Oil Markets
S&P Global Energy analysis of key oil price movements across the globe.
Episodes
How have European fuel oil markets responded to the Middle Eastern conflict?
The effective closure of the Strait of Hormuz following escalating tensions in the Middle East sent European fuel oil imports from the Gulf plummeting 95% in the first half of 2026. Supply chains faced unprecedented disruption while risk premiums skyrocketed across the bunker market. In this episode, S&P Global Energy's Emma Kettley, associate director, price reporting, is joined by reporters Jose
Chokepoint geopolitics: Implications for Asia's downstream and upstream sectors
Asia's energy security has always rested on a difficult bargain -- deep reliance on Middle Eastern crude in exchange for scale, proximity and established commercial relationships. The recent conflict tested that bargain in real time, forcing refiners, traders and governments to reroute supply, reassess risk and confront the true cost of dependence. As risk premiums fade and markets move from crisi
How is Europe dealing with its seasonal uptick in road fuel appetite?
As summer travel is getting into its stride, European supply chains for diesel and gasoline are geared to meet the seasonal uptick in road fuel demand. However, with production operating near capacity, demand may outpace available supply, possibly altering consumption patterns and prompting end-users to switch to alternative modes of transport. In this episode, Gary Clark, Friedrich Gutsche, Sophi
Hormuz Headwinds an Opportunity for Latin American Oil Producers
With Strait of Hormuz constraints reshaping global supply routes, Latin America is stepping into the spotlight. In this episode, Jeff Mower, Kate Winston, Sheky Espejo and Charles Newbery unpack how producers across the region are positioned for upstream expansion. What are producers learning from Argentina's drive to boost Vaca Muerta oil output and exports? What does Colombia's upcoming election
How European crude became oversupplied amid deep supply crisis
The global crude oil market continues to see disrupted exports from the Middle East. Yet, with soft Asian demand and the release of strategic reserves around the world, Europe now finds itself struggling to place excess crude oil barrels ahead of peak summer demand. To examine the latest development in European crude oil balances, S&P Global Energy's Gary Clark, associate director, is joined by
Tighter routes: How Hormuz disruption is reshaping Asian jet fuel markets
The disruption to flows through the Strait of Hormuz is rapidly reshaping the Asian jet fuel market at a critical juncture, just as seasonal demand accelerates ahead of the peak summer travel period. As one of the world's most important energy chokepoints, the Strait has long facilitated the movement of significant volumes of Middle Eastern jet fuel. The loss of these flows is now forcing market p
The global LPG divide: Why Europe and Asia are moving in opposite directions
European and Asian LPG fundamentals have sharply diverged following the disruption to flows through the Strait of Hormuz in late February and early March. The supply shock sent Asian propane prices sharply higher, tightened availability, and disrupted petrochemical demand. Meanwhile, the European market, especially the Amsterdam-Rotterdam-Antwerp hub, has remained comparatively well supplied and u
US exports hit record high as Middle East war blocks Persian Gulf supply
US crude exports have hit record high in April as buyers looked far afield to replace barrels that have been blocked by the Middle East war and the effective closure of the Strait of Hormuz. The surge in demand has been a boon for US suppliers, and there has been a scramble to overcome infrastructure constraints in order to push exports even higher. With Persian Gulf supply unlikely to return at p
Bonus episode: Hedging through the storm - can India's Dated Brent contract reshape risk landscape?
India's crude imports are climbing, not just in volume, but in complexity. As the country widens its pool of suppliers, it is also exposing itself to a more fragmented pricing landscape. But here is the challenge -- in a world where geopolitical conflicts and supply shocks can send prices soaring overnight, how do you protect the energy sector and the economy from extreme volatility? In this bonu
European middle distillate flows shift on Persian Gulf supply constraints
With more than two months having passed since the beginning of the war in the Middle East, a conflict that has tightened refined oil product flows through the Strait of Hormuz, market participants have been grappling with major upheaval in middle distillate trade routes as Europe seeks to replace lost Middle East supply. To examine the latest trends in this vital segment, S&P Global Energy's Emma
Service company earnings: Infrastructure shifts, e-fleets, and Latin American growth
In this episode of the Oil Markets Podcast from S&P Global Energy, host Jeff Mower dives into first-quarter earnings from major oil and gas service companies, including SLB, Baker Hughes, and Halliburton. Joined by S&P Global editors Binish Azhar, Sheky Espejo, and J. Robinson, the panel explores the sector's strategic pivot toward energy infrastructure and generation amid geopolitical uncertainti
From Hormuz to Asia: the ripple effects on oil trade, prices, and economies
The conflict in the Middle East has sent ripples across the global energy landscape, with the spotlight on the Strait of Hormuz -- the critical artery for Asia-Pacific's energy imports. Amid trade flow disruptions, the path to recovery, the resilience of physical oil markets, and the broader economic consequences are under intense scrutiny. While the return to normalcy, the evolving dynamics of oi
Atlantic physical crude dynamics following Dated Brent's all-time high
Dated Brent's record high assessment by Platts of $144.42/barrel stole the headlines on April 7, but physical market fundamentals in the Atlantic basin have similarly brought cash differentials for individual crude oil grades across the North Sea, West Africa and the Mediterranean upwards to levels that, in some cases, have never been seen before. In this episode, Associate Director Emma Kettley i
Hormuz chokepoint: Global scramble for diesel supply
As traffic inches back through the Strait of Hormuz, oil and product flows remain constrained, sending buyers scrambling to replace Middle East barrels and lock in reliable diesel supply. With nearly 6 million b/d of Middle East refining capacity at stake, and roughly 4 million b/d of refined products flows, diesel prices have soared, opening export opportunities. Where are buyers turning for dies
Nigeria's Dangote refinery takes spotlight amid Middle East conflict
As the conflict in the Middle East has raised the specter of global fuel shortages, Nigeria's new Dangote refinery has attracted growing attention as an alternative supplier. After starting up in 2024, the refinery reached its initial 650,000 b/d capacity for the first time earlier in 2026 and has seen a growing demand for its products from markets further afield. In this podcast, Gary Clark, asso
CERAWEEK 2026: With Hormuz shut, who fills the gap?
From CERAWEEK 2026 in Houston, host Jeff Mower, Director of Americas Oil News, is joined by Senior Upstream Editor Ashok Dutta, oil news editor Binish Azhar, and oil policy reporter Eamonn Brennan to break down the conference's energy security focus. With the Strait of Hormuz largely closed and the Trump administration negotiating with Tehran while signaling it wants to cap oil price spikes, polic
Strait of Hormuz uncertainty, Asia's LPG scramble as Middle East flows stall
Tensions between US-Israel and Iran are disrupting flows in the Strait of Hormuz, forcing Asia's LPG market to manage surging prices and shifting optimization to urgent supply management. With Middle East shipments threatened, especially for India and China facing low inventories and weak PDH margins, buyers are scrambling for alternative supplies and shipping. The Platts Oil Markets Podcast cover
Europe's jet fuel prices rally to record highs on Persian Gulf shut-in
Benchmark jet fuel assessments by Platts have reached all-time highs on the back of war in the Middle East. With vital middle distillate supplies locked in the Persian Gulf owing to the effective closure of the Strait of Hormuz, the knock-on impact for both physical and financial refined products markets in Europe has been unprecedented. In this episode of the Platts Oil Markets podcast, Gary Cla
War, Hormuz and the Fuel Price Shock
After US and Israeli strikes on Iran and the closure of the Strait of Hormuz, oil markets have been on a rollercoaster. While crude has rallied above $100/b, refined fuels have surged even more sharply. In this episode of the Oil Markets Podcast, host Jeff Mower, Director of Americas Oil News, is joined by Senior Refining Editor Janet McGurty and Senior Refined Products Price Reporters Ben Peyton
Crude and oil products markets shaken by major conflict in the Middle East
US and Israeli strikes on Iran since Feb. 28 have led to a major regional conflict, which has rocked geopolitics and resonated across the global oil supply chain. Vessel transits across the vital Strait of Hormuz have been stunted, while physical and financial oil markets have seen a major uptick in volatility. In this episode of the Platts Oil Markets podcast, Herman Wang is joined by Lauren Holt
Asian refiners weigh impact on crude flows from geopolitical developments
The outlook for Russian and Venezuelan crude flows, as well as geopolitical developments in Iran, are keeping Asian refiners on edge. Indian refineries have valued heavy Venezuelan crudes in their mix in the past, but will be looking out for signals of stable oil flows from the country. Meanwhile, the country's imports of Russian crude have decreased as sanctions have intensified. In this episode
Dissecting the oil market headlines from London's IE Week
Geopolitics and its impact on pricing and trade flows were the talk of the town as oil market participants convened in the cobbled streets of London across Feb. 9-13 for International Energy Week, one of the most important events in the industry's calendar. Following a blockbuster 2026 edition, S&P Global Energy's John Morley, global director of crude and fuel oil markets, sits down with Associate
Upstream Ambitions, Refining Resilience: What Earnings Season Signals for 2026
In this episode of the Oil Markets Podcast by S&P Global Energy, host Jeff Mower, Director of Americas Oil News, is joined by Senior Refining Editor Janet McGurty and Senior Upstream Editor Ashok Dutta to break down the biggest takeaways from fourth-quarter oil earnings so far. How are Gulf Coast refiners positioning for a potential return of Venezuelan heavy crude — and what does it mean for heav
EU sanctions reshape Europe's refined product flows
Europe's dependence on imported middle distillates is in sharper focus after the EU's 18th sanctions package halted imports of refined products processed from Russian crude from Jan. 21. Europe is leaning more heavily on replacement supply from the Middle East and the US—driving fresh volatility in diesel and jet fuel differentials even as underlying fundamentals remain mixed. Join Gary Clark, Aru
Forced flows: How new European sanctions are reshaping Asian gasoil and jet fuel markets
Tighter European sanctions targeting refined products made from Russian crude are accelerating shifts in global middle distillate trade flows, with Asia increasingly at the center of the impact. By closing loopholes that previously allowed barrels processed outside Russia to re‑enter Europe, the latest measures are forcing market participants to reassess compliance risk, arbitrage economics, and r
Dated Brent rallies but price reversal on the cards
Dated Brent differential soars to three-year high amid a supply crunch driven by disrupted flows of Kazakhstan's CPC Blend crude. However, market participants caution that a potentially swift return of CPC Blend outflows could swell European supplies, dragging on the Dated Brent complex. Join Gary Clark, Associate Director of Price Reporting, EMEA Clean Refined Products, as he discusses this and m
Venezuela Reopened? Trump, Sanctions, and the Heavy Crude Shock
A sudden shift in US policy has put Venezuela back at the center of global oil markets. US and international oil executives are striking different tones on Venezuela after President Donald Trump said the White House will decide which companies are allowed back into the country's oil sector following the US seizure of Venezuelan President Nicolas Maduro on Jan. 3. Heavy oil price discounts are alr
Sanctions, tariffs and shifting trade flows: a look at global oil markets in 2026
Sweeping changes to crude and product flows following sanctions and tariffs, shipping disruptions and questions surrounding China's demand outlook—oil markets have seen it all in 2025. The year was also a mixed bag for oil investments across the globe amid accelerated push towards clean energy and rising EV usage, while some regions also unveiled concrete plans on refinery expansions. In this spec
Uncertainty around WAF government policy and expected refinery maintenance sees European gasoline markets rally
In the winter months, demand for gasoline in Europe softens, and stocks in the Amsterdam-Rotterdam-Antwerp hub begin to thicken. But recent developments in West African government policy and intermittent maintenance at Nigeria's Dangote refinery have resulted in an unconventionally robust gasoline market, shadowed by an existing tightness in supply. Where have the gasoline markets diverged, and wh
The roadmap for the energy sector as it embraces AI
The adoption of AI among energy and shipping companies is growing steadily. While it's helping to cut operational costs, boost productivity, and reduce emissions, a shortage of skills, data integration complexity, and trust are posing some challenges. In exploration, AI is helping to analyze complex sub-surface data and improve success rates. In midstream logistics, it is helping to optimize compl
Crude markets react to firm freight rates and Atlantic oversupply
Physical differentials in the North Sea crude market and wider Atlantic basin have reached multiyear lows amid high freight rates and market length in the region. While high freight rates are often expected in the last quarter of the year, oversupply and market structure have also come into play. In this podcast, Emma Kettley, S&P Global Energy's associate director, price reporting, is joined by
Fleet constraints, rising rates
Global tanker markets are riding high as shipowners post strong third-quarter earnings amid bullish forecasts. What's driving the surge in day rates? Why are newbuilds still lagging even as fleet capacity tightens? How have sanctions reshaped both dirty and clean tanker markets? And could US shipyards stage a comeback in the global shipbuilding race? Join host Jeff Mower as he discusses these and
The final countdown: Europe readies for full Russian LPG ban
Europe's 19th sanctions package has promised to shut the door on the last remaining flows of Russian energy still trading into the region, including butane and isobutane that was previously exempted from import bans. From Jan 2026, the new LPG embargo will force lead buyer Poland to find alternatives to Russian supplies, adding support to an already tight European market. Associate Director, Prici
Low prices, high stakes in the Caribbean
The US has ramped up its naval presence in the Caribbean, following several strikes against suspected drug smuggling vessels off the coast of major oil producer Venezuela. Yet oil prices have barely budged as Latin American production continues to ramp up. What is the role of Guyana and Argentina's emerging crudes, and how do flows to destinations like India fit into Trump's strategy? How are Perm
With winter approaching, Asian diesel and jet fuel markets react
In this Oil Markets podcast, we discuss the outlook for diesel and jet fuel/kerosene demand in Asia in the fourth quarter of 2025. This period is always critical, but as we approach the end of the year, a complex interplay of seasonal patterns, supply constraints, geopolitical developments, and economic factors is shaping the landscape. S&P Global Commodity Insights' market reporters, Ng Mei Huey
Kirkuk crude resurgence: Navigating new trade dynamics
Following the resumption of Kirkuk crude exports on September 27, 2025, the oil markets are poised for significant shifts. This development marks a crucial turning point for the Mediterranean oil landscape, as the Iraqi grade reenters the market amid ongoing geopolitical dynamics and supply chain adjustments. In this episode, John Morley is joined by crude oil reporters Luke Stuart and Ernest Puey
High sulfur fuel oil prices get a boost from rising US crude exports
A jump in US crude exports has helped to boost prices for high sulfur fuel oil, supplies of which are currently tight. What is driving demand for US crude to South Korea and India? What is the connection between low US imports of heavy crudes and HSFO supply tightness? What is the short-term outlook for HSFO? And why is the Trump administration pushing back on international net-zero shipping fuels
EU sanctions package on Russian oil set to reshape European diesel and jet trade flows
With European imports of products refined from Russian crude oil set to be banned in the beginning of 2026, the spotlight is on exporters such as India and Turkey, and how flows of diesel and jet fuel in the EMEA region are anticipated to change in the coming months. Gary Clark is joined by middle-distillate reporters Nadia Bliznikova and Aruni Sunil to delve into the shifting trade patterns of oi
Insights from APPEC 2025 on China's oil demand and global shipping
In the wake of APPEC 2025, China's evolving oil demand and the impact on global shipping markets are in the spotlight. With China's oil consumption slowing and India's robust demand outlook, the intricate balance of these factors has major implications for global energy supply chains. Asia energy editor Sambit Mohanty sits down with head of China content Alice Niu and head of Asia shipping and fr
What impact is Dangote's ramp-up having on the global fuel oil market?
Dangote's RFCC outage has added additional length to the global fuel oil market, with Singapore blending significant volumes of feedstocks into their very low sulfur fuel oil bunkering pool. Host Gary Clark is joined by Charlie Wright, Joseph Jaffe and Kelly Norways to explore the impact of the outage on the fuel oil market in the EMEA and Asia regions.
Seasonal gasoline transition in US shapes refining strategies, blendstock trade
As the US transitions to higher-volatility gasoline grades, refiners are adjusting their strategies to balance supply and demand amid seasonal maintenance and export pressures, which also have implications for butane demand. In this episode, the team unpacks the mechanics of the RVP transition, the impact of refinery issues in Mexico, and the growing demand for LPG in Southeast Asia. Jeff Mower, d
What is behind diverging LPG fundamentals over the summer period?
During the summer season, warmer temperatures and muted levels of demand should traditionally bring length to the LPG markets. This certainly appears to have materialized in the propane markets, but a tightness in the butane market seems to be painting a different picture. How has supply been affected over the summer months, and what can we expect from the LPG market in the short-term with re-eme
APPEC to look at Asia's changing energy narrative amid tariffs and transition
APPEC to look at Asia's changing energy narrative amid tariffs and transition Navigating trade, technology and transition—that's the theme of this year's Asia Pacific Petroleum Conference, or APPEC 2025, by S&P Global Commodity Insights. It is scheduled to take place during September 8-11 in Singapore, where CEOs, government officials and market experts will share their insights on geopolitical
Drones hammer Russian, Ukrainian energy infrastructure amid push for peace deal
The world's attention has turned the US in recent days after back-to-back peace summits separately involving Russia's and Ukraine's presidents. But in the absence of a ceasefire deal, drone attacks have taken on a new intensity, continuing to claim civilian lives and knocking out critical infrastructure. In the past week alone, Russia has sustained damage to at least five major oil refineries, as
What's in store for US diesel and jet?
US diesel prices have rallied this summer as strong export demand has helped to tighten inventories, while jet fuel prices have remained stable. With diesel stocks remaining tight, export demand, refinery maintenance and hurricane season present upside risks to prices. In contrast, jet fuel is well supplied, keeping a lid on prices. The outlook for both diesel and jet fuel has been complicated by
Tainted crude: Europe responds to Azeri Light contamination
An outbreak of crude contamination impacting Azerbaijan's Azeri Light supply has set Europe's refiners on edge. As buyers seek to avoid being hit with corrosive organic chlorides, prices for the premium crude grade have tumbled, and some refiners have been forced to draw on emergency oil reserves. Kelly Norways, a downstream oil news reporter, is joined by senior news team editor Nick Coleman, S
Tightness in USGC heavy crude puts spotlight on Canadian access
Heavy crude supplies to the US Gulf Coast have tightened. Waterborne imports have dropped sharply, driven largely by declines from Mexico and Venezuela. Canadian wildfires have further limited access to heavy barrels, and refiners like Valero are starting to feel the squeeze. Why are Mexican and Venezuelan crude imports collapsing, and can they recover? Why aren't USGC refiners just turning to Can
EU sanctions, ceasefire, and OPEC+ move—what are the implications for Asia
Oil is going through a period of uneasy calm. The higher-than-expected rise in OPEC+ production quotas for August, combined with a ceasefire between Israel and Iran, has provided oil markets some breathing space and introduced a bearish sentiment to prices, but new EU sanctions on Russia and the possibility of additional secondary sanctions by Washington could alter the price and trade flow scen
Second UK refinery collapse puts focus on survivors
With the UK at risk of losing its second oil refinery in less than six months, Europe's refining sector is showing growing signs of strain. In this episode of the Platts Oil Markets podcast, Gary Clark is joined by reporters Elza Turner and Kelly Norways to unpack why healthy margins are failing to prevent closures in a year that has already seen the most shutdowns since the coronavirus pandemic.
LPG boom: Exports, tariffs, and summer demand support North American NGLs
In this episode, the Americas NGLs pricing team discusses Gulf Coast and Canada NGL market dynamics. Light ends manager Sarah Hernandez and LPG reporters Hunter Marrow and Marcus Still review conditions from 2024 that led to record-high export premiums and compare those conditions with the current market context. They also analyze changes in export flows amid geopolitical tensions and discuss poss
A dive into distillates: The latest on Europe's diesel and jet fuel markets
With European middle-distillate markets remaining well-supplied amid turbulence in the Middle East, the prospect of new legislation regarding the origin of European product imports provides fuel for thought for market participants. To discuss the latest developments in the middle-distillate markets, Gary Clark is joined by Virginie Malicier and Nadia Bliznikova with a sharp focus on diesel and jet
Airstrikes on Iran put oil war premiums in the spotlight
Oil prices rallied following Israeli attacks on Iranian nuclear and military targets, but just as quickly reversed after the US bombed three of Iran's nuclear enrichment facilities. War premiums were mostly erased after US President Donald Trump said Israel and Iran agreed to a ceasefire. Jeff Mower, director of Americas oil news, speaks about the price swings, US crude production growth, global
Middle East flare-up and ramifications for European oil markets
A sudden ramp-up in tensions as Israel and Iran exchange blows has proved impactful for oil markets in the EMEA region. In this episode of the Platts Oil Markets podcast, Gary Clark is joined by front-line reporters Joey Daly, Jan Kedzior and Dias Kazym to discuss how the volatility in the Middle East is shaping the European markets in crude oil, middle-distillates and light ends.
Energy Asia to shine spotlight on transition, trade, and turbulence
Energy Asia will be held from June 16-18, 2025, in Kuala Lumpur, Malaysia. The role of national oil companies in securing a net-zero future, the challenges in navigating energy security, the scope for fossil fuels growth, as well as the pressure Asian companies are facing to pursue sustainable growth will be some of the key themes that will be in focus. In this episode of Platts Oil Markets Podcas
Atlantic gasoline heats up amid refinery shifts and US demand
The Memorial Day weekend in the US is often considered the kickoff to the summer driving season, a period of heightened gasoline demand where families take vacations and refiners profit on healthier margins. But how is the European supply and demand balance coping with changes in the global refining picture, as some European refineries shut down while production ramps up in Africa and further afie
Mexico's gasoline crunch
Mexico is facing regional gasoline shortages as its refining system struggles to meet demand, deepening reliance on U.S. imports. With the Dos Bocas refinery not expected to reach full capacity until 2026, questions loom over the role of private importers in supplying the country with gasoline. In this episode of the Oil Markets podcast by S&P Global Commodity Insights, host Jeff Mower is joined b
Global shipping, oil industries prepare for roll out of USTR's historic measures
The proposed 2025 Section 301 actions by the US Trade Representative (USTR) against China's maritime, logistics, and shipbuilding sectors could reshape merchant shipping trade. These historic measures include significant port fees and operational restrictions based on vessel ownership and cargo type. This unprecedented approach not only targets Chinese interests but also influences global shipping
Two years of WTI Midland in Dated Brent
In this episode of the Oil Markets podcast, host Joel Hanley is joined by front-line North Sea reporters Natasha Tan and Joey Daly to mark the second anniversary of US crude WTI Midland's inclusion in the Dated Brent benchmark and the current dynamics underpinning the North Sea markets. How has the addition of WTI Midland improved the robustness of the benchmark amid shifting dynamics in the Atlan
Guyana shakes up oil markets as Yellowtail emerges
Guyana's latest crude stream is due to reach the market in the third quarter, adding 250,000 b/d to the South American country's production capacity. Output has climbed rapidly since Guyana's Liza grade made its debut in late 2019. This time, however, the new Yellowtail development will be bringing more light sweet crude to the market, which will compete with exports from Argentina and the US. How
How has the outlook shifted for LPG and naphtha as macroeconomic uncertainty looms?
When the US began announcing tariffs a month ago and China hit back with reciprocal tariffs, the whole oil market complex tumbled. Despite a relative recovery in line with crude oil four weeks later, the lighter end products of the barrel are still feeling the sting from an uncertain macroeconomic environment, as outlook in the global petrochemical industry flounders. With recession fears looming,
From tariffs to OPEC+ output increase – how will Asia navigate through the changes?
The sweeping reciprocal tariffs announced by the United States in early April, followed by China's retaliatory levies on US imports, along with OPEC+'s decision to significantly increase output in May, have driven Platts Dated Brent to its lowest level since April 2021. As one of the largest oil-importing regions, Asia is poised to face substantial implications from these developments. In this epi
Two weeks after Trump's 'liberation day' - how have the oil paper and physical markets responded?
Following the swathe of protectionist tariff measures announced by US President Donald Trump April 2nd, the crude oil complex was sent into a frenzy, with market outlook rapidly souring. But interesting patterns in both the paper and physical markets have been materializing. In this episode of the Oil Markets podcast, Joey Daly leads an in-depth discussion with market experts David Neef and Joseph
More players bring competition to Brazil's refined products markets
"O Petróleo é Nosso," or "The Oil is Ours," was a popular slogan central to the founding of Brazil's state-owned oil company, Petrobras, in 1953. The slogan can also be interpreted more broadly, as Brazil's refined products markets have opened to more participants, leading to a surge in spot market activity and price transparency. As a result, Platts has launched new price assessments for Brazilia
Fuelling change: May 1st Mediterranean Emissions Control Area and marine fuels
With the May 1st deadline for Mediterranean Emissions Control Area fast approaching, marine fuel suppliers and shipowners are bracing for impact. In this episode of the Oil Markets podcast, Rowan Staden-Coats is joined by Jan Kedzior and Tommy Petrou to discuss the different fuel options vessels have to comply with the upcoming sulfur emission regulations. What opportunity does this pose for compl
Ceasefire, sanctions and tariffs: implications for Asian oil flows
Russia's temporary halt on attacks on Ukraine's energy infrastructure has raised hopes of the two countries eventually moving towards a peace deal, followed by the potential lifting of sanctions. This has also prompted a debate on whether any normalization of Russian oil flows could lead to an immediate reduction in flows from Russia to Asia—mainly India and China. O oil diplomacy will be at play
Gasoil in the Mediterranean: emissions control zones and emerging opportunities
The Mediterranean gasoil market is undergoing significant changes as new Emission Control Zones come into effect, drastically altering sulfur limits for marine fuels. In this episode of the Oil Markets podcast, our experts explore the evolving role of gasoil, an important middle distillate that is often overshadowed by diesel and jet fuel. Host Joel Hanley is joined by Virginie Malicier, manager o
Bonus episode: At CERAWeek, big tech and big energy cozy up
The tech industry came in hot at the CERAWeek by S&P Global conference in 2025, and the conversation shifted from decarbonization and energy security in previous years to boosting the energy industry as a key piece of the AI race. In this bonus episode, Commodity Insights co-president Dave Ernsberger joins Americas oil news director Jeff Mower to recap the key themes and developments fr
Weak Northwest European gasoline and naphtha fundamentals challenge seasonal expectations
The beginning of spring marks the start of gasoline's seasonal transition from winter into summer specification but the market fundamentals remain under pressure on the prompt. Gary Clark is joined by Dias Kazym and Matthew Tracey-Cook to discuss how weak gasoline fundamentals extended to the European naphtha market, which also faces challenging petrochemical environment despite short-term supply
Trump tariffs highlight US refiner dependence on Mexico and Canada
New US tariffs on imports from Canada and Mexico are highlighting the dependence of US refiners and consumers on crude and refined products from both countries. Why is the US Atlantic Coast in particular exposed to the supply and price impacts of the tariffs? Who will eat the costs of tariffs on Canadian crude? Jeff Mower speaks with senior refining editor Janet McGurty and crude price editor Jad
India Energy Week shines spotlight on policies, diplomacy and supply strategy
India Energy Week brought together thought leaders, industry pioneers and curious minds from around the globe to discuss the future of energy in India and beyond. From shifting spotlight of oil producers towards India to the optimism around clean energy, such as hydrogen and biofuels, the event witnessed discussions and debates around India's current and future energy landscape. And a key question
CPC pipeline damage and oil market implications amid ongoing Russia-Ukraine war
In what was the first direct hit from drone attacks on the Caspian Pipeline Consortium route since the onset of Russia's invasion of Ukraine in 2022, close to 1.5 million b/d of crude output from oil giant Kazakhstan has been brought into the spotlight. The development comes with an uptick in broader energy infrastructure attacks and against a backdrop of US and Russian talks over the war's near-t
Deal or no deal: Trump, Iran, Venezuela, and a million barrels of oil
Since his return to the US presidency, Donald Trump has launched a maximum-pressure campaign on Iran in pursuit of a nuclear deal, in sharp contrast with a more diplomatic approach towards Venezuela. How will these geopolitical strategies affect oil exports, spot markets, and the role of players like China on the global stage? Jeff Mower, Kate Winston, Chris van Moessner, and Pat Harrington unpac
India Energy Week to seek answers on demand trajectory, oil diplomacy and upstream push
India's rapidly growing energy demand, the shifting focus of oil producers towards the country, and the transition to cleaner energy sources are key themes at India Energy Week. Delegates will seek insights on how Indian energy companies and policymakers can balance the reliance on traditional fuels with a new energy roadmap. In a comprehensive discussion, Dave Ernsberger, Co-President at S&P Glob
Oil markets navigate Trump's tough talk and tariffs
A fast-paced beginning to the second Trump presidency has sent ripples across financial and commodities markets globally with tough talk on sanctions and tariffs, in particular. Joel Hanley is joined by Thomas Washington and Herman Wang to dissect the impact US policy is having on oil and shipping markets and what OPEC+ make of Trump 2.0. Links: Register for London Energy Forum 2025 US tariffs on
New sanctions on tankers and implications for China and India's oil imports
The recent expansions of the US Office of Foreign Asset Control (OFAC) vessel sanction list have sent shockwaves throughout the tankers and crude oil markets, raising questions about potential shifts in crude import strategies for China and India. Market participants are closely monitoring the extent to which Iranian and Russian crude exports may be disrupted, how major importers like China and In
Understanding the rise in Northwest European gasoline stocks
With European stockpiles of gasoline reaching uncharacteristically high levels in recent weeks, Joel Hanley is joined in this episode by Ernest Puey and Matthew Tracey-Cook. Together, they delve into the factors driving the incentive to store gasoline and explore the latest shifts in the product's flows across the Atlantic Basin. Links: Platts 10ppm Premium AR barges - PGABM00 Platts Eurobob FOB
2025 opens with fire and ice for US refiners
US refiners have had a dramatic start to the new year, facing wintry blasts on the East Coast and devastating wildfires on the West Coast. Plummeting transportation fuel demand in Southern California, strong heating fuel demand in the Northeast, and cheap blending components in the Gulf Coast have created a balancing act for producers and shippers of gasoline and distillates -- and consumers pay t
Exploring the dynamics of Midland crude supply and Asian demand in the Atlantic market
High volumes of WTI Midland crude arrived in Europe in December, significantly impacting light sweet sentiment in both the North Sea and West African markets. As we enter the new year, a resurgence of demand from Asia is beginning to reshape the landscape. Joel Hanley is joined by Joey Daly and George Delaney to explore the effects of renewed Asian demand for Western barrels and reflect on a month
Oil market dynamics in 2024 and the path to 2025
It's been quite the year for oil markets. In this special episode of the podcast, Joel Hanley, Jeff Mower, Sambit Mohanty and Richard Swann look back at 2024 and try to untangle the biggest themes, including slowing demand growth, the incoming Trump administration, and the formidable challenge for OPEC+ in its quest for market control. The panel also discusses trade flows, new crude supply, and ho
Returning Russian gasoline exports, implications for global product markets
The Russian government's announcement of the partial resumption of gasoline exports by the country's refineries comes at a time when global oil product flows are constantly evolving. In this episode of the Platts Oil Markets podcast, Francesco Di Salvo is joined by Elza Turner, Robert Perkins and Matthew Tracey-Cook to discuss the reasons behind Russia's decision and what it means for product trad
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