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Latest market news

Germany's Heide refinery to undergo maintenance Sep-Oct

  • Market: Oil products
  • 17/07/25

Klesch's 84,000 b/d Heide refinery in north Germany will undergo maintenance from 10 September to 8 October, impacting bitumen output, it has told customers.

In an email seen by Argus, Klesch notified customers that its refinery will shut down one of its production units for a month, affecting bitumen production for September and October.

It is unclear at this time if the maintenance will impact production of other products at the refinery.

Market participants said Klesch will also slightly reduce its bitumen term volumes for certain customers and there will be no bitumen spot volume sales over the maintenance period.

Klesch declined to comment.

By Fenella Rhodes

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18/07/25

Brazil's Bolsonaro put under police surveillance

Brazil's Bolsonaro put under police surveillance

Rio de Janeiro, 18 July (Argus) — Former Brazilian president Jair Bolsonaro has been fitted with an ankle monitor after police raided his home in the capital Brasilia, the latest in a series of court-ordered measures that point to a worsening of his legal situation that could deepen tensions between Brazil and the US. Bolsonaro — who is on trial before the supreme court for an attempted coup — has been ordered to remain at home during certain hours and has been banned from social media and from communicating with foreign diplomats and other defendants. The new measures imposed by the court come in the wake of US President Donald Trump's threat to impose 50pc tariffs on imports from Brazil starting 1 August. Trump said the threat is linked to Bolsonaro's prosecution, calling the trial a "witch hunt". In a 47-page court filing, justice Alexandre de Moraes argued that Bolsonaro and his son Eduardo, a federal congressman, sought help from the US government to pressure Brazilian authorities to interfere in the legal process, calling it a "blatant assault on national sovereignty." Eduardo is in the US and has met with Trump several times to lobby in favor of his father. In response to the latest measure, Eduardo called Moraes a "political gangster in robes" who is "trying to criminalize Trump and the US government". In a televised address on Thursday, President Luiz Inacio Lula da Silva called the tariff threat "unacceptable blackmail in the form of threats to Brazilian institutions". His government has set up an inter-ministerial committee to seek a solution to the impending tariffs . Speaking to journalists on Friday morning, Bolsonaro offered to appeal to Trump directly to resolve the issue. He denied attempting a coup or having plans to flee the country. His passport was seized by authorities in February 2024. By Constance Malleret Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Natref bitumen supply ends early for Prax

18/07/25
News
18/07/25

Natref bitumen supply ends early for Prax

London, 18 July (Argus) — UK-based Prax has ceased bitumen supply from its joint-venture Natref refinery in Sasolburg, South Africa, after selling off its remaining stock ahead of a planned maintenance shutdown. Prax, which owns 36.4pc of the 107,000 b/d refinery alongside Sasol with 63.3pc, told customers in late June that it would no longer have bitumen to sell once inventories were depleted. Market participants said the company confirmed in early July that all volumes had been sold. The refinery began a partial maintenance shutdown on 14 July, scheduled to run until 8 October. Both shareholders had previously announced that bitumen production would end in September, but the maintenance has brought forward Prax's exit from the market. Sasol continues to supply bitumen by truck to regular contract customers, but availability is limited, according to buyers. Some buyers reported difficulty securing pen 70/100 bitumen, a key grade used in South African road construction. The halt in bitumen production is part of a broader plan to switch Natref's crude slate to sweeter grades, aimed at maximising output of light and middle distillates. This shift will also reduce production of other heavy products, including high-sulphur fuel oil (HSFO), market participants said. Natref was the last refinery in South Africa producing bitumen. Its exit from the market means the country will now rely entirely on imports to meet domestic demand. Prax did not respond to a request for comment. The halt comes as Prax faces financial difficulties in the UK, where its Lindsey refinery is under the control of a court-appointed receiver. By Fenella Rhodes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Trump tariff threats stall Brazil tallow exports

17/07/25
News
17/07/25

Trump tariff threats stall Brazil tallow exports

Sao Paulo, 17 July (Argus) — Brazilian beef tallow export sales discussions with US buyers have stalled following President Donald Trump's threat to impose a 50pc tariff on all Brazilian imports. New deals for the biodiesel feedstock into the US will become unfeasible if the tariff comes into effect on 1 August , according to market participants, who said sales discussions that were at an advanced stage before the tariff threat have been suspended. On 4 July, the week before Trump's unexpected 9 July announcement, the Argus indicator for beef tallow exports traded at ports in Brazil's south and southeast stood at $1,120/metric tonne (t) and at $1,388/t for beef tallow traded in the US Gulf. But since then bids to buy and sell have stopped, leaving prices last assessed on 11 July as flat to the 4 July price. The US is the primary importer of Brazilian tallow, taking in 97.5pc of exports of the fat in 2024, according to trade ministry MDIC. The end of exports to the country would represent an unprecedented crisis for the segment, cutting off the main flow of animal fat to foreign markets and limiting activity to occasional deals covering small volumes. The 50pc levy also risks putting downward pressure on prices for the hundreds of thousands of tonnes of beef tallow flowing witin Brazil's domestic market. Uncertainty had been hanging over the market since the US Environmental Protection Agency (EPA) released on 13 June a proposal for US biofuel blending in 2026 and 2027 that could significantly cut RIN credits generated from imported biofuels or those produced from foreign feedstocks. But the EPA proposal also stipulates that US oil refineries will need to blend 5.61bn USG of biomass diesel to meet the requirements in 2026, an 67pc increase from 2025 volumes requirements. That expected increase in biomass diesel demand appeared to outweigh US refiners' concerns about credit reductions as acquisition of foreign tallow continued throughout the first half — especially from Brazil, which the US had slapped with 10pc import duties in April. Brazil exported 235,665t of tallow in the first half of the year, up from 147,950t in the same period in 2024, according to MDIC data. Market participants consider exports to be viable even with the current 10pc levy, but the threat of bigger tariffs has exporters closely monitoring the evolution of the trade dispute between the two countries. By João Marinho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Italy's Ravenna bitumen plant in unplanned shutdown

17/07/25
News
17/07/25

Italy's Ravenna bitumen plant in unplanned shutdown

London, 17 July (Argus) — Alma Petroli, one of Italy's main bitumen producers, has shut its 550,000t/yr refinery in Ravenna, northeast Italy, because of an unexpected problem, halting bitumen production. Market participants said an issue with the refinery's crude distillation unit had caused the bitumen output halt, hitting production and supply of all grades. The likely duration of the shutdown is not yet known, although Italian market participants said Alma Petroli does not have high levels of bitumen storage capacity at Ravenna. Alma Petroli company officials declined to comment on the refinery's operational status. The firm has in recent years pushed up Ravenna's technical capacity for all oil products to 550,000 t/yr. Bitumen typically comprises of around 70pc of its total production, with the rest mainly comprised of middle distillates and small volumes of virgin naphtha. The refinery receives bitumen-rich Italian and regional crudes centered around the Adriatic. It is specifically designed to produce distilled bitumen in a straight-run refining process fed by asphaltene and naphthenic rich crude oils, according to the company. By Fenella Rhodes and Keyvan Hedvat Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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New tariff threat could disrupt Mexico GDP outlook

16/07/25
News
16/07/25

New tariff threat could disrupt Mexico GDP outlook

Mexico City, 16 July (Argus) — Mexico's association of finance executives IMEF held its 2025 GDP growth forecast steady at 0.1pc in its July survey but warned the outlook could deteriorate if the US raises tariffs to 30pc. The survey of 43 analysts maintained projections for year-end inflation at 4pc and for the central bank's benchmark interest rate to fall from 8pc to 7.5pc by the end of 2025. The sharpest variation came in formal employment, after Mexico's social security administration IMSS reported a net loss of 139,444 formal jobs in the second quarter. IMEF cut its 2025 job creation forecast to 160,000 from 190,000 in June — the seventh and largest downgrade this year. Job losses increased in April, May and June, "a situation not seen since the pandemic in 2020," IMEF said. "If this trend is not reversed, the net number of formal jobs could fall to zero by year-end." "It is still too early to call it a recession, but the rise in job losses is worrying," said Victor Herrera, head of economic studies at IMEF. "The next risk we face is in auto plants. Some halted production after the 25pc US tariff was imposed in April. They did not lay off workers right away — they sent them home with half pay. But if this is not resolved in the next 60-90 days, layoffs will follow." The July survey was conducted before US president Donald Trump said on 12 July he would raise tariffs on Mexican goods from 25pc to 30pc starting 1 August. "What we have seen in the past is that when the deadline comes, the tariffs are postponed or canceled," Herrera said. "Hopefully, that happens again. If not, you can expect GDP forecasts to shift into contraction territory." While the full impact would vary by sector, Herrera said the effective average tariff rate would rise from 4pc to 15pc, with most exports either exempt or subject to reduced rates under regional content rules. But 8–10pc of auto exports would face the full 30pc duty. IMEF expects the peso to end 2025 at Ps20.1/$1, stronger than the Ps20.45/$1 estimate in June. But the group warned that rising Japanese rates — which influence currency carry trades — and falling Mexican rates could put renewed pressure on the peso once the dollar rebounds. For 2026, the GDP growth forecast dropped to 1.3pc from 1.5pc, while the peso is seen ending that year at Ps20.75/$1, slightly stronger than the previous Ps20.90/$1 forecast. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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