Generic Hero BannerGeneric Hero Banner
Latest market news

Water levels delay Tennessee River lock reopening

  • Market: Agriculture, Chemicals, Coal, Crude oil, Fertilizers, Oil products, Petroleum coke
  • 24/04/25

The US Army Corps of Engineers (Corps) will delay the reopening of the Tennessee River's Wilson Lock by three weeks after high floodwater disrupted repair plans.

The Wilson Lock is now planned to reopen in mid-June or July, the Corps said this week. The lock's main chamber has been closed since September after severe cracks were found in the structure.

The Corps initiated evacuation procedures so personnel and equipment could be removed before any water entered the dewatered lock and ruined repairs after high water appeared too close to the lock's edge. The water did not crest above the temporary barrier the Corps installed to keep water out.

Delays at the lock averaged around 10 days as of 24 April, according to the Corps. Barge carriers fees have been in place for each barge that must pass through the auxiliary chamber of the lock since 25 September, when the lock first closed. Restricted barge movement placed upward pressure on fertilizer prices in surrounding areas as well.

The lock still requires structural repairs to the main chamber gates, including the replacement of the pintle components, the Corps said.

This is the fourth opening delay the Corps have issued for the Wilson Lock, with the prior opening dates being in November, then April and then in June. The Wilson Lock will enter its eighth month of repairs next month.


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
08/05/25

US, Mexico reach deal to continue cattle imports

US, Mexico reach deal to continue cattle imports

Sydney, 8 May (Argus) — The US has agreed to keep ports open to livestock imports from Mexico after the Latin American nation agreed to waive restrictions on efforts to curb the spread of New World Screwworm (NWS). US agricultural secretary Brooke Collins met with her Mexican counterpart Julio Berdegue in Washington on 7 May and discussed solutions to eradicate NWS. The countries reached agreements that will be beneficial to both parties, Berdegue said on 7 May. This comes after Mexico agreed on 30 April to remove restrictions on specialty aircraft and duties on eradication equipment that are part of the emergency response to curb the spread of NWS. The US Department of Agriculture (USDA) threatened to ban live cattle imports from 30 April if Mexico did not eliminate restrictions and duties impeding NWS eradication efforts. NWS can kill infected livestock and was detected in southern Mexico in late 2024, leading to a US ban on Mexican cattle imports in November 2024-January 2025. The ban was lifted in early February after Mexico enforced new cattle screening measures. The threatened port closures could have pressured the already tight US beef supply, with slaughter down by 6pc and beef production down by 2pc on the year as of 2 May, according to USDA Federal Inspection estimates. The US imports feeder cattle to support beef production and is looking to fill beef supply shortages caused by a historically small US herd. Cattle imports from Mexico reached 1.25mn head in the 2024 calendar year, representing about 4pc of total cattle slaughtered, according to USDA data. By Edward Dunlop Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more
News

IMO GHG pricing falls short on green methanol, ammonia


07/05/25
News
07/05/25

IMO GHG pricing falls short on green methanol, ammonia

New York, 7 May (Argus) — The International Maritime Organization's (IMO) proposed global greenhouse gas (GHG) pricing mechanism might not drive significant uptake of green methanol and green ammonia by 2035, given current market prices. Despite introducing penalties on high-emission fuels use and tradable surplus credits for low-emission fuels, the mechanism does not sufficiently close the cost gap for green alternatives. Under the system, starting in 2028 ship operators will face a two-tier penalty: $100/t CO₂e for emissions between the base and direct GHG intensity limit, and $380/t CO₂e for those exceeding the looser base limit. These thresholds will tighten annually through 2035. Ship operators can earn tradable credits for overcompliance when their GHG emissions fall below the direct limit. Assuming a surplus CO₂e credit value of $72/t — mirroring April 2025's average EU emissions trading system price — green ammonia would earn about $215/t in surplus credits in 2028 (see chart) . This barely offsets its April spot price of $2,830/t VLSFO equivalent in northwest Europe. Bio-methanol would receive about $175/t in credits, offering minimal relief on its $2,318/t April spot price. Currently, unsubsidized northwest Europe bio-LNG sits mid-range among bunker fuel options under IMO's emissions framework. While more expensive than HSFO, grey LNG, and B30 bioblends, the bio-LNG is cheaper than B100 (pure used cooking oil methyl ester), green ammonia, and bio-methanol. To become cost-competitive with unsubsidized bio-LNG — priced at $1,185/t in April 2025 — green ammonia and bio-methanol prices would need to fall by 57pc and 49pc, respectively, to around $1,220/t VLSFOe and $1,180/t VLSFOe by 2028. Unless green fuel prices drop significantly or fossil fuel prices rise, the IMO's structure alone provides insufficient economic incentive to accelerate green ammonia and bio-methanol adoption at scale. By Stefka Wechsler NW Europe, fuel prices plus IMO penalties and credits Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Opec+ eight agree accelerated hike for June: Update


07/05/25
News
07/05/25

Opec+ eight agree accelerated hike for June: Update

London, 7 May (Argus) — A core group of eight Opec+ members has agreed to accelerate, for a second consecutive month, their plan to unwind some of their production cuts, the Opec secretariat said Saturday. As it did for May, the group will again raise its collective output target by 411,000 b/d in June, three times as much as it had planned in its original roadmap to gradually unwind 2.2mn b/d of crude production cuts by the middle of next year. The original plan envisaged a slow and steady unwind over 18 months from April, with monthly increments of about 137,000 b/d. But today's decision means that the eight — Saudi Arabia, Russia, the UAE, Kuwait, Iraq, Algeria, Oman and Kazakhstan — will have unwound almost half of the 2.2mn b/d cut in the space of just three months. The decision to maintain this accelerated pace into June is somewhat surprising, given the weakness in oil prices and the outlook for the global economy. The eight's decision last month to deliver a three-in-one hike in May was seen as a key reason for the recent slide in oil prices, alongside US President Donald Trump's tariff policies. Front month Ice Brent futures have fallen by about $13/bl since early April to stand at just over $61/bl. But the eight today pointed to "current healthy market fundamentals, as reflected in the low oil inventories" as a key factor in its latest decision. It reiterated, as it has in the past, that the gradual monthly increases "may be paused or reversed subject to evolving market conditions." As was the case for May, delegates said that the main driver for the June hike was again a desire to send a message to those countries that have persistently breached their production targets since the start of last year — most notably Kazakhstan and Iraq, which each have significant overproduction to compensate for through the middle of next year. "This measure will provide an opportunity for the participating countries to accelerate their compensation," the secretariat said. This group of eight is due to next meet on 1 June to review market conditions and decide on July production levels. By Nader Itayim, Aydin Calik and Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

India, Saudi Arabia plan two Indian refineries


07/05/25
News
07/05/25

India, Saudi Arabia plan two Indian refineries

Mumbai, 7 May (Argus) — India and Saudi Arabia are to collaborate on the development of two integrated refinery and petrochemical plants in India. The plan was announced after Indian prime minister Narendra Modi met Saudi counterpart Mohammed bin Salman in Jeddah on 22 April, as part of the India–Saudi Arabia Strategic Partnership Council. Saudi Arabia in 2019 pledged to invest $100bn in India in several sectors including energy and petrochemicals. No further details have been provided but the projects could be Indian state-run BPCL's planned facility in Andhra Pradesh and oil firm ONGC's refinery project in Gujarat, according to industry participants. Plans for a 1.2mn b/d refinery in Ratnagiri alongside the UAE's Adnoc have been abandoned because of logistical and land acquisition challenges, industry participants say. Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

High sulphur prices pressure Indonesian buyers


07/05/25
News
07/05/25

High sulphur prices pressure Indonesian buyers

Singapore, 7 May (Argus) — Steep increases in sulphur prices, against expectations of lower future nickel demand, and falling nickel prices since last year are pressuring metals producers in Indonesia, and some are considering postponing new projects. Sulphur is used as a raw material in the production of nickel intermediates such as nickel matte and mixed hydroxide precipitate (MHP), through the rotary kiln-electric furnace (RKEF) and high-pressure acid leaching (HPAL) processes, respectively. Producing 1t of MHP or nickel matte requires an estimated 10t and 15t of sulphur, respectively. Global sulphur prices began to rise in mid-2024 on firmer demand from Morocco and Indonesia. Morocco's OCP started up two sulphur burners last year that will consume 967,000 t/yr of sulphur at capacity. In Indonesia, newly commissioned HPAL production lines at QMB New Energy Materials and Halmahera Persada Lygend also added an estimated 830,000 t/yr of sulphur demand. Uncertainty over Kazakh and Russian sulphur export availability because of EU sanctions also created uncertainty over available supply in the region. Tighter supply, compounded by competing Chinese and Indonesian demand after the Lunar New Year holidays, spurred a rally in sulphur prices in the first quarter of the year. Fob Middle East sulphur prices more than tripled to $285.5/t fob as of 1 May from $86/t a year earlier, Argus assessments show. Cfr Indonesia granular sulphur prices rose by $185/t to $297/t cfr over the same period. While sulphur prices have risen significantly over the past year, prices for Indonesian-origin nickel intermediates have been largely rangebound at $12,000-14,000/t of nickel contained since January 2024. The comparatively flat nickel prices and the rising raw material prices mean that producers' margins are narrowing further. Gross profit margins for MHP products were close to $10,000/t in 2023 before falling to around $7,000/t in 2024, according to Argus estimates. Current sulphur prices take up around 40pc of the total production cost of nickel matte, the largest portion out of other raw materials such as caustic soda, according to one metals producer. And the increased adoption of non-nickel containing battery chemistries such as lithium-iron-phosphate and higher demand for plug-in hybrid electric vehicles have led the industry to revise its expectation of future nickel demand from the battery section. The International Nickel Study Group has forecast a nickel market surplus of 198,000t for 2025 , rising from 179,000t in 2024. But new ternary precursor cathode active materials projects will support a rise in nickel usage in the medium term, the group said. As higher raw material prices continue to chip away at producer margins, upcoming projects including QMB New Energy Materials' phase 3 in Morowali, and developments by Guangqing and Blue Sparkling Energy in Weda Bay may have to be postponed, market participants said. The three projects are expected on line this year, adding 844,000 t/yr of sulphur demand at capacity. By Chi Hin Ling, Deon Ngee Send comments and request more information at feedback@argusmedia.com Copyright © 2025. 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