Oil Markets

California gasoline prices are notoriously volatile, and state's lawmakers are taking notice. California's Senate is considering a bill proposed by Governor Gavin Newsom that would require state refiners to increase gasoline inventories and would also give the state additional control over refinery maintenance programs. How much does California's boutique blend play into the state's high gasoline prices? What is the plan for fuel storage in the state amid the energy transition? Will California become even more dependent on fuel imports as refining capacity continues to shrink?

Jeff Mower, director of Americas Oil news, discusses with refined products news editor Janet McGurty, refined products price editor Zoe Vastakis, and refining analyst Matthew Gordon.

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Los Angeles CARBOB vs NYMEX AANVX00

Chicago RBOB vs NYMEX AANY102 

As oil derivatives and futures contracts navigate volatile seas, how are the more prompt physical spot markets reacting to an expected return of Libyan supply amid other regional developments? Join Joel Hanley in this episode of the Oil Markets podcast as he engages with market experts Luke Stuart, George Delaney, and Joey Daly. They explore the impact of escalating tensions in the Middle East on crude prices in the Mediterranean, West Africa, and North Sea, providing critical insights into current market sentiment and what it means for traders and stakeholders navigating this volatile landscape.

Links:Cairo Energy ForumDated Brent - PCAAS00 WTI Midland CIF Rotterdam vs Fwd Dated Brent - WMCRB00 Azeri Light CIF Augusta - AAGZX00 CPC Blend CIF Augusta vs BTC Dtd Strip - AAHPL00 Bonny Light FOB Nigeria London vs WAF Dtd Strip - AAGXL00 Med sweet crude market under pressure amid expected return of Libyan barrels (subscriber content) Azeri Light differential collapses to four-week low as market eyes return of Libyan crude (subscriber content) Dual narrative emerges for Nigerian crude market as attention turns to Nov cycle (subscriber content) Ekofisk-WTI Midland spread at eight-month high amid diverging fundamentals (subscriber content)

Oil demand in India and China—the two Asian giants—was a key topic of discussion at the Asia Pacific Petroleum Conference. China's oil demand going forward remains a significant concern for oil-producing nations as oil consumption from Asia’s largest economy is waning amid weaker-than-expected economic growth and ongoing property woes, a double whammy for diesel demand. Meanwhile, crude producers look to others, namely India to pick up the slack potentially.  

In this podcast, S&P Global Commodity Insights' Jonathan Nonis, associate editorial director is joined by Mriganka Jaipuriyar, head of news, APAC, and Pulkit Agarwal, head of India content to discuss the energy challenges in these two countries and their impact on oil markets for the rest of Asia. It also discusses the easing crude imports from China and its effects on the broader inter-Asia oil product market.

The impending closure of Grangemouth, one of the last six refineries in the UK, raises urgent questions about the future of Europe’s refining landscape as profitability declines. Our experts examine the challenges facing the European downstream sector, including evolving supply chains and the impact of energy transition trends. In this Oil Markets podcast episode, join host Herman Wang, Elza Turner and Kelly Norways as they discuss the potential for further refinery shutdowns and the critical shifts shaping oil markets across the continent.

Links:Energy Security Sentinel™ ULSD 10ppmS FOB ARA Barge - AAJUS00 Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00 Dated Brent - PCAAS00 Petroineos to close Scotland's Grangemouth refinery Q2 2025 (subscriber content) Mediterranean refiners cut runs due to margin squeeze (subscriber content) REFINERY NEWS ROUNDUP: SAF in focus in Asia, Europe (subscriber content) REFINERY NEWS ROUNDUP: Maintenance, closures, incidents in Europe (subscriber content) REFINERY NEWS ROUNDUP: Maintenance picks up in Asia-Pacific (subscriber content)

Crude futures prices have tumbled recently in part as supply expectations are outweighing demand forecasts. On the supply side, non-OPEC crude production has been rising, driven largely by output gains in the US, Canada, Guyana and Brazil. On the demand side, slowing economic growth, notably in China, has reduced the expected need for crude, at least in the near term. What role is technology playing in the crude output gains? Are pipeline constraints around the corner? And how is an endangered whale species posing an obstacle to Gulf of Mexico output? Join Jeff Mower, director of Americas Oil News, as he discusses with Platts US crude market editor Laura Huchzermeyer, senior upstream editor Starr Spencer, and oil futures editor Chris van Moessner.

Since the politically motivated suspension of crude oil production in Libya on August 26, the oil markets have experienced a heightened level of volatility, with price fluctuations depending on almost every new headline.

In this episode of the Platts Oil Markets Podcast, Joel Hanley is joined by reporters Charlie Mitchell and Luke Stuart to delve into the country's long history of production woes and discuss the impact of this latest crisis on local and macro oil markets.

Links: Libyan factions extend talks amid oil shutdown (subscriber link) OPEC+ weighs delay to Oct output hike amid weak oil prices (subscriber link) Oil market braces for volatility as supply glut fears drag Brent to 9-month low Dated Brent - PCAAS00 Es Sider FOB Libya vs BTC Dtd Strip - AAGYH00 Azeri Light CIF Augusta vs BTC Dtd Strip - AAHPM00 Saharan Blend FOB Algeria vs BTC Dtd Strip - AAHPN00

Emerging trends in Asian oil consumption centers, enhancing energy security and the decarbonization strategies Asian countries are pursuing will be some of the themes in focus at the Asia Pacific Petroleum Conference or APPEC 2024, by S&P Global Commodity Insights, which is scheduled to take place from September 9-12 in Singapore.

In a wide-ranging discussion with Asian Energy Editor Sambit Mohanty, three senior market experts, Dave Ernsberger, head of market reporting and trading solutions, Calvin Lee, head of Asia content and  Kang Wu, global head of oil demand research, share their views on what APPEC delegates can expect to hear on those issues as well as on other topics, such as the evolving world of upstream, the supply strategy of OPEC and its allies, and the role of innovation in achieving net zero targets.

Economic growth has slowed in China, cutting into US crude exports and softening spot price differentials for US Gulf Mars crude. The expected supply surplus stemming from reduced Chinese buying has also helped to cushion the bullish impacts of the ongoing war between Israel and Hamas, keeping oil futures in a well-worn range. 

Jeff Mower speaks with US crude reporter Laura Huchzermeyer, crude analyst Ian Stewart and oil futures editor Chris van Moessner about the current arbitrage economics for US crude to Asia and Europe, as well as the timeline and indicators for Chinese demand recovery.

OPEC’s latest and eagerly watched monthly oil market report, which presented a softer near-term demand outlook compared to its July forecasts, has coincided with a dip in oil prices at a time when the group has made clear its intention to gradually reintroduce supply to the market. Can OPEC and its allies remain calm in the face of a sluggish demand picture?

In this episode of the Oil Markets podcast, Joel Hanley is joined by S&P Global Commodity Insights’ Nick Coleman and Payam Hashempour to discuss the geopolitical and oil market fundamentals driving current OPEC+ policy.

Links: Dated Brent - PCAAS00 Dubai Mo01 - PCAAT00 OPEC+ still hopes to unwind oil cuts in October, as ministers keep close eye on the market (subscriber content) 'Call' on OPEC+ crude in 2024, 2025 trimmed again in bearish update S&P Global Commodity Insights Abuja Forum S&P Global Commodity Insights Lagos Forum

The future of Venezuela's oil industry is in the crosshairs of a political battle. Current president Nicolás Maduro is fighting to maintain power following a contested July 28 election, and protests have caused gasoline shortages in the country, where supply is already limited by low refinery run rates. While crude production has held up, Venezuela's exports have fallen, and it is possible the US will impose tougher sanctions on the country if Maduro clings to power, reducing the likelihood of further upstream and downstream investment.

Jeff Mower speaks with oil analyst Nick Blanco and senior refined products editor Maria Jimenez Moya about the implications of Venezuela's post-election turmoil on oil markets.