Bitumen / Asphalt
Overview
Global bitumen and asphalt spot prices are influenced by changing supply and demand fundamentals, VGO and crude prices. Argus is the only provider of global bitumen and asphalt spot prices assessed by a global team of reporters, based on market trade. Spot price coverage includes regional truck, rail and seaborne prices.
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St Louis harbor water levels to improve
St Louis harbor water levels to improve
Houston, 4 March (Argus) — Water levels at the St Louis, Missouri, harbor are forecast to rise above 0ft this week, the National Weather Service (NWS) said, allowing for easier barge transit at the harbor after weeks of low water concerns. St Louis is forecast to receive multiple rounds of showers and thunderstorms today, including some hail, with around 1 inch of precipitation expected to pour over the greater St Louis area, according to the NWS. As water from the tributaries reaches the harbor into this weekend, levels as high as 10.7ft are expected by 11 March. This rain is long awaited as the St Louis harbor has been grappling with low water conditions since early January. These conditions were exacerbated by minimal rainfall in February, causing water levels to fall below -3ft at the terminal. Some barge carriers will finally be able to resume loading at their docks after calling off all barge movement due to the low water. Draft restrictions are anticipated to slowly loosen in the coming days as water levels rise, and more weight can be placed on barges. Current draft restrictions are between 9.6-10ft at St Louis. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Q&A: GOMG expects Venezuela asphalt exports to rise
Q&A: GOMG expects Venezuela asphalt exports to rise
Houston, 28 February (Argus) — US sanctions targeting Venezuela and the planned restart of the 335k b/d Isla refinery in Curacao will be of keen interest to asphalt markets this year. Harry Sargeant IV , president of refining and asphalt trading company Global Oil Management Group (GOMG), spoke with Argus about the effects these developments will have on the asphalt markets. This interview has been edited for length and clarity. US president Donald Trump on 26 February said he would revoke Chevron's oil waiver . How do you see relations between the US and Venezuela? That declaration was a huge shock to me. But I wouldn't put it past Trump to use this as a political tactic for negotiating with (Venezuelan president Nicolas) Maduro. He could want more concessions out of Venezuela. (Before this announcement), we were seeing an American-centric narrative coming forward. (US special envoy Richard) Grinnell said Trump was not interested in regime change. Venezuela is a mineral-rich country. Why sanction them? Bring them back into the American hemisphere and kick out the Russian, Iranian and Chinese influences there. Do you think the US will ultimately renew Chevron's license? I think it'll come down to Trump negotiating the best deal he can get. My hope is this is being used as political leverage. I don't think we should let it get to the point where US businesses can't have an interest down there. There are not a lot of bottoms in the US. So, if you need asphalt and you need bottoms, you need to find heavy crude somewhere, and Venezuela is the premiere producer of that kind of crude. Bring back Venezuela and put those crudes back into the US Gulf coast refining complex. Do you anticipate any changes to your sanctions waiver following this news? Our license is still valid, and we continue to operate. We hope it remains the same or even opens up more. Closing this off isn't the best thing for the American consumer and American taxpayer. (Increased Venezuelan asphalt supply) is a net benefit for the US — it keeps prices down on the east coast and allows the infrastructure budget to go farther. It benefits US terminal operators and hot mix plants. To go and squash it (with sanctions) is counterproductive in my opinion. I think one of first things you'll see happen — assuming the thawing of the US-Venezuela relationship continues — is current license holders will see some amendments come out. Maybe more licenses as well. I think some asphalt traders could get licenses if they go through a US entity. We've seen rising asphalt exports from Venezuela — 15mn short tons since 2023, with the majority of this destined for the US, according to Kpler data. What is behind this and do you expect exports to continue to rise? This has nothing to do with production capacity — the refinery is only running at 40pc or something like that. The infrastructure is getting fixed. (PdV) has two tanks, and another tank will probably be ready in April. By June or July, they will hit 850,000 bl/month of export capacity. Maybe all five tanks will be up by the end of the year or late third quarter. They're also fixing up the export dock. Amuay has four piers with two loading positions each, and they are establishing a dedicated asphalt loading berth. Does the revocation of Chevron's license affect your restart plans for the Curacao asphalt plant? Our license for Curacao allows us to purchase Venezuelan crudes. If they're going to strip away licenses, that will weigh in our decision-making process. Not going to say that it will kill the plan, but we'd have to find other crudes and it could delay the start. The main holdup right now is RdK confirming they have the environmental permits in place to run the facility. Once that happens, we expect another three months of repairs. So by June or July, we'll be operational and producing 1.2mn st/year. Colombia is exporting more, Venezuelan supply is resurgent, and more companies are building ships to control their own supply. How do you see these factors changing trade flows? You get Curacao and Venezuela pumping asphalt again, it's a whole new ballgame. Or well, the old ballgame when they were actually operational. It will be interesting with these bigger ships. Back in the day, most ships were small. Now most are larger ships. There will definitely be a restructuring of the trade patterns. The Mediterranean arbitrage will stay closed ... and you'll see more movements west to east. Do you think Global Oil will get into asphalt shipping? The Sargeants ultimately in some form or fashion created the asphalt trading industry. If you look at all the traders, you can see (former employees) in all of them. No comment on if we get back into shipping, but we will have a lot of supply. By Sarah Tucker Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Upper Mississippi River ice thickens before March
Upper Mississippi River ice thickens before March
Houston, 27 February (Argus) — Ice measurements near the upper Mississippi River were thicker than the previous readings, the US Army Corps of Engineers (Corps) reported on 26 February. The Lake Pepin ice depth results traditionally help determine when the upper Mississippi River will reopen for spring transit. The second ice measurements taken this week revealed deeper ice than the week prior . The ice along mile 770 of the lake thickened by 1in to 20in which is also thicker than the same time last year. This measurement is 4in more than the five-year average for the period and slightly above average for overall ice thickness for this time of the year, according to the Corps. Nevertheless, ice did melt at the ends of the Lake because of warmer temperatures this week. If high temperatures and winds continue through the coming weeks, Lake Pepin's ice will begin to dissipate, said Corps civil engineering technician Alan Vanguilder. But should temperatures fail to increase by mid March, the reopening of the upper Mississippi could be delayed. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
UK 2024 bitumen consumption drops 10pc
UK 2024 bitumen consumption drops 10pc
London, 27 February (Argus) — UK bitumen consumption fell by 10.5pc last year compared with 2023 and hit the lowest level since 2016, data from the UK government's department for energy security and net zero (DESNZ) shows. The UK consumed 1.38mn t of bitumen in 2024. In the fourth quarter bitumen demand fell by 5.4pc to 322,000t compared with the same period of 2023, although December consumption rose by 3.75pc on the year to 83,000t. The fall in 2024 continues a downward trend in bitumen consumption since 2021 in the UK. Domestic consumption fell by 25.1pc between 2021 and 2024 and production dropped by 38pc over the same period, despite a rise in production last year. Production rose by 20.3pc on the previous year to 449,000t in 2024, despite lower fourth quarter output, when the UK produced 51,000t of bitumen, 16.3pc lower than in the fourth quarter of 2023. The highest output was in the second quarter last year, with the highest quarterly output since the second quarter of 2021. Output during the winter months tends to drop as cold weather halts much road building and maintenance. Insufficient government funding for road paving projects is limiting bitumen demand. UK finance minister Rachel Reeves allocated £500mn ($631mn) to road maintenance in October, but England alone needs £14.4bn as a one-time catch up cost, according to industry organisation the Asphalt Industry Alliance. By Tim van Gardingen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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