ジェット燃料
概要
原油価格、精製能力による供給問題、継続的な規制変更などジェット燃料市場の変動は、お客様の収益にとって継続的なリスクです。
燃料価格の選択肢を持つことは、リスクを軽減し、市場の変化への柔軟な対応に不可欠です。アーガス は、各市場に適した方法で価格インデックスを構築しています。これにより、市場参加者は日々の業務を調整し、燃料コストの管理を改善し、純利益に直接影響を与えることができます。
ジェット燃料は航空会社の総運航費の40％以上を占めます。政府の義務付けや航空会社の自主規制により、持続可能な航空燃料（SAF）の重要性が高まっており、運航コストに大きな影響を及ぼしています。
アーガスは、従来のジェット燃料とSAFの価格アセスメントと取引情報、最新の市場動向ニュース、詳細分析、需要動向、価格予測により、ジェット燃料市場参加者の皆様の最善の意思決定、戦略最適化をサポートします。
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Mexico’s ASA to play key role in SAF expansion
Mexico’s ASA to play key role in SAF expansion
Mexico City, 10 June (Argus) — State-owned Airports and Auxiliary Services (ASA) will take a central role in developing Mexico's still nascent sustainable aviation fuel (SAF) market, with fuel availability becoming one of its top priorities, officials said today. ASA remains the country's main jet fuel supplier, serving 52 airports and covering over 90pc of the domestic market, infrastructure, communications and transportation minister Jesus Esteva said. Speaking at an event marking ASA's 60th anniversary, Esteva said the implementation of SAF is "one of the biggest challenges" the government faces in the aviation sector, and that ASA must lead efforts to expand supply. "ASA aims to boost the use of clean energy, leading the sustainable transition for Mexico's aviation sector through the development and ongoing implementation of SAF," said ASA director Carlos Merino. The initiative seeks to reduce aviation's carbon footprint while maintaining service quality and efficiency, he added. ASA announced last year the launch of a pilot project to blend imported SAF with conventional jet fuel, with a long-term goal of producing SAF entirely in Mexico by 2030. For now, imports — most likely from the US — remain necessary. Mexico is participating in the International Civil Aviation Organization's (ICAO) Corsia scheme, which aims to reduce greenhouse gas emissions from international flights. Corsia includes a voluntary phase from 2024-2026, followed by mandatory targets from 2027-2035. Under the scheme, airlines must either use SAF or offset emissions by purchasing carbon credits, with exemptions for underdeveloped countries and those with minimal global air traffic. Sustainability will become increasingly important as Mexico's aviation sector grows, said Miguel Vallin, head of the federal civil aviation agency AFAC. Passenger traffic is projected to rise from 124mn in 2025 to 151mn in 2030 — an average annual increase of 3.3pc. ASA operates 52 jet fuel storage terminals across Mexico, with annual sales of around 5.4bn l (93,000 b/d), Esteva said. The government holds a monopoly over Mexico's jet fuel market, with ASA and state-owned Pemex supplying most of the market, with indirect participation of other companies. Jet fuel was the last oil product market opened to more competition in Mexico after constitutional changes in 2014, but progress stalled under the administration of former president Andres Manuel Lopez Obrador. Under President Claudia Sheinbaum, the government has kept the jet fuel market under close state oversight. By Cas Biekmann Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil inflation eases to 5.32pc in May
Brazil inflation eases to 5.32pc in May
Sao Paulo, 10 June (Argus) — Brazil's inflation slowed to an annual 5.32pc in May, snapping a three-month upswing since February, according to government statistics agency IBGE. The country's annualized inflation slowed from 5.53pc in April but was up from 4.56pc in January. Shelter costs, which include utilities, posted the largest gain in May, rising to an annual 4.53pc from 4pc in April. The acceleration took place thanks to a federal increase in power tariffs last month because of dry weather hampering hydroelectric power generation, which is Brazil's main power source. Transportation costs decelerated to 4.64pc in May from 5.49pc in April, in part driven by an annualized 13.16pc contraction in airplane tickets. Motor fuels also decelerated to 7.95pc in May from a 9.23pc gain in the month prior. Gasoline, ethanol, diesel and compressed natural gas (CNG) prices all fell in May, following some readjustments by state-controlled Petrobras . Food and beverage costs slowed to an annual 7.33pc in May from 7.81pc in April. Soybean oil prices eased to 21.1pc from 22.83pc. Brazil's monthly inflation slowed to 0.26pc in May from 0.43pc in April. That is the third monthly decline and the lowest rate since January. The country's decelerating inflation is partially thanks to the central bank's course of tightening, hiking its target rate to 14.75pc in early May. That was the sixth increase in a row since September, aimed at cooling the economy and boosting the real currency following sharp depreciation last year. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Jones Act rates unaffected by Trump ship talk
Jones Act rates unaffected by Trump ship talk
New York, 6 June (Argus) — Freight rates for the Jones Act fleet of US-built and crewed vessels that transport oil and other liquids between US ports have responded little to US government shakeups in 2025. The rate for a Houston, Texas-Port Everglades, Florida voyage on a Jones Act medium range (MR) tanker dropped by 8¢/bl to $3.29/bl between 3 January and 30 May per Argus assessments, down by only 2.3pc in that time despite US president Donald Trump's February announcement to bolster US shipbuilding . Trump has expressed a desire to boost US shipbuilding, while shorter-term remedies to an aging US-flagged fleet could come in the form of converting foreign-flagged vessels rather than building new ships domestically . The cost to build an MR tanker at a US shipyard is about $210mn,compared with $50mn to build the same vessel in South Korea, according to Macquarie Bank. Vessels re-flagged in the US are eligible for US government contracts, such as Military Sealift Command loadings, alongside other support programs extended by the US to vessels flying its flag. But they do not meet all the requirements to join the Jones Act fleet shipping between US ports, specifically the US-built requirement. A lack of newbuilding activity has helped keep $/d rates elevated for the less than 50 Jones Act MR tankers that are typically under multi-year time charter contracts. Jones Act $/d rates have remained rangebound since the start of the year between $86,000/d and $91,000/d per Argus assessments, an order of magnitude higher than the $8,952/d averaged by internationally flagged MR tankers carrying refined products like diesel from the US Gulf coast to Pozos, Colombia in the same period. Most of the downward pressure on Jones Act rates in 2025 likely came from declining crude prices amid roiling market uncertainty surrounding on-again and off-again US tariffs. The response from shippers involved with the Jones Act fleet has been "more skepticism rather than optimism" and there had not been "any serious reaction by the market to the administrative initiatives", according to a Jones Act shipowner. "There has been a push to ease the re-flagging of foreign built vessels into the US flag fleet, but of course these will not be Jones Act vessels and their introduction to US flag does not benefit the domestic shipyards which is the co-ultimate target, that and labor," the contact told Argus . "The shortage of US mariners is, of course, another important issue as well that will have to be wrestled with." By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Alcohol-to-jet stuck on runway as US policy shifts
Alcohol-to-jet stuck on runway as US policy shifts
New York, 4 June (Argus) — Proposed changes to a US clean fuel tax credit may be a boon for farmers, but a future where ethanol is a major ingredient in jet fuel remains far off. The massive Republican budget bill currently advancing through Congress would extend the "45Z" credit, which offers larger subsidies to fuels as they produce fewer emissions. The proposal too would bar regulators from weighing indirect land use impacts , effectively upping subsidies for crop-based fuels like ethanol, in a win for agribusiness. Farm groups have hoped that such changes could open the growing sustainable aviation fuel (SAF) market to ethanol producers, otherwise at risk from an increasingly efficient and electric US vehicle fleet. Airlines too are eager for more diverse SAF sources since the main pathway nowadays, processing vegetable oils and animal fats, draws from more limited feedstocks. United Airlines government affairs director Tom Michels said at an OurEnergyPolicy forum earlier this year that the company hopes ethanol-based fuel "could fulfill around a quarter of our future SAF needs." But incentives in law and under the proposal, which passed the House last month, would do little to boost "alcohol-to-jet" output. While ethanol typically trades at a discount to gasoline, SAF is substantially more expensive than petroleum, making government support essential for uptake. The Republican caucus has a range of views, with clean energy advocates wary of phasing out subsidies, farm-state representatives intent on boosting biofuels, and conservatives committed to curbing government spending. Republicans plan to use a process called reconciliation that allows them to pass the bill without Democratic support. How policymakers implement 45Z will be crucial for a wave of alcohol-to-jet startups eyeing production this decade. That includes Gevo, whose plans for an integrated 60mn USG/yr plant in South Dakota are complicated by another company's struggles starting an interstate carbon pipeline. Meanwhile, people familiar with the matter say that LanzaJet's 10mn USG/yr alcohol-to-jet pilot project in Georgia — which opened last year but is not yet fully operational — is not currently producing any SAF. "The suite of policies we would need to make ethanol-to-jet pencil out just does not exist right now," said Brian Jennings, chief executive of the American Coalition for Ethanol. RINs wear thin Ethanol-based SAF would likely still produce too many emissions to claim any 45Z subsidy even if the proposed emissions tracking changes took effect — since the pathway requires more energy-intensive processing to make fuel suitable for jet engines. Carbon capture could make up the difference, though few facilities have that capability. The lack of subsidy would compound barriers from the Renewable Fuel Standard, which requires oil refiners to blend biofuels or buy credits from those who do. Under the program, blending corn ethanol earns a Renewable Identification Number (RIN) credit, but there is no certified pathway yet to offer RINs for corn-based SAF blending. Even if there were, advanced biofuel credits have traded recently at only a slight premium, reducing the incentive for ethanol producers to eye new markets. Argus last assessed current year D4 biomass-based diesel credits at 92.25¢/RIN and D6 conventional credits at 86.50¢/RIN, and they traded at parity much of last year. Meanwhile, the typical US dry mill ethanol producer would likely qualify for some 45Z subsidy if the Republican bill passed, adding to RIN benefits. Those plants would have to forgo both incentives to sell to SAF makers. It is unclear how producers of a more-expensive and less-subsidized SAF could compete on price. Gevo chief executive Patrick Gruber said that his company's integrated model — producing ethanol and SAF at the same sites — is less risky than buying ethanol from elsewhere. But there are other policy headwinds. A new South Dakota law to restrict eminent domain could derail Summit Carbon's planned multistate carbon pipeline, which dozens of biorefineries, including one Gevo facility, want to join. Gevo has purchased a North Dakota biorefinery that can already capture carbon on site, a potentially lucrative workaround to pipeline delays, and is eyeing SAF production there too. There is a RIN pathway for SAF from Brazilian sugarcane ethanol — a model that LanzaJet has pursued — but credit pricing makes economics challenging there too, adding to freight and tariff costs . Even then, the bill to change 45Z would restrict eligibility to North American feedstocks, upending LanzaJet's plans for Brazilian ethanol without making US alternatives more economical. "45Z as currently drafted creates a disincentive for US ethanol to be used in SAF," said LanzaJet vice president of government and regulatory affairs Angela Foster-Rice. "We are hopeful to get this issue addressed in the Senate bill." Despite policy uncertainty, airlines have committed to procuring far more SAF and might be willing to pay a premium. But they are more likely to pay up for fuel they can at least use for SAF mandates in the EU and UK, which do not credit fuels from first-generation crops. US federal and state programs subsidize lower-carbon jet fuels but do not mandate usage. The floor is yours The Republican bill is still just a proposal, leaving the possibility for changes. The Senate reconvened this week with a goal of passing the bill before 4 July, and members have signaled they might take a different approach to clean energy subsidies than the House. Some biofuel lobbyists support shifting rules to benefit SAF — potentially by providing a higher "floor" credit for refiners that barely qualify or allowing alcohol-to-jet producers to claim the same benefit as upstream ethanol refiners. Under current rules, fuels may earn just cents per gallon. But such changes could rile trucking groups frustrated with 45Z already offering heftier subsidies to SAF and deficit hawks worried about the bill's mounting costs. By Cole Martin and Matthew Cope Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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