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WTI soars after Trump vows more weeks of attacks
WTI soars after Trump vows more weeks of attacks
Houston, 2 April (Argus) — US benchmark WTI crude futures rose by as much as 14pc in early trading today before paring gains as president Donald Trump vowed to hit Iran "extremely hard" over the next two or three weeks. May Nymex WTI was up by about 9pc at $108.84/bl at 11am ET Thursday, after trading as high as $113.97/bl earlier in the session. In his first prime time address to the US public since launching the war with Iran on 28 February, Trump on Wednesday said the US is on track to finish all of its military objectives in the war against Iran "very shortly", but also said he expects the war will continue for weeks, during continued negotiations with Iran. "We're going to hit them extremely hard over the next two to three weeks," Trump said. "We're going to bring them back to the stone ages, where they belong." North Sea Dated crude also hit an 18-year high today , while European jet and diesel prices continued to hit consecutive record highs . Trump used the speech to repeat messages he had posted over the last few days on his social media platform. Countries that depend on oil shipped through the strait of Hormuz should "build up some delayed courage", Trump said, and take control of the waterway where 20pc of global oil flows. Iranian president Masoud Pezeshkian [said late on 31 March}(https://direct.argusmedia.com/newsandanalysis/article/2809002) that Tehran has the "necessary will" to bring the conflict with the US and Israel to an end but only once it has ironclad guarantees that they will not attack Iran in the future. Meanwhile, Iran has given assurances that Philippine-flagged vessels will be granted safe passage through the strait of Hormuz, the Philippine Department of Foreign Affairs (DFA) said on 2 April. The agreement was made during a phone call between foreign affairs secretary Maria Theresa Lazaro and Iran's foreign minister Seyed Abbas Araghchi, DFA said. Several other southeast Asian governments recently stepped up to initiate negotiations with Iran, which has since resulted in the safe passage of some vessels through the strait. The war in the Middle East is in its fifth week, with the US and Israel continuing their heavy aerial campaign against numerous targets across Iran. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil’s industrial output falls in February
Brazil’s industrial output falls in February
Sao Paulo, 2 April (Argus) — Brazil's industrial output stepped down by an annual 0.7pc in February, mainly driven by auto, chemical products and machinery, according to national statistics agency IBGE. The decrease follows an annual 0.2pc increase in January and a 0.1pc decline in December. Production of intermediate goods — feedstocks for industries that do not directly reach the final consumer — rose by 1.1pc in February from a year earlier. Output of non-durable and semi-durable goods fell by 0.3pc from a year earlier. Output of capital goods and durable consumer goods were down by 13.5pc and 9.3pc, respectively, from February 2025. It is the ninth consecutive annualized decline in capital goods production. Auto, chemical products and machinery were among the largest negative contributors, down by 7.3pc, by 6.4pc and 11pc, respectively, from a year prior. Heavy vehicles and NPK fertilizers pushed down their respective categories, IBGE said. Output of petroleum coke, oil products and biofuels rose by 4pc in February from a year earlier, following a 1.2pc decline in January. Metal products output was down by 8.4pc. Brazil's central bank lowered its target rate to 14.75pc in March. Brazil's headline inflation decelerated to an annual 3.81pc in February . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European jet, diesel prices hit new all-time highs
European jet, diesel prices hit new all-time highs
London, 2 April (Argus) — Northwest European jet fuel and diesel prices surpassed $1,900/t and $1,600/t respectively on Thursday, jumping significantly to fresh all-time highs, as market participants anticipated further escalation in the Middle East over the long Easter weekend. Argus assessed cif northwest European jet fuel at $1,903.50/t on Thursday, rising sharply by almost $300/t on the day. This was over $100/t higher than the previous record of $1,794/t set on 20 March. And fob ARA diesel was assessed at $1,604/t, over $200/t higher on the day and almost $150/t more than the previous record from the same date. Middle distillate prices were supported by a rise in underlying Ice gasoil values, which also hit an all-time high of $1,569.75/t on Thursday, up by 15pc on the day. US president Trump threatened to "hit [Iran] extremely hard over the next two to three weeks" on Wednesday evening , which probably supported the futures prices, traders said. Thousands of US troops have been arriving in the Middle East, spreading fears of a ground invasion. Participants may have built their long positions before the Easter weekend, not wanting to get caught out by further escalation before the next session on 7 April, market participants said. Participants also reiterated the extreme volatility in middle distillate markets, likely contributing to Thursday's sharp price increases. Jet fuel prices fell by around $140/t the day before. The volatility has deterred ‘market marker' firms from trading as heavily, while some companies have tightened risk management rules to mitigate losses. But the thinner liquidity has only further exacerbated volatility, causing a vicious cycle. Jet fuel and diesel prices have more than doubled since the start of the war because the disruption of flows from the Mideast Gulf has jeopardised around 50pc of Europe's jet fuel imports and 15-20pc of its diesel imports. By Amaar Khan and Josh Michalowski Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
ARA crop-based Fame cheaper than diesel for first time
ARA crop-based Fame cheaper than diesel for first time
London, 2 April (Argus) — European crop-based biodiesel benchmarks traded below underlying gasoil prices for the first time as the US-Israel war on Iran and resulting supply disruptions in the Middle East have pushed conventional diesel values to multi-year highs. Fame 0 trade was initiated on price discovery platform Argus Open Markets at a discount of $25-78/t to Ice gasoil, for loading between 9 and 30 April. Rapeseed OME traded at discounts between $5-35/t in the same period. But it is difficult to increase purchases of crop-based Fame in the largest European markets because biodiesel blending for road fuel is restricted at 7pc of diesel under the EU's fuel quality directive. And biodiesel is one of the cheaper options for meeting increasingly higher biofuel mandates, and so many buyers already blend biodiesel at the maximum rate possible. There are a few options for where biodiesel demand could crop up. Companies can agree to use B100, or pure biodiesel. This is limited by the size of the compatible vehicle fleet. Some countries may not be hitting the 7pc blend wall, including non-EU European countries without biofuel mandates. These could voluntarily increase biodiesel blending — something also recently suggested by the European commission as a supply protection measure. Countries outside of Europe could also start using biodiesel, although logistics and transport costs could erode much of the discount. Biodiesel is often blended at higher rates in warmer climates. Biodiesel could go into industrial or power generation, although these sectors are typically less familiar with liquid biofuels than the transport sector. Higher blends can also be used in marine bunker fuel, possibly the easiest pivot given the growing role of bio-bunkers following the expansion of the EU ETS to shipping and the implementation of FuelEU maritime. However, crop-based biodiesel is less appealing in the maritime sector, because it does not qualify for FuelEU maritime compliance — FuelEU requires that biofuels be made from wastes or residues. But crop biodiesel can still be zero-rated in the EU ETS. When including ETS costs, waste-based biodiesel has been cheaper than marine gasoil for several weeks already, but buying has not significantly increased . Some say shipowners and buyers are hesitant to make significant changes to their procurement strategy based on an acute price spread, or are wary of using biodiesel in their engines. By Simone Burgin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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