石油製品
概要
Oil products market coverage
Argus is the leading independent provider of market intelligence to the global energy and commodity markets. Our price assessments and market intelligence are available for every kind of refined oil product. Explore the coverage most relevant for your industry
運送燃料
バイオ燃料
バンカー燃料
ジェット燃料
アスファルト
ベースオイルと各種ワックス
Latest oil products news
Browse the latest market moving news on the global oil products industry.
Cepsa rebrands to Moeve to reflect sustainability shift
Cepsa rebrands to Moeve to reflect sustainability shift
Madrid, 30 October (Argus) — Spain-based integrated energy company Cepsa has changed its name for the first time in its 95 years of existence, to Moeve (pronounced Moo-eh-vey). The change reflects Cepsa's transition "in which the majority of profits will come from sustainable activities by the end of this decade," said chief executive Maarten Wetselaar. Cepsa has sold nearly 70pc of its oil and gas production over the past two years, including its stakes in upstream assets in Abu Dhabi , in Peru and in Colombia . It has retained stakes in light crude and gas production in Algeria, which has a significantly lower carbon footprint. The company reported provisional working interest crude production of 36,000 b/d in July-September, down from 80,000 b/d in the same period of 2021. Since then it has announced an €8bn ($8.65bn) investment strategy to decarbonise much of its business through ventures such at the planned 2GW Andalusian Hydrogen Valley , announced at the end of 2022, together with second-generation biofuels, biomethane and renewables development. Cepsa, or Compañia Espanola de Petroleos SA, was founded in 1929. It has been been majority controlled by Abu Dhabi sovereign wealth investors IPIC and Mubadala Investment Company since 2011. US investment fund Carlyle acquired 37pc of the firm in 2019. By Jonathan Gleave Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Rodeo renewable jet unlikely in 4Q: Phillips 66
Rodeo renewable jet unlikely in 4Q: Phillips 66
Houston, 29 October (Argus) — Phillips 66's renewable fuels refinery in Rodeo, California, plans to start producing renewable jet fuel by the first quarter of next year and is now running higher carbon intensity (CI) feedstocks to produce renewable diesel (RD). "We're currently running off higher CI feedstocks for the plant as we prepare for the production tax credit next year," Phillips 66's executive vice president of marketing and commercial Brian Mandell said on an earnings call today, referring to the Inflation Reduction Act's (IRA) 45Z tax credit . He said it was not likely renewable jet fuel would be produced before year-end. The plant successfully produced sustainable aviation fuel (SAF) in September, chief executive Mark Lashier said on the call. "We will fully intend to be a supplier of sustainable aviation fuel to the marketplace," he said. The company's renewable fuels business logged a $116mn loss in the third quarter compared to a profit of $22mn in the same three months of 2023, according to earnings released today . Still, Phillips 66 thinks renewable refining margins have room to widen "into the fourth quarter and beyond," Mandell said. Low feedstock prices, limited imports to the US, a tight fossil diesel market on the west coast and "stronger" credit markets will widen RD margins, according to Mandell. By Nathan Risser Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
LPG bunker demand lags despite competitive pricing
LPG bunker demand lags despite competitive pricing
New York, 29 October (Argus) — LPG is seen by shipowners as one of the least expensive fuels for meeting new low-carbon emission rules, but spotty safety rules, a lack of bunkering infrastructure or four-stroke engines able to use it is holding back demand. LPG has been price-competitive with LNG and at a significant discount to B30 biodiesel, bio-methanol and blue ammonia and green ammonia this year, according to Argus . ( see chart ). Taking into account the cost of CO2 traded on the EU emissions trading system (ETS), northwest Europe LPG was pegged at $577/t from 1-28 October compared with LNG at $614/t average ( see chart ). The EU's ETS for marine shipping started this year and requires ship operators pay for 40pc of their greenhouse gas (GHG) emissions generated on voyages in the EU. Next year, ship operators will have to pay for 70pc of their CO2 emissions. LPG is one of the fuels that can help ship operators comply with the FuelEU for the next ten years. Starting on 1 January 2025, the EU's FuelEU regulation will require a 2pc cut in the lifecycle greenhouse intensity for bunker fuels burned in EU territorial waters compared with 2020 base year levels. The reduction jumps to 6pc from 2030 and gradually reaches 80pc by 2050. LPG's lifecycle GHG emissions footprint varies depending on its production pathway. It is pegged at about 81.24 grams of CO2-equivalent per megajoule (gCO2e/MJ), according to technical support documentation from the California Air Resources Board. At this carbon intensity level, LPG is compliant with FuelEU's GHG limit set at 85.69 gCO2e/MJ through year 2034, similar to LNG. There are 151 operational ships with LPG-burning engines, with another 109 vessels on order by 2028, according to vessel classification society DNV. LPG bunker demand more than doubled to 242,292t in 2023 compared with 101,447t in 2022, according to the latest International Maritime Organization (IMO) data collected from vessels of 5,000 gross tonnes and over. But LPG bunker demand was dwarfed by comparison with LNG bunker demand, which was at 12.9mn t in 2023, up from 11mn t in 2022, according to the IMO. There were over 700 LNG burning vessels operational this year, with the number growing to 1,162 by 2028, according to DNV data. LPG accounted for 0.1pc and LNG for 6.1pc of global marine fuel demand from vessels with 5,000 gross tonnes and over in 2023. LNG as a marine fuel has been around longer than LPG. The World Liquid Gas Association, a trade association, began exploring the use of LPG as a marine fuel in 2012. The first LPG-fueled very large gas carrier BW Gemini was retrofitted to burn LPG in 2020. By comparison, LNG for bunkering by LNG carriers have been around since the 1960s. The first LNG-powered container ship was delivered in 2015. The bulk of the global LPG bunker demand came from LPG carriers. LPG carriers outfitted with LPG-burning engines can burn their own cargo, taking advantage of the ships' existing infrastructure and safety systems and minimizing their operating costs. But LPG demand from other major types of bunker-consuming vessels, such as container ships, dry bulk carriers and oil tankers, is lagging. One reason is only two-stroke LPG-burning marine engines are commercially available, says vessel classification society Lloyd's Register . Typically, large vessels use two-stroke engines for propulsion and four-stroke engines as auxiliaries, meaning auxiliary engines on vessels would need to be decarbonised through an additional fuel, says Lloyd's Register. LPG has a well-developed global network of import and export terminals. But LPG for bunkering port infrastructure, such as dedicated bunkering storage tanks and LPG bunkering barges, is mostly lacking. Unlike LNG for bunkering, LPG for bunkering regulatory guidelines are currently patchy. If leaked onto water, LPG rapidly vaporises and then sinks to the surface of the water given it is heavier than ambient air. If it ignites, it can create a "pool fire" that can spread and cannot be extinguished, continuing to burn until all the LPG is consumed, Lloyd's Register says. By Stefka Wechsler NW Europe selected alternative marine fuels $/t VLSFOe NW Europe, 1-28 Oct avg $/t VLSFOe Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil fossil fuel subsidies outpace renewables: Study
Brazil fossil fuel subsidies outpace renewables: Study
Sao Paulo, 29 October (Argus) — Brazil's spending on fossil fuels subsidies in 2023 was around 4.5 times larger than its spending on renewables subsidies, according to a study published by the institute of socioeconomic studies Inesc. The country spent R99.8bn ($17.49bn) in subsidies for both fossil fuels and renewables in 2023, a 3.6pc increase from 2022, the study said. Of the total, R81.74bn were related to fossil fuels — a 0.5pc decrease from a year prior — while R18.06bn went to renewable sources, a near 27pc hike from 2022. The slight fossil fuel subsidies reduction was due to the return of taxes on gasoline, such as the VAT-like PIS/Confins, the study said. "The government lost the chance of providing greater relief for public coffers as it decided to maintain exemptions for diesel," it added. But while incentives to fossil fuel consumption decreased, those for exploration and production activities increased by R5.55bn. Cassio Carvalho, a co-author of the study for Inesc, said the fossil fuels subsidies will harm Brazil's energy transition. "The study indicates that consumers are bearing the subsidies for renewables through electricity bills, while the oil and natural gas industry remains untouched," Carvalho said. Ending subsidies to fossil fuels is an "unavoidable global commitment" laid out in the UN Cop 28 climate summit in Dubai, said Alessandra Cardoso, the other co-authored of the study. "What is expected of the Brazilian government is that it recognizes the problem of production subsidies as a domestic problem, the solution to which involves global reform," she said. "Brazil needs to take on this agenda as part of its leading role in the global climate scenario, especially as it will host Cop 30." Brazil will host Cop 30 in 2025 in Para's state capital Belem, on the edge of the Amazon forest. By Lucas Parolin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
Explore our oil products services
Whether you’re looking for independent spot price assessments or long-term market analysis, we have the solutions you need for the refined oil and biofuels markets. Explore the range of our services.
Related events
Argus Bitumen & Asphalt Europe Conference
Argus Bitumen & Asphalt Europe Conference
Argus Green Marine Fuels Conference
Argus Green Marine Fuels Conference
Argus Biofuels & Feedstocks Latin America Conference
Argus Biofuels & Feedstocks Latin America Conference
