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

Jun 29, 2023 • 17min
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 recent S&P Global analyst reports show an anticipated rebound in diesel demand in the second half of 2023. S&P Global Commodity Insights' Sarah Hernandez, Americas light ends pricing manager, discusses recent trends in gasoline, aromatics and distillates with petrochemicals editor Wendy Dulaney and Americas distillates manager Jordan Daniel. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

Jun 22, 2023 • 15min
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 crude import mix evolving since the Russia-Ukraine conflict, S&P Global Commodity Insights’ Asia Oil Editor Neo Rong Wei spoke with Asia Oil News Managing Editor Philip Vahn and China Analyst Oceana Zhou about the impacts of these cuts, as well as factors affecting Asia’s crude demand. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz Related Platts price assessments: AAYEE00 - FOB Singapore 92 RON Gasoline crack spread vs M2 Dubai Swap AAHCF00 - FOB Singapore gasoil crack spread vs Dubai swap AAHCM00 - FOB Singapore Jet fuel/Kerosens crack spread vs M2 Dubai Swap Explore the details of the Energy Asia Conference here. CERAWeek by S&P Global is a knowledge partner for the conference.

Jun 15, 2023 • 14min
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 the latest Oil Markets podcast, London-based crude oil price reporters Luke Stuart, George Delaney, and Sam Angell discuss with Joel Hanley how oil from Brazil, Iraq, and the US is helping fill the gap. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz Related price symbols: AAWVI00 - Urals Primorsk vs Med Dtd StripPCAAS00 - Dated BrentWMCRB00 – WTI Midland CIF RotterdamAAGXN00 – Qua Iboe AAGXT00 – Cabinda And explore more crude grades on our Periodic Table of Oil, an interactive with all the key information on region of origin, price, trade volumes, sulfur content, viscosity, carbon intensity, trade flows and benchmarks.

Jun 8, 2023 • 13min
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 development costs are threatening that outlook, with Equinor announcing a delay of its Bay du Nord project. S&P Global Commodity Insights' Jeff Mower, director of Americas oil news, discusses these market conditions and their impacts with Americas crude pricing reporter Julia Pecha and Calgary correspondent Ashok Dutta. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz

Jun 1, 2023 • 20min
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 dark shipping in "no man's land" now appears to be another option for those willing to play the markets. In this episode of the Platts Oil Markets podcast, S&P Global Commodity Insights editors Max Lin, Luke Stuart and Natasha Tan join Joel Hanley to discuss Russia's new attempts to break through Western sanctions. We want to hear about your podcast preferences so we can keep improving our shows. Take our podcast survey here and share your thoughts: https://www.surveylegend.com/s/4xyz Related price symbols: AAWVI00 - Urals Primorsk vs Med Dtd Strip AAYWS00 - Gasoil 0.1%S CIF NWE Cargo AAVBG00 - ULSD 10ppmS CIF NWE Cargo Related content by our speakers on this episode: Russia behind 225% spike in shadowy oil transfers at sea Infographic: Russia drives global spike in dark STS transfers Russia's Urals shines as crude export volumes grow in May

May 26, 2023 • 19min
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 to ensure stricter policy enforcement. And secondly, if OPEC and its allies would aim for further cuts as prices have climbed down to relatively modest levels. In a wide-ranging discussion with Asia Energy Editor, Sambit Mohanty, three senior market experts at S&P Global Commodity Insights -- Kang Wu, Head of Global Demand and Asia Analytics, Herman Wang, Associate Editorial News Director for the Middle East and Europe, and Paul Sheldon, Chief Geopolitical Advisor -- share their insights on Russian flows, the future strategy of OPEC+ and other key issues that could potentially alter the oil supply landscape.

May 18, 2023 • 17min
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 whether the project is really ready. In this episode of the Platts Oil Markets podcast, S&P Global Oil news reporter Charlie Mitchell and Gasoline editor Matthew Tracey-Cook join Joel Hanley to discuss what the market should expect from this colossal refinery that could change Nigeria’s fortunes. Further reading, by speaker Charlie Mitchel: Long-awaited Dangote refinery set to shake up WAF crude, products flows Related price assessments: Gasoline FOB NWE West Africa Cargo - AAKUV00 Crude Oil Cabinda FOB Angola vs Angola Dtd Strip - AAGXT00 Crude Oil Bonny Light FOB Nigeria London vs WAF Dtd Strip - AAGXL00

May 11, 2023 • 12min
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 been seen in both the clean tanker market and the Americas diesel market. In this Oil Markets episode, S&P Global Commodity Insights' shipping, diesel, and Latin America refined products experts Eugenia Romero, Jordan Daniel and Maria Jimenez Moya sit down to discuss the current landscape and recent changes to these trade flows. Related prices: Clean USGC-Brazil 38kt (TCAFQ00) ULSD USGC prompt pipeline (AATGY00) ULSD USGC export (AAXRV00)

May 4, 2023 • 19min
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 most important physical crude oil leading benchmark assessment. In this episode of the Platts Oil Markets podcast, S&P Global Commodity Insights crude oil managers John Morley and Emma Kettley discuss with Joel Hanley the scope of the change and the implications of this momentous development. Learn more: Methodology and Specifications Guide, Europe and Africa Crude Oil FAQ: Platts WTI Midland’s inclusion into the Brent complex Infographic: Brent benchmark gets major boost from US crude Contact us: platts_oil_feedback@spglobal.com

Apr 27, 2023 • 17min
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 Editor Neo Rong Wei discussed with Analyst Oceana Zhou and Asia Oil News Managing Editor Philip Vahn the outlook for oil in the region. On this episode of the Oil Markets podcast, we dive into what China’s economic recovery means for the markets, and how Asia’s outlook on oil may change amid a regional economic downturn. Related Platts price assessments: AAYEE00 - FOB Singapore 92 RON Gasoline crack spread vs M2 Dubai Swap AAHCF00 - FOB Singapore gasoil crack spread vs Dubai swap AAHCM00 - FOB Singapore Jet fuel/Kerosens crack spread vs M2 Dubai Swap