Citgo cuts Lake Charles rates on pipeline outage

: Crude oil, Oil products
21/05/10

Citgo has reduced rates at its 425,000 b/d refinery in Lake Charles, Louisiana, in response to the outage of the massive Colonial Pipeline refined products system.

Citgo cut rates after Colonial Pipeline reported shutting its system to address a ransomware attack discovered late last week. The 5,500-mile (8,851km) pipeline network moves more than 2.5mn b/d of gasoline and diesel from Texas, Louisiana and Mississippi through the southeast and up into the US Atlantic coast.

"Citgo will continue working with Colonial to move product when able to do so," the company said.

The Lake Charles refinery processes heavy and sour crudes, including Brazilian, Colombian and Mexican exports. Citgo, the US refining subsidiary of Venezuelan national oil company PdV, was once a regular importer of Venezuelan crude before US sanctions blocked that trade in 2019.

By Elliott Blackburn

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25/04/10

EIA lowers summer gasoline price forecast

Houston, 10 April (Argus) — The US Energy Information Administration (EIA) lowered its gasoline price forecast for the summer driving season because of low crude prices. US retail gasoline prices will average about $3.10/USG from April to September, the lowest inflation-adjusted summer average price since 2020, the agency said in its in its monthly Short-Term Energy Outlook (STEO). The forecast is about 20¢/USG lower than EIA's previous forecast. The agency expects gasoline prices to average near $3.20/USG in the summer of 2026 as a continuing decline in crude prices is offset by refinery closures and lower gasoline inventories. LyondellBasell recently shut all units at its 264,000 b/d Houston, Texas, refinery and Phillips 66 is planning to shut its 139,000 b/d Los Angeles refinery by October. US summer gasoline prices reached a decade high of $4.67/USG in 2022, decreasing in subsequent years, the EIA said. The agency delayed the release of the STEO by two days to consider significant changes in markets after the US announced sweeping import tariffs against major trading partners. Crude prices have dropped sharply since the 2 April tariff announcement, even as US president Donald Trump paused the more punitive tariffs for 90 days on Wednesday. Amid the tariffs, a core group of eight Opec+ crude producers in a surprise move last week sped up plans to gradually unwind some 2.2mn b/d of production cuts, adding downward pressure to crude prices. The NYMEX front-month WTI crude contract was trading near $59/bl at 12:30pm ET on Thursday, down by more than $12/bl since the 2 April tariff announcement. The modeling and analysis for the STEO was completed on 7 April. More recent policy changes are not incorporated, the EIA said. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EIA slashes WTI outlook by $7/bl on trade uncertainty

25/04/10

EIA slashes WTI outlook by $7/bl on trade uncertainty

Calgary, 10 April (Argus) — The US light sweet crude benchmark will be nearly $7/bl lower this year than previously expected, with an ongoing trade war stifling global demand by nearly 500,000 b/d, the Energy Information Administration (EIA) said today. WTI at Cushing, Oklahoma, is expected to average $63.88/bl in 2025, the agency said in its latest Short-Term Energy Outlook (STEO), lower by $6.80/bl from its March forecast. It will fall further to $57.48/bl in 2026, or $7.49/bl lower from the prior STEO. Brent prices saw similar downward revisions and is now forecast at $67.68/bl in 2025 and $61.48/bl in 2026. The latest STEO was to be released on 8 April, but the EIA said it needed more time to rerun its models in light of last week's sweeping tariff action by US president Donald Trump and subsequent retaliation by China. The protectionist measures have led major banks to cut oil price forecasts amid growing concerns over a stagnating US economy. The EIA completed its analysis on 7 April meaning it did not incorporate the most recent developments, including Trump's 9 April pause on the highest levels of punitive tariffs against key US trading partners and an increase in Chinese tariffs . The latest forecast is "subject to significant uncertainty," said the EIA. Global consumption of oil and liquid fuels is now expected to average 103.64mn b/d in 2025, lower by 490,000 b/d from the previous forecast. Consumption in 2026 is forecast at 104.68mn b/d, lower by 620,000 b/d. Global production meanwhile was lowered by to 104.1mn b/d for 2025 and to 105.35mn b/d for 2026. These are lower from the prior forecast by 70,000 b/d and 43,000 b/d, respectively. In the US, domestic consumption is projected to average 20.38mn b/d in 2025, lower by 70,000 b/d compared to last month's STEO. Consumption was lowered for 2026 by 110,000 b/d at 20.49mn b/d. Domestic production will come in at 13.51mn b/d in 2025 and 13.56mn b/d in 2026, the EIA said. This is lower by 100,000 b/d and 200,000 b/d, respectively, compared to the March STEO. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US absence unlikely to derail IMO talks

25/04/10

US absence unlikely to derail IMO talks

London, 10 April (Argus) — The US delegation's absence from the 83rd International Maritime Organisation's (IMO) Marine Environment Protection Committee (MEPC) meeting is unlikely to derail the outcome of discussions on a greenhouse gas (GHG) economic pricing mechanism, market participants told Argus . This comes after the US sent a statement to foreign embassies of countries partaking in the IMO GHG economic pricing mechanism talks, confirming the US' absence from the negotiations. The statement says: "President Trump has made it clear that the US will not accept any international environmental agreement that unduly or unfairly burdens the US or the interests of the American people," according to a document seen by Argus . It adds: "Should such a blatantly unfair measure go forward, our government will consider reciprocal measures so as to offset any fees charged to US ships and compensate the American people for any other economic harm from any adopted GHG emissions measures". The statement ends: "The US will engage with partners on energy and investment issues of common interest. We stand ready to work with you to advance our shared commitment to energy security and economic growth". "The US will not be engaging in negotiations at the IMO's 83rd Marine Environment Protection Committee. Consistent with President Trump's executive orders on international environmental agreements and on energy dominance, it is the administration's policy to put the interests of the US and the American people first in the development and negotiation of any international agreements", the US State Department told Argus . IMO member countries are voting this week on the economic pricing mechanism for marine GHG emissions, for which the structure is expected to be agreed by 11 April, according to IMO secretary-general Arsenio Dominguez. Even if the US does not engage in the GHG talks, it cannot unilaterally block decisions at the IMO, a spokesperson told Argus . Many of the GHG measures remain under discussion, with final approvals from the working group expected by 11 April. "The US doesn't have a huge share of the global ocean-going fleet, so their absence or opposition probably won't change the broader [IMO members] consensus", a Chile-based ship owner told Argus . US imposing "reciprocal" costs on foreign ships calling at US ports will almost certainly get passed on to [US] consumers, which could lead to higher prices for goods in the US, the owner said. If the measures are ratified by IMO member nations, US-flagged ships will probably not adhere to IMO's regulations when they call into ports of member countries, a Singapore-based shipbroker said. "We are not expecting any impacting on Asia-Pacific region yet, and it's subject to what is agreed at the MEPC and how levies are calculated," the shipbroker added. Despite not having veto power, the US remains the largest financial contributor to the UN, a Greece-based shipowner told Argus . If international shipbuilding credit lines begin to tighten under US influence, other countries may align with Washington's stance, it added. The IMO has 176 member countries. Greece, China and Japan account for the largest shares of the global ocean-going fleet. During the ongoing session, member states have approved interim guidance on the carriage of biofuel blends. The guidance allows conventional bunker ships certified for carriage of oil fuels under Marpol Annex I to transport blends of not more than 30pc by volume of biofuel , as long as all residues or tank washings are discharged ashore, unless the oil discharge monitoring equipment is approved for the biofuel blends being shipped. By Hussein Al-Khalisy, Madeleine Jenkins, Stefka Wechsler, Mahua Mitra, Natália Coelho, and Gabriel Tassi Lara Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

CDU, CSU und SPD veröffentlichen Koalitionsvertrag

25/04/10

CDU, CSU und SPD veröffentlichen Koalitionsvertrag

Hamburg, 10 April (Argus) — Die kommenden Regierungsparteien CDU, CSU und SPD haben am 09. April ihren Koalitionsvertrag veröffentlicht. Darin setzen sie sich unter anderem eine zeitnahe Umsetzung der RED III, die Erhöhung der Treibhausgasminderungsquote und die Ersetzung des GEG durch ein neues Gesetz als Ziel. Die Parteien betonen in dem Vertrag ihre Bekenntnis zu den deutschen und europäischen Klimazielen — so unter anderem dem Pariser Klimaabkommen und der Erreichung der Klimaneutralität Deutschlands bis 2045. Die neue Bundesregierung hat sich deswegen in ihrem Koalitionsvertrag zum Ziel gesetzt, die überarbeitete Erneuerbare-Energien-Richtlinie III (RED III) zeitnah umzusetzen. Diese soll laut EU-Recht bis Mai von allen EU-Staaten implementiert sein. Das Bundesumweltministerium (BMUV) hatte ursprünglich geplant, im Dezember 2024 einen Entwurf zur Umsetzung der RED III vorzulegen, sodass die Richtlinie noch vor den Neuwahlen umgesetzt werden kann. Dies war jedoch nicht möglich. Des Weiteren erklären Union und SPD in ihrem Vertrag, dass sie den "Betrug beim Import von regenerativen Kraftstoffen und bei sogenannten Upstream-Emissionsminderungszertifikaten (UER-Zertifikaten) verstärkt bekämpfen und die Betrugsprävention ausbauen" werden. Zuletzt hatten sich das European Biodiesel Board (EBB) sowie auch das BMUV dafür eingesetzt, dass die EU noch stärker gegen möglichen Betrug bei Biokraftstoff-Importen vorgeht , da verschiedene Betrugsfälle in den letzten Jahren zum Verfall des Werts von Treibhausgaszertifikaten geführt hatten. Die Bundesregierung hält außerdem an der CO2-Bepreisung fest und unterstützt die Einführung des Emissionshandelssystem (ETS 2), "um europaweit gleiche Bedingungen zu schaffen". Das ETS 2 soll ab 2027 europaweit in Kraft treten. Der Übergang des deutschen Brennstoffemissionshandelsgesetz in das ETS 2 soll fließend erfolgen und CO2-Preissprünge für Verbraucher und Unternehmen sollen vermieden werden. Auch eine Erhöhung der Treibhausgasminderungsquote (THG-Quote) ist Teil des Koalitionsvertrages. Nähere Details — wie beispielsweise die Höhe und der Zeitpunkt der Umsetzung — werden allerdings nicht genannt. Zuletzt drängten mehrere Verbände zum Auftakt der Koalitionsverhandlungen auf eine Erhöhung der THG-Quote bis 2030 auf mindestens 40 %. Bisher ist noch eine Steigerung der THG-Quote auf 25,1 % bis 2030 angesetzt. Auch der Einsatz alternativer Kraftstoffe, inklusive Biokraftstoffe, soll vorangebracht werden. Der UNITI Bundesverband EnergieMittelstand e.V. befürwortet den Koalitionsvertrag und begrüßt sowohl die geplante schnelle Umsetzung der RED III, sowie auch die Erhöhung der THG-Quote und die Förderung von alternativen Kraftstoffen. Geschäftsführer Elmar Kühn erklärt, dass eine ambitionierte Umsetzung der RED für starke Investitionsanreize für erneuerbare Kraftstoffe sorgen könne, jedoch nur wenn eine Quotenregelung geschaffen wird, die den gesamten Verkehr adressiert und nicht wie bisher nur einzelne Bereiche. Insgesamt sieht der Verband gute Ansätze, jedoch kritisiert er, dass die konkrete Umsetzung der Punkte noch zu offen gehalten ist. Wie schon während dem Wahlkampf von der CDU angekündigt soll außerdem das Gebäudeenergiegesetz (GEG) abgeschafft werden. An dessen Stelle wollen die zwei Regierungsparteien ein neues GEG setzen, dass "technologieoffener, flexibler und einfacher" gestaltet ist und die erreichbare CO2-Vermeidung als zentrale Steuerungsgröße hat. Wie genau das neue GEG den Biomethanmarkt — der bisher eine große Nachfrage in den nächsten Jahres durch das GEG erwartet hat — beeinflussen wird, ist unklar. Jedoch erklären die Regierungsparteien, dass sie Biogasanlagen eine Zukunft geben wollen, das Flexibilitätspotenzial von Biomasse heben wollen und den Ausbau von Bioenergie planen. Auch die schon angekündigte Grüngasquote soll realisiert werden. Diese soll Inverkehrbringer von Erdgas dazu anregen, einen Anteil der Emissionen, die aus dem von ihnen verkauften Gas entstehen, durch das Ersetzen eines Teils ihres Gases durch Biomethan oder Wasserstoff einzusparen. Mehrere deutsche Industrieverbände befürchteten zuletzt, dass die Grüngasquote die Energiekosten in der Industrie erhöhen könnte , Verbände der Energiewirtschaft befürworten die Quote hingegen weitgehend. Von Svea Winter Senden Sie Kommentare und fordern Sie weitere Informationen an feedback@argusmedia.com Copyright © 2025. Argus Media group . Alle Rechte vorbehalten.

Norway plans to cut GHGs, but remain oil, gas producer

25/04/10

Norway plans to cut GHGs, but remain oil, gas producer

London, 10 April (Argus) — Norway's government has proposed a greenhouse gas (GHG) emissions reduction of a minimum 70-75pc by 2035, from a 1990 baseline, but has also committed to the country remaining "a stable and predictable supplier of oil and gas produced with low emissions". The government today set out plans for a 2035 GHG reduction target, as well as a wider climate plan for the country. The 2035 GHG reduction targets build on Norway's 2030 goal of "at least" a 55pc reduction in GHGs, again from 1990 levels. Norway has a legislated goal of "a low-emission society" by 2050 — GHG reductions of 90-95pc from the 1990 baseline. Norway's government underlined its commitment to Paris climate agreement goals and phasing out the use of fossil fuels "towards 2050", but also said that it would "not prepare a strategy for the end phase of Norwegian oil and gas". "The government's plan is about phasing out emissions, not industries", it said, noting that Norway is "a significant contributor to Europe's energy security". Norway is the largest producer and only net exporter of oil and gas in Europe. "The government will further develop the petroleum industry and facilitate the future provision of fields… production will continue to be efficient and with low emissions," the government said. It aims for the country's oil and gas sector — the country's highest-emitting industry — to bring emissions from production to net zero in 2050. The bulk of oil and gas emissions are from downstream use — known as scope 3. Norway plans to achieve the majority of its proposed 70-75pc GHG cuts through national measures, including reduced fossil fuel use and both technical and nature-based carbon removals. It also plans to purchase emissions reductions from outside the EU and European Economic Area. This refers to internationally transferred mitigation outcomes (ITMOs) — emission credits — under Article 6 of the Paris climate agreement. Norway's parliament will consider the proposals. Once legislated in the country's climate act, Norway plans to communicate its updated plans to the UN. Signatories to the Paris climate agreement are expected to submit updated climate plans — known as nationally determined contributions (NDCs) — to UN climate body the UNFCCC every five years. The deadline for NDCs setting out climate goals up to 2035 was in February, but many countries have yet to submit plans . By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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