Market news and commentary
Reporting market moving events as they happen
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.
Our world-class team of market reporters and journalists specialise in the coverage of commodity markets across the globe. We are in constant contact with industry participants, revealing, reporting and analysing the events that shape the global energy and commodities landscape.
With our news and market commentary opportunities to further your strategies are uncovered and clarified. We illuminate specific aspects of the markets directly relevant to your business.
Global coverage through a local lens
143,000+ news, commentary and analysis articles published each year
As markets move, so does our coverage. Every day of every month of every year, we are tracking, analysing and commentating on every market
800+ news stories published every day
We are constantly publishing insightful new stories throughout the day, reporting events that shape the global energy and commodities markets
500+ editorial staff globally
Our specialist team of reporters and journalists are located where the action happens, reporting from every key energy and commodity hub across the globe
Latest news
Explore the latest market moving news from Argus.
Carbon - In focus: Corsia debate heats up with EU draft
Carbon - In focus: Corsia debate heats up with EU draft
London, 24 April (Argus) — The EU's draft proposal to impose additional eligibility criteria on credits approved for the first phase of the Carbon Offsetting and Reduction Scheme for International Aviation (Corsia) used by European Economic Area (EEA)-based operators, while intended at supporting integrity and quality of credits, could dampen confidence in the scheme by fragmenting the market and making it increasingly difficult for airlines to comply, and posing a higher burden on EU airlines, market sources told Argus. The European Commission aims to adopt the implementing act that lays out the requirements for Corsia credits in the second half of 2026. A draft proposal discussed at the European Commission's expert group on climate change policy (CCEG) seen by Argus earlier this week suggested additional criteria for credits used by EEA-based operators to comply with Corsia obligations could render nearly all of the existing Corsia Phase 1 (CP1) tagged supply ineligible for the bloc. This "represents preliminary ideas and not an official position of the commission," a commission official told Argus on 24 April. According to the proposal, projects crediting existing stocks of carbon through high forest, low deforestation (HFLD) methodologies — such as the Guyana-based forestry project registered on the ART-TREES registry which currently has 25mn CP1-tagged credits of the 34mn tagged in total so far — and from projects whose fraction of non-renewable biomass (fNRB) is above the host country value, as adopted in Table 3 of version 3.0 of TOOL33 of the Clean Development Mechanism. The proposed rules suggest clean cookstove projects could cancel some of their credits to reach the volume they would have issued with an appropriate fNRB value and become eligible ex-post. This would leave with just about 10pc of existing credits eligible. It is also unlikely any developer takes this path. "I cannot see any project developer voluntarily sacrificing credits ex-post," a developer told Argus, adding that even if the EAA airlines would pay for the revenue differential, by doing this, developers would implicitly be agreeing that their initial math was flawed to prospective non-EAA airlines. The commission is proposing to set Article 6 of the Paris Agreement (PA) as a benchmark for credits to be purchased and cancelled by EAA airlines as part o their Corsia obligations, a "clear signal in support of environmental integrity and Article 6, including the Article 6.4 of the PA crediting mechanism … the best-in-class on credits' quality," the official said. Adding that the proposal for CP1 aimed at providing airlines with more flexibility for their compliance compared with Phase 2, "while excluding credits with the lowest environmental integrity." Some developers speaking to Argus raised concerns that industry players may unfairly infer that this rule speaks to the quality and integrity of HFLD and other related methodologies in the future, which may have ripple effects into the wider voluntary carbon market. That said, one intermediary said they would "rather have a strong scheme than have another [mainstream media] attack on the market." The market could form an argument that metered methodologies with accurate emissions reduction calculations are useful and even necessary, another source said. Price to soften on tepid demand The proposed criteria for EEA airlines could lead to market fragmentation if approved, and cost operators based in the bloc much more to comply with Corsia compared with their non-EEA peers. Many market stakeholders were digesting the proposed rules throughout the week, but said these might temporarily pressure prices for CP1-tagged credits, provided that none of the existing compliant credits — except the 500,000 generated by a methane reduction project in Uzbekistan which just received the tag on 24 April — meet the criteria. EAA airlines may switch to project types different to the existing supply to fulfil their obligation under Corsia Phase 1, and allow non-EAA airlines to snap up the remaining credits at relatively lower prices. CP1 demand from EEA countries is estimated to count for around 10-15pc of the total projected demand for this phase, for emissions generated in 2024-26. The EU applies its own emissions trading scheme (EU ETS) for any intra-EEA flights, and only applies Corsia for extra-EEA flights. Further out, prices for CP1-tagged credits could face further pressure as the market nears the deadline for submitting biennial transparency reports — greenhouse gas inventory submissions to the UN. This is when host countries will have to apply corresponding adjustments — stamp emissions reductions for export and acknowledge they will not be counted towards its nationally determined contribution to avoid double counting. Prices could face a sustained fall with an even greater pool of supply against stagnant demand, a market source said. Shifting supply pipelines In response to tightening restrictions on supply from the EU, developers could adjust their project pipelines to tap into an emerging two-tiered pricing structure and sell at a premium in the EAA. For instance, most developers of methane reduction projects in countries that have capacity to approve exports under Article 6 of the Paris Agreement by providing a letter of authorisation are targeting Corsia, some said. One such project in Asia that received a letter of authorization (LoA) from its host country this month could supply about 700,000 credits into the scheme. But the developer is facing delays in obtaining insurance, and therefore the CP1 tag. Regardless, it is targeting to sell to Asian end users, Argus understands. "We expect more [CP1-compliant] supply to come online. It is key to uphold higher quality for credits, and we hope to orientate future supply in the right direction. We will strike a balance between this and allowing EEA airlines to meet their offsetting obligations," the commission official told Argus. But this will come at a cost for European carriers. "It's not the same being unable to comply due to [an overall] lack of supply and being unable to comply due to restrictions imposed by your government that fall outside the scheme's rulebook," the intermediary source said. Further supply could come from large-scale renewable energy or non-jurisdictional reducing emissions from deforestation and forest degradation credits. But this would be a step back from the commitment to quality highlighted in the EU draft proposal. Renewable energy methodologies were rejected by the Integrity Council for the Voluntary Carbon Market (ICVCM) for its high-integrity Core Carbon Principles tag in 2024 because they had broadly not considered additionality, a principle that proves a project would not be able to exist without carbon finance. Although, the ICVCM expects one new renewable energy methodology currently under development may receive the CCP label in the near future, Argus understands. Fragmented pricing, for a while A temporary two-tiered pricing structure could emerge driven by regional supply restrictions, until prices merge when extra-EAA participants soak up the credits that would not be eligible in the EAA, and developers adjust projects based on the prevailing sub-market, some said. One developer currently holding CP1-tagged credits said they were not taking any forward-looking decisions based on this proposal alone. Developing or transferring projects can take months, depending on registry administrative capacity, with little time for the new project pipeline to recalibrate in line with new EU criteria. Therefore, adopting the implementing act in the current proposal's shape would make it more difficult for European airlines to comply and raise their costs. Reducing supply and narrowing a globally standardised approach is a "sub-optimal outcome for all concerned ," a market source said. What next? In its current form, the proposal does not send a signal of confidence to stakeholders, and may affect ongoing tenders and future CP1 demand. In recent weeks a large EU-based carrier was seeking significant volumes for compliance — for about 6mn spot tagged credits — with a view to purchasing by June or July. The said carrier was likely aware about the EU concerns already, as they asked suppliers to offer guarantees should the EU put extra layers of requirements for eligibility of credits in the terms of the request for proposals (RFP), a source involved in the auction said. The European Commission told Argus on 24 April that it will adopt the final implementing act on the criteria for credits for EEA airlines to meet their Corsia offsetting obligations in the second half of this year. This will likely follow a wider review of the EU ETS expected to be announced in July, whereby the commission will also express an opinion whether it thinks the Corsia scheme is sufficient for the aviation sector to meet Paris Agreement objectives or whether it believes the EU ETS should be extended to international flights. "We urge all partners to continue the momentum under the internationally agreed cleaner energy, innovation, operational improvement, and market-based mechanisms that function together to drive progress towards net zero carbon emissions by 2050," a spokesperson from the International Civil Aviation Organization (Icao) — which is the body managing the Corsia scheme — told Argus. Adding that they would not comment on the position of external parties. By Alexandra Luca Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
TCO increases Brazil's corn ethanol margins
TCO increases Brazil's corn ethanol margins
Sao Paulo, 24 April (Argus) — Domestic sales and exports of technical corn oil (TCO) will boost Brazilian corn ethanol plants' margins, as the sector looks to monetize byproducts. Brazil will produce 10.5bn liters (181,230 b/d) of corn ethanol and, consequently, around 453.9mn liters of TCO — byproduct of corn-based ethanol production — in 2026, according to the Corn Ethanol Strategy Report from Argus ' consulting division. The report expects TCO production is expected to jump to 691.8mn liters by 2035, in line with the expansion of corn ethanol production to 16bn liters. TCO serves as a third source of revenue for corn ethanol plants, behind ethanol and a class of dried grains — including those without solubles (DDG) and those with solubles (DDGS). TCO's price is currently based on references for other oils, such as soybean oil or used cooking oil (UCO), with a premium or discount applied. Processing one metric tonne (t) of corn yields 420 liters of ethanol, 212kg of DDGS and 19kg of TCO, equivalent to about 20 liters. Because TCO generates more decarbonization credits than other inputs, the strongest demand for it comes from the biofuel industry. TCO can be used as a feedstock for biodiesel, hydrotreated vegetable oil or sustainable aviation fuel (SAF). Producers see opportunities in the foreign market, notably in Europe, where residual feedstocks generate credits that make the final product more valuable. This differs from the Brazilian domestic market, which lacks tax incentives for biofuels derived from waste. TCO, which is more acidic than UCO and soybean oil, ends up being traded at a discount in the domestic market because it has a lower yield than other oils and fats. Corn ethanol plants eyeing arbitrage opportunities are seeking to certify their production to expand exports of TCO and TCO-based biofuels. The feedstock is already being directed toward the biodiesel industry. PBio, a biofuels subsidiary of state-controlled energy company Petrobras, carried out its first export of biodiesel produced from TCO to Europe in September, in partnership with the local corn ethanol giant Inpasa. Other biodiesel producers are showing interest in expanding their presence in the international market, especially due to their idle production capacity, which is leading them to seek out alternative raw materials for production. The expectation is that new SAF biorefineries will also demand TCO to be used via the hydroprocessed fatty acids and esters route. bids from the SAF industry for TCO tend to be higher than those from the biodiesel sector, given the higher returns on aviation fuel, According to market participants. Although part of the sector is targeting international markets, the lack of certification for some corn ethanol plants and freight costs — both road and sea — may keep most volumes in Brazil. Most corn ethanol and TCO producers are concentrated in the central-westERN state of Mato Grosso, home to most biodiesel plants. The positioning could facilitate logistics of domestic sales. By Natalia Dalle Cort, Maria Lígia Barros, and Joao Marinho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK move to delink gas and power ‘overdue’
UK move to delink gas and power ‘overdue’
London, 24 April (Argus) — The UK's decision to raise the electricity windfall tax and push legacy renewable generators onto fixed-price contracts is "overdue" and could boost demand for batteries, industry figures told Argus this week. The government on Tuesday announced plans to offer voluntary long-term fixed-price contracts to low-carbon generators not already on contracts for difference. The plans cover about 30pc of Britain's power supply, while lifting the Electricity Generator Levy to 55pc on revenues above £82/MWh from July. The measures aim to reduce the extent to which global gas price swings feed into household and business electricity bills, rather than directly lowering wholesale prices. Ministers say fixed pricing should shelter consumers when gas prices spike, even if wholesale electricity prices still move. For battery supply chains, that shift matters less for near-term wholesale trading spreads than for demand. More stable electricity prices make electrification easier to plan, finance and justify. Gas has already slipped to setting the UK wholesale electricity price 60pc of the time, down from around 90pc at the start of the decade, the government said. Ministers expect that share to fall further as more generation moves off wholesale-linked pricing. That is particularly important for electric vehicles (EVs) and fleets, said Peter McDonald, director at London-based charging firm Ohme. The policy is designed to dampen the impact of gas-driven volatility on final bills, rather than guarantee cheaper power, he said — a distinction that still matters for consumers weighing monthly costs. "For many consumers sitting on the fence, the monthly cost comparison is the deciding factor," McDonald said. "This could be a meaningful nudge." Andy Palmer, vice-chair of Slovakian battery maker InoBat and former chief executive of British carmaker Aston Martin, said attempts to de-link electricity pricing from international gas markets were "overdue". Britain has spent years telling industry that renewables are the cheapest source of power, while still setting prices using the most expensive generator in the system, Palmer said. Fixing that contradiction is "the single biggest thing government can do" to restore manufacturing competitiveness. Demand signal more important than spreads Lower, more predictable electricity prices could "make the economic case for EV fleets, electric buses and depot-scale storage materially stronger", Palmer added, spurring demand for battery systems. That demand-side pull matters if the UK wants to anchor more of the battery value chain at home, rather than rely on imported cells and packs. The reforms are unlikely to undermine the economics of battery energy storage, even if they trim wholesale price volatility at the margin. In the UK, wholesale arbitrage remains the main revenue source for battery operators, while balancing services are increasingly saturated and longer-duration support schemes do not begin until later in the decade. Large amounts of flexibility are still needed as renewable output grows and increasingly exceeds gas-fired generation, Palmer said, so well-located and optimised storage assets should continue to find revenue. "The risk is execution." Set strike prices too high and consumers overpay; set them too low and investors step back, raising the cost of future projects, Palmer said. It is a tension the government has observed before. Last summer's decision to scrap regional power pricing showed how wary ministers remain of reforms that might unsettle investment signals, even if they promise lower bills. By Chris Welch Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU to consider E20 gasoline blend
EU to consider E20 gasoline blend
London, 24 April (Argus) — European Commission president Ursula von der Leyen said the commission will consider authorising a higher 20pc ethanol blend in gasoline (E20) in the revision of the policy framework for fuels, in a letter to three MEPs this week. Von der Leyen wrote in response to a letter from the three German MEPs — Norbert Lins, Peter Liese and Jens Gieseke — sent in June last year, in which they proposed the accelerated standardisation and market launch of E20 fuel. They said that this higher blend could "make a significant contribution to achieving our climate goals without placing an undue burden on citizens." In her response von der Leyen said that the "the commission confirms the role that higher biofuel blends can play in the decarbonisation of existing fleets". But she also said that the commission would take into account "possible problems related to the suitability of engines of existing vehicles for this fuel, as well as the need to incentivise investment in advanced biofuels". Currently the maximum ethanol blend permitted in the EU is 10pc (E10). Authorising E20 would double the amount of ethanol that could be blended into gasoline, but no timeframe on such a decision was provided. The EU-27 imported more than 1mn t of undenatured ethanol in 2025 , according to Eurostat data. EU energy commissioner Dan Jorgensen said last month that increasing the uptake of biofuels could substitute fossil fuels and alleviate pressure on markets, when discussing the "potentially prolonged disruption" of oil products supplies caused by the US-Israel war on Iran and resulting closure of the strait of Hormuz. This point was not mentioned by von der Leyen in her letter. The US will allow refiners and retailers to supply E15 gasoline — a higher than usual blend — in some states from May, and will waive other fuel rules as part of attempts to temper pump prices that have surged because of the war. Argentina has done the same , while some Asia-Pacific countries are considering increasing blending levels. In Europe, indirect effects of the war caused ethanol prices to rise . Average 75pc greenhouse gas emissions-saving crop-based ethanol hit its highest since September 2022 on 13 April. Romania has decided to remove the requirement to blend 8pc biofuels into gasoline because it pushes prices for the fuel up. Prior to the Iran war, the European ethanol market was already structurally short coming into the year. And member states' mandated targets continue to increase under the EU's latest Renewable Energy Directive (RED III). But provisional application of the EU-Mercosur interim Trade Agreement is set to begin on 1 May , a deal that will allow reduced import tariffs on a total of 200,000 t/yr to be phased in incrementally across six years. Rising bio-mandates for road fuels are likely to add further pressure to the already waning demand for European gasoline. Europe's primary export outlets — the US Atlantic coast and west Africa — have reduced their reliance on European gasoline, becoming increasingly self-sufficient. Since Europe is structurally long on gasoline — producing more than it consumes — falling export demand has led to higher stock levels compared with historic averages in recent years. Participants have pointed to plentiful stocks across Europe this year, with some traders suggesting waning demand may lead to an oversupplied European market. Refiners have begun slowing gasoline blending activity to curtail production, in part due to the backwardation caused by the US-Iran war, which tightened prompt global energy supplies, but also because of limited outlets. By Toby Shay and Atishya Nayak Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Already a subscriber?
Log into Argus Direct now to explore our extensive catalogue of news, commentary and analysis articles.
Log in now
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