Czech Litvinov refinery bitumen loadings resume

Spanish Market: Oil products
12/09/24

Bitumen truck loadings have resumed at the 108,000 b/d Litvinov refinery in the Czech Republic after the discovery of an unexploded World War 2 bomb caused an unplanned shutdown last month, market sources said.

The refinery was forced to shut on 21 August to enable the bomb to be removed. It restarted over the 31 August-1 September weekend, but bitumen truck supply only resumed this week, market participants said.

The refinery's operator, Orlen Unipetrol, has been offering spot truck volumes at around €450/t ex-works, with discounts of around €20/t for sales to key buyers in domestic and inland export markets.

Argus assessed Czech truck bitumen prices at €495-505/t ex-works for the week ending 6 September, with those values largely notional in the absence of bitumen supplies from Litvinov.

By Fenella Rhodes

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14/01/25

Colonial shuts Line 1 due to Georgia spill: Update

Houston, 14 January (Argus) — Colonial Pipeline's main gasoline bearing line may be closed for more than a day as the company responds to a gasoline spill in Georgia detected on Tuesday. "Colonial has taken Line 1 out of service temporarily while we respond to a potential product release," the company said in a notice. "Normal operations continue on the remainder of the system." The spill occurred in Paulding County, Georgia, about 25 miles southwest of Marietta, Georgia. The company said it had crews on site responding to the incident. The company did not provide information on when the line would restart. Market sources said leak was small but it could take up to two days to resume operations. Line 1 has capacity to carry up to 1.3mn b/d of gasoline from Houston, Texas, to Greensboro, North Carolina. Cash prices for US Gulf coast 87 conventional gasoline in the Gulf coast ended Tuesday's session down by 3.19¢/USG at $2.115/USG, reversing gains from the previous session's 14-week high that was driven by higher blending demand. Liquidity fell during Tuesday's trading session with uncertainty over the length of the pipeline shut-down. The pipeline leak did not affect line space trading on Tuesday, which had already been falling. Values saw their sixth session of losses, shedding 0.25¢/USG day-over-day. A trade was reported at -1.5¢/USG, prior to the notice of the pipeline shut down, with no further trades reported for the remainder of the session. By Hannah Borai Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Biomethan: Missbrauchsverfahren gegen THE gestartet

14/01/25

Biomethan: Missbrauchsverfahren gegen THE gestartet

Hamburg, 14 January (Argus) — Die Bundesnetzagentur hat auf Anfrage von acht Unternehmen der Biogasbranche ein besonderes Missbrauchsverfahren gegen Trading Hub Europe eingeleitet. Die deutsche Gasbörse hat die Bilanzkreise der Landwärme Service am 11. Oktober 2024 gekündigt. Dadurch sind Vertragspartnern wirtschaftliche Probleme entstanden. Ein Unternehmen, dem ein Bilanzkreis vom Marktgebietsverantwortlichen gekündigt wird, darf Biomethan weder liefern noch entgegennehmen. Vertragspartner der Landwärme Service (LWS) konnten deshalb von einem Tag auf den anderen nicht mehr auf die Mengen zugreifen, die von LWS oder ihnen selber zuvor schon in den Bilanzkreis eingespeist wurden. Somit haben sie für 2024 auch keinen Anspruch auf Nachweise über die Nachhaltigkeit ihres bereits erhaltenen oder eingespeisten Biomethans. Diese sind allerdings notwendig für Anlagenbetreiber, da diese in der Regel EEG-gefördert sind. Sollten sie bis Ende Februar keine entsprechenden Nachweise erhalten, könnten Unternehmen daher ihre EEG-Förderung verlieren. Kunden, Lieferanten und Produzenten, die einen Vertrag mit LWS hatten, mussten sich dementsprechend umorientieren und versuchten neue Lieferverträge zu etablieren. Dies steigerte auch die Nachfrage und verteuerte Biomethan in Deutschland im Oktober. Grund für die Anträge für ein Missbrauchsverfahren ist nun, dass die Vertragspartner von LWS noch immer keinen Zugriff auf ihre Mengen haben und auch keine Informationen erhalten haben, was mit diesen geschehen ist. Ein Antragsteller erklärte, dass er sich von dem Verfahren eine Wiederherstellung der Mengen oder eine finanzielle Kompensation erhofft. Trading Hub Europe soll den betroffenen Geschäftspartnern im November ein Angebot gemacht haben, zumindest einen Teil der Mengen gegen Zahlung eines Ausgleichsenergiepreises wieder in Biogasbilanzkreise einzustellen, so Unternehmen. Dieser Preis war für viele jedoch zu hoch angesetzt und hätte nur etwa 30 % der Mengen wiederhergestellt. Gleichzeitig wäre das Problem der Nachhaltigkeitszertifikate durch dieses Angebot weiterhin nicht gelöst. Viele der betroffenen Unternehmen wollten dieses Angebot nicht annehmen, da es weder attraktiv noch wirtschaftlich war. Die Anträge der Unternehmen gingen zwischen dem 17. Dezember und 20. Dezember 2024 bei der Bundesnetzagentur ein. Bei den Antragsstellern handelt es sich um die Biomethanproduzenten und -händler Verbio und EnviTec Energy, die Versorger STAWG – Stadt- und Städteregionswerke Aachen, Energie Schwaben und Stadtwerke Passau sowie die Biomethandienstleister und -händler GETEC Energy Management und GETEC Green Energy. Der genaue Grund für die Kündigung der Bilanzkreise ist nicht bekannt. Laut Trading Hub Europe (THE) ist eine außerordentliche Kündigung aus wichtigen Gründen möglich. Dies ist zum Beispiel der Fall, wenn gegen Bestimmungen trotz Abmahnung schwerwiegend verstoßen wurde, der Bilanzkreisverpflichtete seiner Verpflichtung einer Sicherheitsleistung oder Vorauszahlung nicht fristgerecht oder vollständig nachgekommen ist oder wenn dieser fahrlässig falsche oder unvollständige Angaben bei der Zulassung gemacht hat oder nicht über Änderungen der Angaben informiert hat. Ein weiterer Grund für eine Kündigung kann eine erhebliche Unterspeisung des Bilanzkreises sein, hier sei die Kündigung auch ohne wiederholten Verstoß und ohne Abmahnung möglich. Von Svea Winter Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

Singapore bunker prices rise to multi-month highs

13/01/25

Singapore bunker prices rise to multi-month highs

Singapore, 13 January (Argus) — Bunker fuel prices in the port of Singapore touched multi-month highs today, supported by a rally crude futures Ice Brent Singapore crude reached $81.23/bl by close of trading in the port city, following the announcement of sweeping sanctions by the US administration on Russian energy exports. Shipowners and bunker buyers in Singapore were cautious about procurement given the elevated prices. Many pushed back their bunker buying, preferring to monitor near-term market developments. Very-low sulphur fuel oil (VLSFO) prices on a delivered basis in Singapore jumped by $16.7/t to $590.72/t, the highest since 24 October 2024. Deals concluded by 19:00 Singapore time had touched $599/dob and could breach $600/t in the coming days if strength in the energy complex continues. "Market is firm… I would not dare to fix anything today," a ship owner said, adding that "buyers should be very careful" when making procurement decisions. Another vessel owner said its earliest VLSFO bunker requirement would be for delivery from 26 January, and it was not looking to trade at the moment. "It is very difficult to know how things will proceed, but think it might move higher," said a UK-based bunker trader. VLSFO supply availability is limited, which could further support upward movement in prices in the coming days. High sulphur fuel oil (HSFO) prices jumped by $34.67/t today to $507.67/t dob, the highest since 26 July 2024. Marine gasoil (MGO) prices were at a six-month high $731/t dob in Singapore, up by $30/t from the previous session. The upside in crude futures was reflected in marine biodiesel prices, with B24 rising in Singapore. B24, which is a blend of 24pc used cooking oil methy ester (Ucome) and 76pc VLSFO, were assessed by Argus $14-15/t higher at $721-726/t dob. Traders said B24 prices will follow the trend in VLSFO cargo prices, but spot liquidity may remain thin. "Today people are still trying to figure out what right value is," said a key shipowner and trader, adding that prices could rise further this week. By Mahua Chakravarty and Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil’s inflation decelerates to 4.83pc in December

10/01/25

Brazil’s inflation decelerates to 4.83pc in December

Sao Paulo, 10 January (Argus) — Brazil's headline inflation decelerated to 4.83pc at the end of 2024, as declines in power costs were only partially offset by gains in fuel and food, according to government statistics agency IBGE. The consumer price index (CPI) slowed from 4.87pc in November and compared with 4.76pc in October. The year-end print compared with 4.62pc in December 2023, but was down from 5.79pc in December 2022. Food and beverage costs rose by an annual 7.69pc in December, accounting for much of the monthly increase, following a 7.63pc annual gain in November. Beef costs increased by an annual 20.84pc in December following a 15.43pc annual gain for the prior month. Higher beef costs in the domestic market are related to the Brazilian's real depreciation to the US dollar, with the Brazilian real depreciating by 27.4pc to the US dollar between 31 December 2023 and the same date in 2024 . Still, beef prices decelerated by 5.26pc in December alone, down from 8pc in November. Soybean oil rose by 29.21pc over the year, an increase of 1.64 percentage points from November. Fuel prices rose by an annual 10.09pc in December after an 8.78pc gain in November. Motor fuel costs grew by 0.7pc in December, compared with a 0.15pc drop in the prior month, thanks to higher gasoline prices. Diesel prices increased by 0.66pc in the 12-month period, while it decreased by 2.25pc in November. Gasoline prices — the major individual contributor to the annual high, according to IBGE — rose by 9.71pc in December from 9.12pc in the prior month. Still, that was lower than in December 2023, when the annual inflation for gasoline stood at 11pc. Power costs in December contracted by an annual 0.37pc in December, as improvements in power generation allowed for removal of a surcharge from customer bills, after a gain of 3.46pc the prior month. In November, Brazil faced lower river levels at its hydroelectric plants after a period of severe droughts . Brazil's central bank is targeting CPI of 3pc with a margin of 1.5 percentage point above or below. Brazil's central bank in December raised its target rate to 12.25pc from 11.25pc as the real's depreciation accelerated. It also signaled it is likely to increase the rate to 14.25pc by March. Monthly inflation accelerated to 0.52pc in December from 0.39pc in November. But the rate was lower than in December 2023, when it stood at 0.56pc. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US issues 45Z tax guidance for low-carbon fuels

10/01/25

US issues 45Z tax guidance for low-carbon fuels

Washington, 10 January (Argus) — US producers of low-carbon fuels can start claiming the "45Z" tax credit providing up to $1/USG for road use and $1.75/USG for aviation, following the US Treasury Department's release today of proposed guidance for the credit. The guidance includes proposed regulations and other tools to determine the eligibility of fuels for the 45Z tax credit, which was created by the Inflation Reduction Act to replace a suite of incentives for biofuels that expired at the end of last year. Biofuel producers have been clamoring for guidance from the US Treasury Department so they can start claiming the tax credit, which is available for fuels produced from 1 January 2025 through the end of 2027. "This guidance will help put America on the cutting-edge of future innovation in aviation and renewable fuel while also lowering transportation costs for consumers," US deputy treasury secretary Wally Adeymo said. "Decarbonizing transportation and lowering costs is a win-win for America." The creation of the 45Z tax credit has already prompted a change in US biofuels markets by shifting federal subsidies from blenders to producers. Because the value of tax credit increases for fuels with the lowest lifecycle greenhouse gas (GHG) emissions, it could encourage refiners to source more waste feedstocks such as used cooking oil, rather than conventional crop-based feedstocks. While the guidance is still just a proposal, taxpayers are able to "immediately" use the guidance to claim the 45Z tax credit, until Treasury issues additional guidance, an administration official said. The guidance on 45Z released today affirms that only the producer for the fuel is eligible to claim the credit, not blenders. To be eligible for the tax credit, the fuel must have a "practical or commercial fitness for use in a highway vehicle or aircraft" by itself or when blended into a mixture, Treasury said. Marine diesel and methanol suitable for highway or aircraft use are also eligible for 45Z, as is renewable natural gas that can be used as a transportation fuel. Treasury also released an "annual emissions rate table" offering providers a methodology for determining the lifecycle GHG of fuel. Treasury said a key emissions model from the US Department of Energy, called 45ZCF-GREET, used to calculate the value of the 45Z tax credit is anticipated to be released today, although industry officials said it may be delayed until next week. Treasury said it intends to propose regulations at "a future date" for calculating the GHG emissions benefits of "climate smart agriculture" practices for "cultivating domestic corn, soybeans, and sorghum as feedstocks" for fuel. Those regulations could lower the calculated lifecycle emissions of fuel from those crop-based feedstocks and increase the relative 45Z tax credit. US biofuel producers said they are still awaiting key details on the 45Z tax credit, including the update to the GREET model. Among the outstanding questions is if the guidance released today provides "enough certainty to negotiate feedstock and fuel offtake agreements going forward", said the Clean Fuels America Alliance, an industry group that represents the biodiesel, renewable diesel and sustainable aviation fuel industries. It is unclear how president-elect Donald Trump intends to approach this proposed approach for the 45Z credit, which will be subject to a 90-day public comment period. Trump has promised to "rescind all unspent funds" from the Inflation Reduction Act. But outright repealing 45Z would leave biofuels producers and farmers without a subsidy they say is needed to sustain growth, after the expiration last year of a $1/USG blender tax credit and a tax credit of up to $1.75/USG for sustainable aviation fuel. Biofuel and soybean groups were unsuccessful in a push last year to extend the expiring biofuel tax credits. The 45Z credit is likely to be debated in Congress this year, as Republicans consider repealing parts of the Inflation Reduction Act. House Republicans have already asked for input on revisions to the 45Z credit, signaling they could modify the incentive. In a tightly divided Congress, farm-state lawmakers may hold enough leverage to ensure some type of biofuel incentive — and potentially one friendlier to agricultural producers than 45Z — survives. By Chris Knight and Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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