Oil Markets

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 well as its main crude pipeline link into Central Europe. Meanwhile, its own attacks risk straining fragile ties with neighbors like Azerbaijan. Join London oil news reporters Kelly Norways and Nick Coleman to unpack the impact of a new destructive chapter in the region's drone warfare, with insights from Platts refining expert Elza Turner. Links:Russia restores oil flows to Hungary and Slovakia after Druzhba pipeline damage Russia strikes Ukraine's damaged oil refinery again in major drone strike (subscriber content) Ukraine hits fifth Russian refinery in week ahead of Trump-Putin talks (subscriber content) Russia targets Ukrainian gas grid facility in latest drone attacks: ministry (subscriber content)

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 US trade negotiations, with tariffs putting demand into question. What do recent travel warnings mean for jet demand? Why is the Caribbean pulling more US diesel? How will refinery closures on the US West Coast change jet flows? And what are the implications of the One Big Beautiful Bill on diesel and jet? Tune in as Jeff Mower, director of Americas oil news, digs into these and other questions with senior distillates reporters Aaron Tucker and Benjamin Peyton. Links: Jet Fuel USGC Prompt Pipeline Differential to NYMEX ULSD (NextGen MOC) ADIAS00 Jet Kero Los Angeles CA Pipeline vs NYMEX NY ULSD Mo01 AANVY00 Renewable Volume Obligation Current Year RVOR002 ULSD USGC Prompt Pipeline AATGY00 ULSD New York Harbor Barge AATGX00 ULSD No2 CARB Diesel Los Angeles CA Pipeline POAAK00  

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, Sam Angell, manager of Platts EMEA crude oil pricing and light ends reporter Dias Kazym to discuss the impact for crude and products in the impacted regions.

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 Canada via pipeline to replace lost barrels? What Canadian pipeline expansion plans are in the works to bring more crude to the USGC or overseas markets?  Jeff Mower, director of Americas oil news, speaks with senior oil news editor Ashok Dutta and Canadian oil market reporter Alex Saucer to break down what’s driving the tightness and where new supply might come from. Links: Pacific Cold Lake vs ICE Brent ATMXC00 Pacific Dilbit vs ICE Brent ATMXG00 Western Canadian Select at Hardisty vs WTI CMA AAPPP00 Western Canadian Select at Cushing vs WTI CMA AAWTZ00

  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 scenarios. In this episode of Platts Oil Markets Podcast, Asia Energy Editor Sambit Mohanty discusses with Rahul Kapoor, vice president and head of oil shipping analytics at S&P Global Commodity Insights, and Dan Colover, head of oil and chemicals market engagement, on the implications of some of these developments on Asia.

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. Links: UK faces surge in imports amid new refinery closure risk (Subscriber content) UK's Lindsey refinery resumes fuel deliveries as government battles local shortages (Subscriber content)  AAVBG00 - ULSD 10ppmS CIF NWE Cargo PJAAU00 - Jet CIF NWE Cargo

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 possible summer challenges for the supply-demand balance of Gulf Coast and Canadian LPG. Links:Propane FOB USGC AAXIN00Propane Enterprise Mt Belvieu Mo01 PMAAY00Isobutane Enterprise Mt Belvieu PMAAB00 Isobutane Sarnia Mo01 AEDMF00

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 fuel dynamics in the EMEA region. https://plattsconnect.spglobal.com/#platts/insightsArticle?articleID=5a322417-d739-41cc-b246-3bc5aebeb28a&insightsType=Top%20News https://plattsconnect.spglobal.com/#platts/insightsArticle?articleID=fb3a0446-6929-4832-a1c9-5329b050815c&insightsType=Top%20News  Jet CIF NWE Cargo PJAAU00 ULSD 10ppmS FOB ARA Barge AAJUS00 ULSD 10ppmS CIF NWE Cargo AAVBG00 ULSD 10ppmS CIF Med Cargo AAWYZ00

Tensions in the Middle East caused oil prices to spike and then fall, illustrating market volatility. The impact of U.S. military actions on oil supply dynamics is significant, especially regarding China and the Strait of Hormuz. The conversation reveals shifting demands for tanker sizes and the complexities of U.S.-Iran relations amidst continuing geopolitical friction. Increasing U.S. crude exports and the potential for rising oil volume from Iran add layers of uncertainty to global markets and diplomacy.

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.