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Últimas noticias sobre productos del petróleo
Últimas noticias sobre productos del petróleo.
European products markets open higher on US tariffs
European products markets open higher on US tariffs
London, 3 February (Argus) — European light and middle distillate markets opened higher today after US tariffs against China, Mexico and Canada were announced over the weekend, but market participants reacted cautiously to the move. US president Donald Trump on 1 February slapped tariffs of 10pc on Canadian energy imports, which account for a significant share of foreign crude and products supply into the US. The tariff rate against Canada stood in contrast to the 25pc tariff applied to Mexico, which may be designed to mitigate the inflationary effect of costlier Canadian crude and products imports in the US market. Eurobob non-oxy gasoline barges were trading at a volume-weighted average of $728/t at 13:40 GMT, up from $715/t since the 31 January close, while underlying Ice February gasoil futures — the futures value against which diesel and jet cargoes are traded — was higher at $727/t, up from $711.25/t. Brent crude values were just 14¢/bl higher, as product cracks firmed by 19.1pc and 8.6pc to $10.37/bl and $20.43/bl against Brent futures for non-oxy barges and Ice gasoil futures, respectively. Any Canadian product sales into the US would see tariffs passed onto the buyer, according to one source with knowledge of the matter, adding they were waiting to see how Canada otherwise responds to the US tariffs. Canadian refiners could also start sending their product to west Africa or Latin America, another source close to the matter told Argus last week. This ‘wait-and-see' approach was echoed by one Mideast Gulf gasoline trader, while two European analysts said the desired policy outcome of rebalancing trade between the US and Canada was not straightforward, and may make Canadian products imports more affordable as the Canadian dollar depreciates. The US may be better prepared for a gasoline supply shock as a result of seasonal stockpiling, one analyst said, but the US Atlantic Coast has a more significant gasoline supply shortage than Canada if gasoline output were to remain in the domestic market north of the border, another said. In a sign of concerns over US Atlantic Coast diesel tightness, the Sebarok Spirit LR2 appeared to have been booked to deliver a mixed cargo of 10ppm diesel and gasoline from the Port of Antwerp to New York by 15 February, according to Kpler tracking data. These type of voyages "never happen", one analyst said, with Europe structurally short of diesel and the ARA hub a reliable diesel buyer of last resort. The vessel was still anchored at the Port of Antwerp today. In the event of lower Canadian crude deliveries to US refineries, US product cracks could strengthen, one analyst said, but added a halt in supplies of Western Canadian Select (WCS) to US refineries was unlikely. A strengthening in product cracks could exacerbate a seasonal improvement in Rbob gasoline premiums ahead of the summer driving season, the source said, while transatlantic diesel arbitrage economics could remain shut firmly for longer — closing off a key supplier from the European diesel market. It was not immediately clear how product flows from Canada to the US were otherwise impacted today, as most product exports into the US are made via pipeline. No new gasoline or diesel cargoes were recorded loading at Canadian ports signalling US delivery by Kpler today. Two vessels carrying clean products from Valero's 265,000 b/d Jean Gaulin refinery, Quebec, were sitting offshore northeast US signalling to discharge volume at New Haven, Connecticut on 5-6 February. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US delays Mexico tariffs by a month
US delays Mexico tariffs by a month
Mexico City, 3 February (Argus) — The US has agreed to postpone the implementation of 25pc tariffs on Mexican goods for one month, "allowing Mexico time to demonstrate good results for the US people and our people" on key security concerns, President Claudia Sheinbaum said today. Under the agreement Mexico will immediately reinforce its border with the US with 10,000 national guard troops to prevent drug trafficking into the US, with a specific focus on fentanyl, Sheinbaum posted on social media platform X following a conversation with President Donald Trump. The US pledged to take stronger action to curb the flow of high-powered firearms into Mexico, she said. US president Donald Trump confirmed the tariff delay in a social media post, saying there would be negotiations in the coming weeks with Mexican officials and US secretary of state Marco Rubio, secretary of the treasury Scott Bessent and secretary of commerce Howard Lutnick. The tariffs were originally set to take effect on 4 February. By Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Pemex can partially bypass US tariffs with Asia sales
Pemex can partially bypass US tariffs with Asia sales
Mexico City, 2 February (Argus) — Mexico's state-owned oil company Pemex can sidestep the US' 25pc tariff on Mexican imports by redirecting crude to other international buyers, particularly in Asia, market sources say. Pemex primarily sells crude under evergreen or long-term contracts, allowing it to set prices and volumes buyers must accept, one former executive at Pemex's trading arm PMI told Argus . These agreements vary in duration, with some being indefinite and others requiring a minimum purchase period. The 25pc tariff imposed by US president Donald Trump's administration could simply be added to Pemex's benchmark price and leave US buyers to decide whether to accept it. If they decline, Pemex could offer its crude at a discount to other buyers. "Pemex would rather sell at a discount elsewhere than absorb most or all of the tariff to keep exporting to the US," the former PMI executive said. Pemex has more flexibility than Canadian heavy crude producers, whose output is primarily transported through pipeline to US refiners in the midcontinent. Pemex can more easily divert shipments to Europe or Asia rather than Texas, where most of its crude is consumed. Pemex exported about 806,200 b/d of crude in 2024, a 22pc drop from 2023, according to company data. The US took around 505,000 b/d, or 60pc, of Mexico's crude exports in 2024, vessel tracking data show. Pemex is a key supplier of heavy crude and high-sulphur fuel oil (HSFO) to US Gulf coast refiners, which are also optimized to convert HSFO — a low-value byproduct — into higher-value fuels like gasoline and diesel. The state-owned company exported around 130,000 b/d of HSFO to the US in 2024, down from 163,000 b/d in 2023, according to Vortexa. Pemex typically sells fuel oil at a discount relative to its high-sulphur Mayan crude to Texas refiners. Domestically, Pemex supplies HSFO to state-owned utility CFE, which uses it for power generation. Pemex owns the 312,500 b/d Deer Park refinery in Texas, which processes Maya crude, but does not disclose how much crude it supplies to the facility. Pemex exported around 67,000 b/d of crude to the Deer Park refinery in 2024, according to Vortexa data. In the medium term, Pemex could lower shipping costs to Asia by upgrading infrastructure at its Salina Cruz port on Mexico's Pacific coast, the former PMI executive said. "It wouldn't require a large investment, just improved pipeline capacity to move crude from the Gulf to the Pacific," he said. By Édgar Sígler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Trump tariffs to hit North American energy trade
Trump tariffs to hit North American energy trade
Washington, 2 February (Argus) — US president Donald Trump is set to disrupt the integrated North American energy market with tariffs of 10pc on Canadian energy imports and 25pc on Mexico-sourced energy commodities, effective on 4 February. Trump on Saturday issued executive orders that would impose taxes of 25pc on all imports from Mexico and 25pc on all non-energy imports from Canada, effective on 4 February. Most energy commodities imported from Canada would be subject to a lower, 10pc tariff. Imported goods in transit before 12:01am ET on 1 February would not be subject to those levies. The Canada energy exemption applies to "crude oil, natural gas, lease condensates, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, the kinetic movement of flowing water and critical minerals". Trump and the White House did not explain why he made a slight concession on the Canadian energy commodities. The US-Canada energy trade is particularly vulnerable to tariffs, for both sides. More than 4mn b/d of Canada's exports are wholly dependent on pipeline routes to and through the US. Conversely, many refineries in the US midcontinent have no practical alternative to the Canadian crude. Industry group the American Petroleum Institute said on Saturday that it would "continue to work with the Trump administration on full exclusions that protect energy affordability for consumers, expand the nation's energy advantage and support American jobs". Trump imposed tariffs on Canada and Mexico, as well as on China, by declaring a "national emergency" related to alleged inability of those countries to stem the flow of migrants and illegal drug fentanyl to the US. The White House in previous decades has used emergency declarations to impose sanctions against foreign countries, and US courts have stayed away from challenging the executive branch on such declarations and their economic applications. The choice of an emergency declaration also is meant to prevent the US Congress, which retains primary authority over US international trade, from intervening legislatively to remove tariffs. Congressional Republicans, at any rate, quickly hailed Trump's decision. By contrast, Democratic lawmakers and state officials denounced the tariffs and cited inflationary effects of the import taxes. Tit for tat Canada's prime minister Justin Trudeau said on Saturday that his country's energy exports to the US would factor in with other retaliatory measures, possibly in the form of export taxes. "There are a number of different industries and regions of the country that can have greater leverage over the US," Trudeau said. "One thinks of the oil industry for example." Alberta premier Danielle Smith said on Saturday that she would oppose efforts to ban or to tax exports to the US. Trudeau said he would hold consultations with regional and business leaders before taking any counter-measures. But he added, "no one part of the country should be carrying a heavier burden than another." Trudeau said that Canada would apply a 25pc import tax on C$30bn ($21bn) worth of imports from the US on 4 February, followed by a 25pc tariff on an additional C$125bn worth of imports on 25 February. Denouncing Trump's punitive tariffs and his frequent derogatory comments about the US' northern neighbor, Trudeau, in comments directed at a US audience, said: "From the beaches of Normandy to the mountains of the Korean Peninsula, from the fields of Flanders to the streets of Kandahar, we have fought and died alongside you." Mexico's president Claudia Sheinbaum likewise criticized Trump's action, characterizing as "slander" the text of his executive orders, which alleged that Mexico's government was an instrument of the country's drug cartels. But Mexico did not unveil specific countermeasures against Trump's tariffs. "I instruct the secretary of economy to implement Plan B, which we have been working on, including tariff and non-tariff measures in defense of Mexico's interests," Sheinbaum said on Saturday. Trump's executive orders call for raising US tariffs if Canada and Mexico retaliate. Effects to be felt across the economy The North American energy industry is an obvious casualty of Trump's trade war. But its effects will be felt in automobile manufacturing, agriculture, steel, aluminum, potash and every other sector of the economy in all three countries. Nearly all of Mexico's roughly 500,000 b/d of crude shipments to the US in January-November 2024 were waterborne cargoes sent to US Gulf coast refiners. Those shipments in the future could be diverted to Asia or Europe. Tariffs on imports from Canada and Mexico would most likely have the greatest impact on US Atlantic coast motor fuel markets. The tariffs may affect regional natural gas price spreads and increase costs for downstream consumers, but there is limited scope for a reduction in gas flows between the two countries — at least in the short term. Tariffs on Canadian and Mexican imports also will disrupt years of free-flowing polyethylene (PE) and polypropylene (PP) trade between the three countries, market sources said. North American steel trading costs could rise by as much at $5.3bn across the three nations, since Mexico and Canada are expected to issue reciprocal tariffs against the US, as it did when Trump issued tariffs in his first term. The tariffs could also disrupt US corn and soybean sales, since China and Mexico account for 48pc of US corn exports and 61pc of US soybean exports since 2019, according to US Department of Agriculture data. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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