Argus Japan Commodities Day 2026

Petroleum Session

Morning Session Opening & Keynote Address

David Hanna, Japan Country Manager, Argus,
& Argus Management

Japan and Global Energy Markets: Navigating War, Hormuz and Supply Security 

David Hanna, Japan Country Manager, Argus

• Geopolitical uncertainty is reshaping Japan's approach to energy security and supply resilience.
• Diversification of crude, products, LPG and clean-energy supply chains is becoming increasingly critical.
• Japan faces the challenge of maintaining competitiveness while advancing decarbonization goals.
• How global energy market shifts will influence Japan's growth, investment and energy strategy in the years ahead. 

New reality of energy benchmarks

Muhamad Fadhil, SVP, Strategy & Business Development, Asia

• How the Gulf-to-Asia trade corridor is reshaping crude and refined products price formation
• The growing importance of transparent and market-reflective benchmark pricing in an evolving energy landscape
• What is the Argus ANNA and AFEI signaling across regional energy markets?

Hormuz Constraints Accelerate Japan’s Shift Towards Americas Crude

Anthony Capponi, VP Business Development, Americas Crude, Argus

• Asian refiners are diversifying crude procurement beyond the Middle East amid ongoing Hormuz constraints.
• US, Canadian, Brazilian and Argentine barrels are becoming increasingly important replacement supplies.
• Freight, quality and geopolitics are reshaping crude economics for Asian refiners.
• Growing eastbound flows are increasing the importance of robust pricing benchmarks.

The Post-Hormuz Crude Market: New Suppliers, New Routes, New Risks

Moderated by

Muhamad Fadhil, SVP Strategy & Business Development, Asia, Argus

Panelists
Anthony Capponi, VP Business Development, Americas Crude, Argus
Azlin Ahmad, VP Business Development, Asia Crude, Argus
Anna Cherkizova, Editor, Asia Freight, Argus

• How has constrained Middle East supply changed Asian refiners' crude procurement strategies?
• Can US crude sustainably replace lost Middle East barrels, and which Asian refiners are best positioned to adapt?
• What role have soaring VLCC freight rates played in determining the competitiveness of Middle East versus US crude?
• How are changing freight economics reshaping crude arbitrage opportunities into Asia?
• Are recent trade-flow shifts a temporary response to the Hormuz disruption, or the beginning of a new era for global crude movements?

Networking Break

Asia's Refined Products Shake-Up: Market Realignment After Hormuz

Cara Wong, Associate Editor, Asia Oil Products, Argus

• Hormuz disruptions have fundamentally altered Asia's diesel, gasoline and jet fuel trade flows.
• Alternative supply sources have emerged as buyers adapt to reduced Middle East availability.
• Naphtha shortages were avoided, but supply security concerns remain.
• The 2026 fuel crisis is reshaping procurement, inventory and energy-security strategies across Asia

Global LPG Markets: Rebalancing After Hormuz

Esther Phua, Head of Asia LPG, Argus

• Hormuz-related supply disruptions are reshaping global LPG trade flows.
• US exports are increasingly filling the gap left by constrained Middle East supply.
• Price relationships between AFEI, CP and Mont Belvieu are being redefined.
• Japanese importers face a new landscape for procurement, pricing and risk management.

Hormuz 2.0: Navigating Refined Products Shocks 

Moderated by Muhamad Fadhil, SVP Strategy & Business Development, Asia, Argus

Panelists

David Hanna, Japan Country Manager, Argus

Cara Wong, Associate Editor, Asia Oil Products, Argus

Kohei Yamamoto, Senior Oil Reporter, Japan, Argus

• What does 2027 look like for refined products flow? 
• How exposed is Asia to disruptions in Hormuz and Bab el‑Mandeb? 
• Could elevated prices trigger demand destruction in key Asian markets? 
• How can Argus Naphtha Northeast Asia (ANNA) strengthen transparency for Asia’s naphtha trade?

Closing Morning Session

Muhamad Fadhil, SVP Strategy & Business Development, Asia, Argus

Biofuels Session

Afternoon Session Opening

Josefine Ahlstrom, SVP Oil Europe & Global Biofuels, Argus

Decarbonization and Supply Security - Biofuels Dual Role Going Forward
Jonty Richardson, Principal, Analytics & Consulting, Asia, Argus

• How is Middle East geopolitical instability influencing the biofuel policy and market dynamics?    
• Market, policy and geopolitical developments likely to shape the future biofuels markets 

Asia: The World’s Key SAF Supplier  

Alvin Chew, VP Business Development, Asia Refined Products & Biofuels, Argus

• Asia supplying the world with SAF – how will that change once Asian mandates fully emerge 
• Europe the price setter – for now 
• Role of China ad Straits of Malacca for the global SAF and HVO flows 
• How to price the domestic SAF in the Japanese market?  

Networking Break

Ethanol Deep Dive – US and Brazilian Ethanol to Japan

Lucas Boacin, Business Development Manager, Brazil, Argus

• Role of US and Brazil in supplying E10 and AtJ feedstock for the Japanese market  
• Global and regional market overview  
• Ethanol pricing dynamics 

Positioning Japan in the Global Feedstock Market

Shien Ern Tan, Deputy Editor, Biofuels, Argus

Kohei Yamamoto, Senior News Reporter, Japan, Argus

• HEFA production – UCO shifting from biodiesel to SAF production  
• EPA vs RED vs Asia regional demand – policy drivers for feedstock flows  
• Japanese UCO market – how can it support the Japanese SAF production and how to price it 

Industry panel:  Japan’s Biofuels Sector, Where is it headed?

<Language: Japanese>

Moderated by Motoko Hasegawa, Japan Senior Editor, Argus, with senior industry representatives

• Does Japan have enough SAF to meet mandated volumes?
• Where will Japan get its feedstocks from? 
• Who should bear the additional cost of SAF production and adoption?
• What could Japan possibly learn from other overseas SAF mandate?

Closing Note

Josefine Ahlstrom, SVP Oil Europe & Global Biofuels

Networking Cocktail