Hydrogen resources found underground could offer a completely different way of producing low-carbon hydrogen. Investors are betting on this technology, governments are granting exploration licenses, and commercial agreements are already being signed. But despite the excitement, major scientific and commercial uncertainties still remain. Listen to the conversation between Camila Fontana, Deputy Bureau Chief at Argus in São Paulo, and Paris-based Pamela Machado, a contributor to the Hydrogen and Future Fuels report.

Topics discussed in this episode include:

• Potential advantages of geological hydrogen

• Exploration projects already announced across several continents

• Potential for production at commercial scale

• Caveats and particular characteristics of hydrogen as an energy source

• Presence of helium gas in reservoirs

• Discoveries in Latin America

Os recursos de hidrogênio presentes no subsolo podem oferecer uma forma completamente diferente de produzir hidrogênio de baixo carbono. Investidores estão apostando nessa tecnologia, governos estão concedendo licenças de exploração e acordos comerciais já estão sendo firmados. Mas, apesar do entusiasmo, ainda existem grandes incertezas em relação a aspectos científicos e comerciais. Acompanhe a conversa entre Camila Fontana, chefe-adjunta da redação da Argus em São Paulo, e Pamela Machado, colaboradora do relatório Hydrogen and Future Fuels no escritório da Argus em Paris.

Os tópicos discutidos neste episódio incluem:

• Potenciais vantagens do hidrogênio geológico

• Projetos de exploração já anunciados em vários continentes

• Potencial de produção em escala comercial

• Ressalvas e particularidades do hidrogênio como energia

• Presença de gás hélio em reservatórios

• Descobertas na América Latina

Physical vs futures pricing: Rising Middle East spot sales have narrowed Brent futures' discount to North Sea Dated, while producers take on more Hormuz transit and insurance risk as export flows recover.

• Freight and Hormuz security: Repeated shipping attacks keep freight costs very high, while Asian refiners are seeking lower Middle East term volumes to diversify supply.
• Diesel tightness and policy response: Diesel cracks remain near triple-digit levels and inventories are low. Policy moves are unlikely to help soon because refinery capacity is stretched and Russian flows are constrained.
• Macro and political fallout: Fuel prices are stoking inflation and highlighting AI boom/bust risks. The US and Israeli elections and Iran's demands for any reopening of Hormuz add further uncertainty.