Energy stakeholders from around the world gathered in Houston this week for CERAWeek by S&P; Global to talk about the biggest issues and current trends in the energy industry. On the oil front, speakers and panelists highlighted permitting timelines amid record-high export crude demand, while a shift in hedging practices was seen in light of recent volatility in crude prices.  In this Oil Markets podcast, Jeff Mower sits down with Dave Ernsberger and Binish Azhar to discuss these topics and others coming out of the conference. Register here for the World Petrochemical Conference, March 20-24

Oil at CERAWeek: Production and export challenges compound on rising demand

S&P Global Commodity Insights analysis of key oil price movements across the globe.

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As European refineries return from seasonal maintenance, ample prompt supply in the North Sea, Mediterranean and West African crude markets suggests that the demand side of the equation remains firmly in the red. Joel Hanley is joined by crude editors Sam Angell, George Delaney and Joey Daly to discuss the implications of a crude-saturated Atlantic basin for prices in the major oil markets west of Suez. Links: Dated Brent  PCAAS00 WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl  WMCRB00 Bonny Light FOB Nigeria London vs WAF Dtd Strip  AAGXL00 Azeri Light CIF Augusta vs BTC Dtd Strip  AAHPM00  WTI Midland CIF Rotterdam crude differentials plunge to weakest value since October 2021  Nigeria Bonny Light crude value falls to 5-month low: Platts assessment

How are crude prices reacting to a lengthening Atlantic Basin market?

Diesel imports into Brazil have risen in recent months, but remains below a recent peak seen in January as the South American country deals with new payment terms for Russian barrels. Not only that, but Russian diesel supplies have tightened following drone attacks on Russian refineries by Ukraine. Will USGC refiners return to the #1 spot in supplying Brazilian diesel imports? What impact has this shift had on US diesel exports?  Jeff Mower, director of Americas oil news, discusses these topics and more with senior refinery editor Janet McGurty, Latin American refined products editor Maria Jimenez Moya, and US refined products editor Ben Peyton. Episode links: NEW Port Everglades CBOB differential to NYMEX RBOB APPNB00 NEW Port Everglades premium CBOB differential to NYMEX RBOB APPNJ00 NEW Tampa ULSD differential to NYMEX ULSD APPOI00 NEW Tampa Jet Fuel differential to NYMEX ULSD APPNU00

Diesel flows shift as Brazil fuels up

In May 2023, the world's most important oil price benchmark, Platts Dated Brent, which is used to underpin the price of significant volumes of traded crude oil, saw the addition of the first non-North Sea crude stream into its deliverable basket of grades: WTI Midland. Since then, the benchmark has seen liquidity skyrocket, the addition of new faces into the Brent complex’s long list of established market participants and, most importantly, the further strengthening of Dated Brent as a price indicator for commodity markets globally. In this episode of the Oil Markets Podcast, Joel Hanley is joined by Emma Kettley, Managing Crude Editor, and Sam Angell, Senior Crude Editor to discuss the one-year anniversary of Midland’s successful inclusion into the Dated Brent benchmark. Related content: Infographic:  Dated Brent April update Related story:  April 2024 breaks trade liquidity records in Platts North Sea physical, Cash BFOE partials MOC  Mentioned price assessments:  PCAAS00 - Dated Brent   WMCRB00 - WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl 

WTI Midland’s inclusion into Dated Brent, one year on

 The spotlight on India's oil sector has never been stronger. India's role in global oil markets is set to expand at a fast pace until the end of the decade, making it the biggest center for demand growth, according to the IEA. Refining expansion remains a key priority, but with a tilt towards petrochemicals, and the country’s upstream strategy aims to realize the hydrocarbon potential of offshore regions.   While rising Russian oil flows and its impact on purchases from the Middle East is dominating the discussion on trade flows, rising oil prices is throwing up new challenges for the economy. In a wide-ranging discussion with Sambit Mohanty, Asia Energy Editor, Atul Arya, Chief Energy Strategist at S&P; Global Commodity Insights, and Dharmakirti Joshi, Chief India Economist at CRISIL -- a unit of S&P; Global -- share their views on the roadmap ahead for India's oil sector as the country is set to elect a new federal government.

Battling high prices, oil diplomacy and upstream revival among priorities for India

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 development that Nigeria’s giant Dangote refinery has exported its first refined product cargo destined for Europe. In this episode of the Oil Markets podcast, our experts delve into the light and middle-distillate dynamic in West Africa and provide the latest refinery news from the region. Related price assessments:  AGNWC00 - Gasoline CIF West Africa Cargo $/mt  AGNWD00 - Gasoil FOB STS Lome West Africa Cargo $/mt (NextGen MOC) Related subscriber content: First oil products from Nigeria's giant Dangote refinery head to Western Europe Dangote refinery starts supplying diesel to Nigerian market Nigeria's Dangote gasoline production plans delayed, analysts eye fourth quarter Events: Middle East Petroleum and Gas Conference (MPGC): Evolving core energy markets within a sustainable landscape

Oil at CERAWeek: Production and export challenges compound on rising demand

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