Some EU countries put hold on AstraZeneca vaccine

Spanish Market: Agriculture, Biofuels, Chemicals, Coal, Coking coal, Condensate, Crude oil, Electricity, Emissions, Feedgrade minerals, Fertilizers, Hydrogen, LPG, Metals, Natural gas, Oil products, Petrochemicals, Petroleum coke
15/03/21

Some EU member states have temporarily halted distribution of the AstraZeneca/Oxford University (AZ/OU) Covid-19 vaccine, citing thrombotic side-effects.

The halt, even if it is temporary, could threaten any revival in demand for energy products that would come from eased restrictions on mobility and commerce. That in turn could have a knock-on effect for prices, which have risen sharply since the roll-out of vaccines began. The EU is already lagging some other developed regions in its administration of vaccines, including the UK and the US.

The Dutch government paused distribution of the AZ/OU yesterday, expressing concerns about reported cases of post-vaccine thrombosis. It will not administer the vaccine until 28 March. Germany and Italy followed suit today.

AstraZeneca said that as of 8 March there have been 15 events of deep-vein thrombosis and 22 events of pulmonary embolism reported among the 17mn people given its vaccine in the EU and UK, which it said "is much lower than would be expected to occur naturally in a general population of this size".

By Ben Winkley

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.

14/11/24

Brazil starts US, Canada PE-dumping probe

Sao Paulo, 14 November (Argus) — Brazil's government has started an anti-dumping investigation into polyethylene (PE) produced in the US and Canada. The country's foreign trade committee Gecex launched the investigation on 13 November following allegations from the sole Brazilian PE producer, major petrochemical company Braskem, that these countries are exporting PE to Brazil at prices below what is considered fair market value. Overall imported PE prices into Brazil have been in a downward trend since July, pushing down Braskem prices in the domestic market. Gecex said it will analyze export prices and compare them with those in the domestic markets of both countries. If dumping is confirmed, corrective measures may be applied to protect the Brazilian industry. A preliminary analysis has identified significant evidence of dumping, justifying the continuation of the investigation, Gecex said. It added that there was a considerable increase in PE imports from these countries — especially from the US — during the period being investigated, which may have contributed to the decline in domestic prices and harmed the domestic producer. The preliminary analysis of dumping evidence covered 1 April 2023 to 31 March 2024. The damage analysis period extended from 1 April 2019 to 31 March 2024. The anti-dumping investigation into PE imports from the US and Canada was preceded by an increase in import taxes on a number of polymers and chemicals to 20pc from 12.6pc, including PE, polypropylene (PP) and polyvinyl chloride (PVC), effective since 15 October. Repercussions An international trader specializing in polymer imports into Brazil told Argus that if anti-dumping duties are applied, his company's PE imports from the US to Brazil could drop by 20-30pc. "The decision has a 10-month deadline to be presented, but I believe it will be implemented and possibly announced earlier," he said, adding that this is another Braskem maneuver to regain its traditional 70pc market share in the Brazilian market. If confirmed, the measure is expected to have a significant impact on the Brazilian economy, especially on the plastic products manufacturing industry, as imports of finished plastic products could rise substantially, the trader said. One US-based trader selling US and Canada PE into Brazil sees the possible application of anti-dumping measures on the products as a structural development. "We will need to source PE in different production regions such as Asia and the Middle East, developing new ways of logistics, cash flows, ways of payment, to make it work flawlessly as it currently works with North American PE," the trader told Argus . "Prices should go up and we will increase our margins on PE sales." Brazil's January-September PE production increased by 1pc to 1.7mn t from the same period in 2023, while domestic sales fell bu 2pc to 1.24mn t. In contrast, PE imports jumped by 45pc to 1.54mn t, resulting in an apparent consumption of around 2.8mn t, up by 20pc higher year-on-year and a record high. By Fred Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Latin America can harness energy transition: World Bank

14/11/24

Latin America can harness energy transition: World Bank

Montevideo, 14 November (Argus) — Latin America and Caribbean countries have the resources the world needs for the energy transition, but need to make substantial changes to benefit from them, a World Bank official said. The region is focused on producing a long list of resources, from critical minerals to low-carbon hydrogen, for the energy transition. It produced resources for economic transformations in the past, but did not reap benefits. This time it could be different. "We still have the problem of opportunities being left on the table," William Maloney, the World Bank's chief economist for Latin America and the Caribbean, told Argus . He said the region should look to Nordic countries. "What we want to do is avoid another cycle of saying ‘okay, take our resources and give us 30pc, so we have budget support,' " he said on the sidelines of a bank-sponsored conference on innovation in Montevideo, Uruguay. The region is home to more than 50pc of lithium resources worldwide, according to the US Geological Survey, and also dominates in reserves of critical metals, including copper, silver and tin that are used in different components of the energy transition. It has vast natural gas reserves from Trinidad and Tobago down to Argentina. Maloney said the region should look at what Sweden has done with its forestry sector and Norway with oil. He said that Sweden's forestry sector has a network of state and private institutions working together to create knowledge and add value to the products. "This is what we have to do with our lithium, natural gas or oil," he said. Forestry products accounted for 8.6pc of Sweden's export earnings in 2023, according to the government's statistics agency. He said Norway came up with a plan when oil was discovered that allowed the oil majors to produce, but contracts included specific clauses on knowledge transfer and technology that let the country develop its own petroleum industry. Oil and gas accounted for 62pc of Norway's exports in 2023. It has 48.2 trillion cf of natural gas and in 2023 was the fourth natural gas exporter after the US, Russia and Qatar. "The idea is to approach foreign capital and foreign technology with ideas that go beyond taxes and beyond employment to learning how to do things ourselves," he said. "It does not have to be us or them, there is a negotiation to be had." By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Cop: German opposition pushes for Article 6

14/11/24

Cop: German opposition pushes for Article 6

Berlin, 14 November (Argus) — Germany's main opposition parties have welcomed the progress achieved on Article 6 of the Paris Agreement in at the UN Cop 29 climate summit in Baku, Azerbaijan. They have called on Germany and the EU to make better use of the instrument to allow for more cost-efficient climate action. Germany's dominant opposition party, the right-of-centre CDU/CSU, on 14 November commended the framework under Article 6 as an efficient way of reducing greenhouse gas (GHG) emissions. Article 6 of the Paris accord aims to help set rules on global carbon trade. The Article 6 mechanism allows for reductions to happen where they are quickest, cheapest and easiest to be carried out, the CDU head of the working group on climate action and energy, Andreas Jung, said in a debate in the lower house of parliament, the Bundestag. The deputy head of the FDP faction Lukas Koehler, also speaking in the Bundestag on 14 November, called on Germany and the EU to "finally" integrate the Article 6 in their climate action plans. Koehler argued that if for instance Germany's progress in emissions reduction should turn out to be too slow, the country could temporarily shift its efforts — and the associated finance — to where more rapid mitigation might be achieved, such as Brazil. The EU, of which Germany is a member state, will not make use of Article 6 credits, at least until 2030, to reach its so-called nationally determined contribution (NDC) – its climate action pledge — under the Paris climate accord. The EU has been seeing progress on ongoing Article 6 negotiations at Cop 29, the European Commission's principal advisor for international aspects of EU climate policy Jacob Werksman said today, "mostly because parties are now agreeing with the EU and others that were concerned about the transparency and accountability of the bilateral markets that operate under Article 6.2". Werksman believes there is enough momentum for negotiations to be concluded next week, noting that the atmosphere has "improved" compared with previous negotiations, which echoes the sentiment expressed by a number of negotiators earlier this week . Werksman pointed in particular to the US now agreeing with others and helping to broker compromises. Koehler also warned German government representatives in Baku to refrain from "expensive" pledges which may strain the country's budget. Developed countries agreed in 2009 to deliver $100bn/yr in climate finance to developing nations, and Cop 29 is focused on the next iteration of this — the new collective quantified goal (NCQG) . In a statement, Germany — represented by Scholz despite his absence at the Cop — and other G7 members like Canada, France, or the Netherlands agreed that "developed countries must continue to take the lead and live up to existing finance commitments". Germany faces early elections as the government lost its majority last week following the sacking, by chancellor Olaf Scholz of the Social Democrat SPD, of finance minister Christian Lindner of the pro-business FDP party and the FDP's subsequent withdrawal from the ruling coalition. Polls suggest that the CDU/CSU group will easily win the next federal elections which are scheduled to take place on 23 February. The FDP's persistent refusal to allow Germany to take on more debt to enable more public funding, including of clean technologies, was the main reason for Lindner's sacking. By Chloe Jardine and Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Brazilian senate passes carbon market bill

14/11/24

Brazilian senate passes carbon market bill

Sao Paulo, 14 November (Argus) — Brazil's senate approved a bill that will create a regulated carbon market, helping to underpin the country's emissions-reduction targets. The senate approved the bill nearly 11 months after it was passed in the lower house. But the proposal will still need final approval in the lower legislature because of the changes to the text. The approval was celebrated by the Brazilian delegation in the UN Cop 29 climate summit in Baku, Azerbaijan. The carbon market will give Brazil the financial instruments to help meet its emissions reduction targets, environment minister Marina Silva said. 67pc](http://direct.argusmedia.com/newsandanalysis/article/2628248) by 2035 from 2005 levels, Silva said in Baku. The legislation creates the Brazilian emissions trading system (SBCE) and stipulates that companies with over 25,000 metric tonnes/yr of emissions will be subject to the cap-and-trade system. The senate proposal maintained the exemption of the agricultural sector from the cap-and-trade system, but allows companies in this sector to sell carbon credits. The bill also stipulates that the new system cannot overlap with existing carbon-reduction programs, such as the biofuels carbon credit program Renovabio or the excise tax, which will be created in the tax reform. The senate stipulated a fine of up to 3pc of gross revenues for companies that fail to comply with emissions reduction targets. It also removed the requirement that vehicle owners will have to offset carbon emissions, which was included in the lower house proposal. Congress is expected to approve the bill before year-end, following negotiations with leaders in the senate. Once the bill is signed into law, regulations governing the proposal will still need to be approved by the federal government. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Advanced Fame ARA marine biodiesel blends hit 2024 lows

14/11/24

Advanced Fame ARA marine biodiesel blends hit 2024 lows

London, 14 November (Argus) — Marine biodiesel blends comprising Advanced Fatty acid methyl ester (Fame) 0 hit their lowest prices so far this year on 13 November, according to Argus assessments. Calculated B30 Advanced Fame 0 dob ARA prices fell by $15.05/t to $654.79/t, the lowest since 14 December 2023. Calculated B100 Advanced Fame 0 dob ARA values tumbled by $70.60/t to $922.79/t, their lowest since 29 December 2023. The calculated dob ARA range prices incorporate a deduction for HBE-Gs. These are a class of Dutch renewable fuels units, or HBEs, used by companies that bring liquid or gaseous fossil fuels into general circulation and are obligated to pay excise duty/energy tax on fuels. The sharp drop in blend values came despite firming prices in Advanced Fame 0 fob ARA range values, which rose by $11.50/t to $1,481.25/t on 13 November — their highest since 8 July. Fossil markets also rebounded from recent drops that day, with front-month Ice Brent crude futures and gasoil futures contracts edging higher by 16:30 BST. Market participants had pointed to sluggish demand for European marine biodiesel blends in recent sessions, which may have added pressure on Advanced Fame 0 blend prices. HBE-G values have soared, weighing on the blend values for which it is accounted as a deduction. Prices for 2024 HBE-Gs had almost doubled on the month at €18.75-18.95/GJ by 13 November, up from €9.70-9.90/GJ four weeks prior. Market participants attributed the increase in 2024 prices to recent gains in European hydrotreated vegetable oil (HVO) prices, tight supply because of a decline in tickets from biofuels used in shipping and less overall biofuel blending in the fourth quarter. HBE-Gs surpassed the like-for-like cost physical blending of HVO class IV by 13 November, albeit marginally, which could encourage physical blending. But high demand in a tightly supplied market in the Netherlands is continuing to drive HVO prices higher. The supply tightness is the result of a combination of fewer imports, with provisional anti-dumping duties in place on Chinese volumes, and some production problems. Italy's Eni confirmed on 7 November that it has halted output at its Gela HVO unit on Sicily, for planned maintenance. Finnish producer Neste said it stopped production at its plant in Rotterdam because of a fire on 8 November. France's TotalEnergies said that the shutdown of unspecified units at its La Mede plant would result in flaring on 8 November. By Hussein Al-Khalisy and Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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