Oil Markets

Oil Markets episodes:

• 04.18.2024

  Exploring West Africa's oil product flows in a changing refining landscape

  Ahead of ARDA Week 2024 in Cape Town, South Africa, S&P; Global Commodity Insights reporters Matthew Tracey-Cook, Kelly Norways and Elza Turner join Joel Hanley to discuss the changing dynamics of oil products markets in West Africa following the fresh...

  
• 04.11.2024

  The price of delaying the US' Strategic Petroleum Reserve refill

    The Biden administration recently said it was no longer looking to buy up to 3 million barrels of crude for August and September to refill the Strategic Petroleum Reserve, which was drawn down to prevent oil price spikes following...

  
• 04.04.2024

  Diesel and tanker markets react to bombed Russian refining infrastructure

  A sharp increase in Ukrainian drone attacks on Russian energy infrastructure has those in the refined products markets looking at the near-term implications for export volumes, trade flows, freight rates and commodity prices. S&P; Global estimates that Russian refineries with...

  
• 03.28.2024

  Oil production and carbon capture takeaways from CERAWeek

  The 2024 CERAWeek by S&P; Global conference just wrapped up in Houston, where oil industry executives were talking up, often aggressively, the need for oil and gas to remain in the mix during the transition to cleaner energies. They also discussed environmental...

  
• 03.22.2024

  Bonus episode: At CERAWeek, oil producers seek incentives for energy transition

  Oil industry executives at the CERAWeek by S&P; Global conference were largely bullish on oil production growth, shedding recessionary concerns voiced the prior year. They were less enthusiastic about the pace of energy transition, citing the need for more certainty...

  
• 03.21.2024

  Russia’s oil market under pressure from tighter sanctions, refinery attacks

  In the midst of Vladimir Putin’s rubber-stamp re-election as Russian President through March 15-17, a tightening of G7 sanctions led by Washington has seen over 10 companies and dozens of vessels put on the sanctions list for price cap circumvention...

  
• 03.15.2024

  What's next for oil following China's announcement of its 2024 targets?

  Economic power-house China has set out 10 targets for 2024, which is pro-growth for oil demand, keen on energy security, and prioritizing accelerated industry modernization and development of new productive forces. In this episode of Platts Oil Markets podcast, Managing...

  
• 03.07.2024

  A North Sea tale: Diving into UK oil and the Dated Brent benchmark

  Once a global powerhouse of crude production, the UK’s North Sea region saw its oil output decline accelerate to 12% in 2023, according to official data from the UK’s Department of Energy Security and Net Zero. The new figures come...

  
• 02.29.2024

  Amid a changing oil narrative, is the spotlight shifting from China to India?

  Asian oil flows could witness drastic changes for the remainder of the decade amid growing belief that India will cater to the biggest share of incremental growth in demand in the region. The International Energy Agency has recently said...

  
• 02.22.2024

  LatAm shuffles the heavy sour oil deck in the Americas

  Latin American crude production is on the rise, with countries like Brazil, Guyana and Argentina leading the way. However, Latin American heavy sour crude output is expected to decline, and flows will be reshuffled as Canada’s Trans Mountain crude pipeline...

  
• 02.15.2024

  A tale of two gasoils: Diesel and gasoil and a widening sulfur spread

  As the European ultra-low sulfur diesel complex rallies on concerns around Eastern resupply unable to pass through the Red Sea, gasoil – its high-sulfur counterpart – is under unusual pressure. In this episode of the Platts Oil Markets podcast, editors...

  
• 02.08.2024

  Oil companies talk up slowdown in US production growth

  Following a 1 million b/d growth in US oil output in 2023, oil producers and service companies have been warning of slowing growth this year during their fourth quarter earnings calls. Will production surprise to the upside? And what would...

  
• 02.01.2024

  Red Sea concerns: A fresh shake-up to European oil market logistics

  In the face of continued security issues in the Red Sea stemming from Houthi attacks on commercial vessels, European trade patterns for oil products across the barrel are changing. S&P; Global Commodity Insights’ Robert Perkins, Nadia Bliznikova and Takis...

  
• 01.25.2024

  Asian oil flows intact despite Red Sea woes, but refiners spend sleepless nights

  Asia so far, has not witnessed any dramatic changes to near-term oil supplies amid the ongoing Red Sea crisis, but refiners are chalking out alternative plans to ensure steady feedstock flows in the event of an escalation -- a move...

  
• 01.18.2024

  What's in store for OPEC+ in 2024?

  With OPEC suggesting in its monthly oil market report that global oil demand growth will outweigh an expected increase in non-OPEC supply across 2024 and 2025, market watchers will be keen to see how the group and its allies respond...

  
• 01.11.2024

  Guyana oil: The new crude on the block

  For the first Oil Markets episode of 2024, S&P; Global Commodity Insights' oil experts team up across pricing, news and research to provide a fresh look at the crudes everyone is talking about — the new grades from Guyana’s Stabroek Block. Jeff Mower speaks with Ha...

  
• 12.14.2023

  2023: The changing map of oil trade

  In the final episode of the Oil Markets podcast for 2023, S&P; Global Commodity Insights crude and refined products directors Joel Hanley and Richard Swann round up the biggest events and trends of the year.  They provide an across-the-barrel retrospective...

  
• 12.07.2023

  Grangemouth’s closure: insights into the changing global refining landscape

  The UK’s Grangemouth refinery is set to cease operations in the coming years to be converted into a fuel import terminal, owner Petroineos has said, with current operations to continue into at least early 2025. The refinery supplies close to...

  
• 11.30.2023

  The wait is (still) on at the Panama Canal

  A reduction in daily transits at both the Neopanamax and Panamax lock systems have resulted in longer wait times to transit the Panama Canal. These limits to daily transits are expected to continue into 2024, leading shipowners to raise freight...

  
• 11.23.2023

  China looks to rejig its oil sector in 2024; lower crude imports, refined product exports in plans

  The new year looks set to see a seismic shift in China’s oil industry, as concerns grow about the future of crude oil imports and by extension product exports from the country, amid headwinds in the country's refining sector. Questions...

  
• 11.16.2023

  West African gasoline supply in limbo after Belgian export ban

  The West African Gasoline market is about to undergo major transformations. Belgium has proposed new environmental measures to suspend low-quality motor fuel exports, following similar move by the Netherlands. Will consumers like Nigeria turn to alternative blending hubs, or resign...

  
• 11.09.2023

  With Venezuela sanctions lifting, what's in store for Mexican and Canadian crudes?

  The lifting of Venezuelan oil sanctions by the US has sparked a series of reactions in the upstream market. S&P; Global expects an increase of roughly 100,000 b/d in crude exports from Venezuela to 850,000 b/d.  Jeff Mower, director of...

  
• 11.03.2023

  European fuel oil sulfur spreads caught between Asia and the Americas

  European fuel oil sulfur spreads surged in October as events further afield spurred opposing price movements for low- and high-sulfur fuel grades. A sudden easing of US oil and gas sanctions on Venezuela has sent high sulfur markets tumbling, while...

  
• 10.26.2023

  Geopolitical turbulence prompts Asia to rethink its oil strategy

  Oil market volatility amid the conflict in the Middle East has started to ring alarm bells for Asian refiners. Hamas' surprise attack on Israel has fanned worries of a long-drawn period of geopolitical turbulence at a time when global oil...

  
• 10.19.2023

  Oil markets experience heightened volatility amid Israel-Hamas conflict

  Geopolitical tensions are, once again, spooking oil markets, with the Israel-Hamas war dominating all discussions. Even with the impact of the armed conflict so far restricted to the Mediterranean, market players are increasingly concerned about the potential for escalation, which...

  
• 10.12.2023

  Is Russian supply "to be, or not to be" for Brazil diesel markets?

  After sanctions on Russia in the aftermath of the invasion of Ukraine, Brazil started sourcing 78% of its imports from Russia. But in mid-September, Russia announced a ban on refined product exports to ease its own domestic fuel prices. It...

  
• 10.05.2023

  Ban on diesel and gasoline exports: Will Russia double down or reverse course?

  Global fuel markets were set to receive another shockwave when Russia announced a ban on diesel and gasoline exports amid tight domestic supplies. Brazil and other importers of Russian diesel were expected to suffer the most. But judging by the...

  
• 09.28.2023

  $90/b oil makes producers and refiners sanguine in Q3

  As crude prices have recently inched up past the $90/b level, they are on pace to end the third quarter nearly 35% higher than they started, fundamentally altering the landscape for both upstream and downstream players. Drillers and producers are...

  
• 09.21.2023

  How high can it go? Crude market tightness sparks oil price surge

  The OPEC+ production cuts continue to impact both crude oil and refined products. Dated Brent has reached a 10-month high. Prices in the diesel market are also rising amid supply constraints. Meanwhile, the latest report from the IEA has warned...

  
• 09.14.2023

  At Asia’s APPEC, energy transition and Russia steal the limelight

  The 39th annual Asia Pacific Petroleum Conference in Singapore captured the tone of Eastern oil markets in early September, catapulting the energy transition back into focus after the distraction of recent world events. Richard Swann, Dave Ernsberger and Joel Hanley share...

  
• 09.07.2023

  Is the bionaphtha market ready to soar as European biorefining booms?

  The European bionaphtha market is starting to gain traction as the number of available feedstocks increases and demand for cleaner alternatives grows. Limited supply capacity has kept prices high, but production is set to increase amid a boom in biorefinery...

  
• 09.01.2023

  Russia’s impact on Americas naphtha and refined products

  Americas refined products markets are adjusting to altered trade flows more than a year after Russia’s invasion of Ukraine. Refined products that were once supplied to Brazil from the US Gulf Coast have now been replaced by Russian barrels, while...

  
• 08.24.2023

  APPEC to throw spotlight on oil's future, energy security vs sustainability debate

  Asia's oil demand revival, China's much anticipating role in aiding that recovery, heightened concerns around managing legal, regulatory and sanctions risks , as well as the region’s affinity for embracing new energy will be some of the key...

  
• 08.17.2023

  European oil markets after the Russian embargo (part 2)

  For many years, Russia was Europe's main supplier of key refined oil products until Western sanctions were imposed in February 2023. Six months into the embargo on Russian refined products, markets across the continent continue to adjust. Prices appear to...

  
• 08.10.2023

  European oil markets after the Russian embargo (part 1)

  Trade disruptions. Refinery adjustments. New arbitrage flows. These are some of the consequences Europe faced as the continent had to wean itself off Russian crude following the embargo, which came into effect in December 2022. Russia has since managed to find new customers...

  
• 08.03.2023

  Guyanese Dream: Oil boom in Guyana could transform global crude market

  The small South American country of Guyana has experienced a quick transformation within the past decade, going from zero oil production in 2019 to nearly 400,000 b/d in 2023 and that is expected to reach around 600,000 by the end...

  
• 07.27.2023

  Asian refiners look for answers in petrochemicals as EVs threaten transport fuels' future

  Refiners in Asia are crafting out expansion strategies and pumping billions of dollars to diversify their portfolio and adapt to the changing energy landscape. Renewables, hydrogen and solar energy are starting to figure in their ambitions. But a...

  
• 07.20.2023

  Nigeria: Another force majeure at Forcados?

  Nigeria, Africa's largest crude oil producer, is struggling to keep oil flowing amid leaks at the Forcados oil terminal port. The ill-fated facility has been offline for much of 2022 due to sabotage, and now faces the prospect of another...

  
• 07.13.2023

  A perfect storm in the USGC buoys Americas sour crudes

  North American heavy and sour crude price differentials have reached multiyear highs in recent weeks. These are prices that are typically seen only after major production disruptions like hurricanes. But there are no clouds in sight in the Gulf of...

  
• 07.06.2023

  The dire consequences of falling Rhine water levels on refined oil products

  Europe is bracing for challenges this summer as its main waterway experiences lower-than-usual rainfall. The Rhine is drying up well ahead of historical patterns, and the short-term forecast is for water levels to fall below critical levels for barge navigation...

  
• 06.29.2023

  What's in store for US refined products and distillates this summer?

  Summer travel season is upon us, so what's the outlook for fuel demand in the Americas for the coming months? Naphtha, a key component in gasoline, was recently in short supply but now appears to be in ample supply, and...

  
• 06.22.2023

  As Asian crude import mix evolves, how relevant are OPEC’s cuts still?

  OPEC’s kingpin Saudi Arabia has slashed its crude output by a further 1 million b/d in July, bringing the alliance’s total cuts to 4.7 million b/d in the month, or about 5% of global capacity. But with Asia’s...

  
• 06.15.2023

  Exploring Europe's shifting trade patterns amid the Russia-Ukraine war

  The war in Ukraine has created a new set of trade flows, as many buyers look to avoid Russian commodities. What are European buyers doing to replace Russian crude oil, and how have these changed flows upturned the markets? In...

  
• 06.08.2023

  The cost of wildfires and inflation on Canadian crude production

  Canada's crude production has been reduced in recent weeks by wildfires in Alberta, tightening price discounts for some Canadian crude grades. While the bulk of output has returned, and longer-term output is expected to rise 500,000 b/d by 2030, high...

  
• 06.01.2023

  Dark ship-to-ship transfers keep Russian oil flowing despite sanctions

  More and more ships are turning off their transponders in the Black Sea in risky but lucrative trades. Deep discounts on Russia's main export crude, Urals, and refined products such as gasoil and diesel, are attracting strong market interest. And...

  
• 05.26.2023

  From Russia to Asia - oil's new map may prompt policy rethink by OPEC+

  As Asian oil demand recovery shows signs of sustaining the strong momentum, there were two key questions that's keeping refiners on tenterhooks -- if purchasing Russian crude would increasingly get tougher following the recent pledge by G7 leaders...

  
• 05.18.2023

  Dangote Refinery: Is Africa’s largest refinery finally ready?

  Nigerian President Muhammadu Buhari is due to inaugurate the 650,000 b/d refinery on 22 May. But after many years of delays, and with the project running $11 billion over its original $9 billion production cost target, many traders are questioning...

  
• 05.11.2023

  Diesel in the western hemisphere faces a shifting landscape

  This year, the US, alongside G7 countries, placed a price cap on Russian-grade refined product at $100/b. This marked another set of sanctions designed to shrink Russia's influence on global oil markets. Following the Feb. 5 price cap, disruptions have...

  
• 05.04.2023

  Making crude oil history: WTI Midland cargoes join Brent benchmark

  As of May 2, 2023, Platts incorporated US WTI Midland crude oil into Platts Dated Brent and related benchmark assessments. This is the first-ever inclusion of a non-North Sea grade and is expected to boost the liquidity of the world’s...

  
• 04.27.2023

  China's uneven economic recovery and what it means for oil in Asia

  One of the largest crude importers globally, China had seen demand plummet amid the pandemic, although it has been showing signs of recovery – with better-than-expected economic growth and record-high production in Q1 2023. S&P; Global Commodity Insights Asia Oil...