sulphur fuel oil (HSFO) cargoes following similar indications from some tender buyers late last year regarding the 2024 Tupras tender. Such values had rarely been seen under Turkish term supply deals before this year, with the persistently weak outlook for European bitumen supply-demand fundamentals lasting into 2025 under current projections. Tupras could benefit next year from any shortfall in bitumen availability from its nearest competitor Motor Oil Hellas (MOH), which said last month that repair work on one of two crude distillation units (CDU) at its 180,000 b/d Agioi Theodoroi refinery in Corinth, Greece, will take until the third quarter of 2025 to complete after damage caused by a fire on 17 September. While the bitumen market impact of the CDU halt has been limited thus far, there could be a greater effect on Mediterranean availability next year, especially during the peak road paving and bitumen consuming season from spring to autumn. That could in turn help push up Mediterranean fob spot cargo values well above those agreed under Tupras' 2025 tender. By Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Baghdad clamps down on 'illegal' oil smuggling to Iran

20/11/24

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20/11/24

Baghdad clamps down on 'illegal' oil smuggling to Iran

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Cop: EU warns on fossil fuel ambition backsliding

20/11/24

News

20/11/24

Cop: EU warns on fossil fuel ambition backsliding

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Denmark tops 'climate change performance index'

20/11/24

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20/11/24

Denmark tops 'climate change performance index'

Berlin, 20 November (Argus) — Denmark tops the latest "climate change performance index" (CCPI 2025) published on Wednesday by German non-governmental organisations (NGO) Germanwatch and NewClimate Institute. But the country only manages fourth place, with no nations doing enough to meet its climate targets under the Paris Agreement, the NGOs said. The CCPI, published annually, monitors the climate action performance of 63 countries and the European Union (EU), which collectively account for more than 90pc of global greenhouse gas (GHG) emissions. "No country deserves to be on the podium, but some countries are doing better than others," co-author Jan Burck from Germanwatch said at the presentation of the index at the UN Cop 29 climate summit in Baku, Azerbaijan. Denmark tops the league for the fourth year running, thanks to its steady and comprehensive climate policy, its strong targets and renewables deployment. Other "high performers" include the UK, which is "back on track" after having seen its ranking plummet: the UK moved up to 6th position from 20th, thanks to the new government's strong climate policy framework, and the country's successful coal phase-out. But the UK's transition away from oil and gas is progressing too slowly, the NGOs warned. India, another high performer, managed to climb the ranks to 10th place thanks to strong renewables deployment. Medium-performing countries include Germany, which has fallen two ranks to 16th despite strong renewables deployment, as the country's buildings and transport sectors struggle to reduce their emissions, and as the country plans to expand its gas consumption, and faces budgetary constraints. Medium-ranking Brazil, while improving its CCPI ranking since president Luiz Inacio Lula da Silva took office last year, fell five ranks on the year to 28th, given the country's continuously strong reliance on fossil fuels, and despite lower deforestation rates. Unlike previous editions, no EU country received an overall "very low" rating. Bulgaria, at 50th, is the worst performing EU country. The four last-placed countries in the CCPI — Iran (67th) at the bottom, Saudi Arabia, the UAE and Russia — number among the world's largest oil and gas producers.These countries not only emit high volumes of GHG, but also – largely – lack emissions policies or climate regulation, with no discernible shift away from the fossil fuel business model and a proportion of renewables in their respective energy mix that is below 3pc, according to the NGOs. Co-author Niklas Hoehne from NewClimate said that there are many signs that the world is at a turning point, and that the peak in global emissions is "within reach", though US president-elect Donald Trump could act as a "brake" on the now necessary rapid cuts in emissions. The US occupy an unchanged 57th position. Burck said that China, falling to 55th from 51st position, faces a "huge" opportunity to gain international recognition, as the country's GHG emissions appear to have almost peaked, and as it experiences an unprecedented boom in renewable energies. What is now needed is a "clear move away from fossil fuels", Burck said. This clear move is not yet apparent, but this could change with the country's upcoming new five-year plan. In this case, China could "quickly" climb up the index, Burck said. By Chloe Jardine Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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