Oil Markets

The IEA may have revised down their oil demand estimates for the third quarter of this year, but looking further ahead both OPEC and IEA expect demand to bounce back despite fear of potential new lockdowns and new variants. As for Brent crude, the current pressure on prices could soon cease amid a strong improvement in refinery margins. In this episode of the Oil Markets Podcast, S&P Global senior editors Robert Perkins and Emma Kettley discuss with Eklavya Gupte what is currently holding back Brent prices and when is global oil demand expected to recover.

Scrubber's uptick in the marine sector amid a favorable Hi-5 spread along with demand for high sulfur fuel oil for power consumption in Asia is helping HSFO retain its sheen. In Singapore, the world's largest bunkering port, January-July HSFO sales jumped 33.7% on the year, while many other ports in Asia such as India and Sri Lanka are seeing a marked rise in HSFO inquiries. In the power sector, high global gas and LNG prices have incentivized switching of gas to oil, where applicable. S&P Global Platts' Dr. Kang Wu, head of global demand and Asia Analytics, and Rajesh Nair, managing editor for Asia residual fuels, discuss high sulfur fuels oils and their evolving role in the market with Surabhi Sahu, senior editor for petroleum news.

It's been quite the week in energy markets, as Hurricane Ida hit the Louisiana coast, causing damage, power outages and destruction to the regular supply of oil and other projects in and around the region. The US Gulf Coast is built to deal with hurricanes like this, but each storm is unique, and what is impacted for how long disruptions persist factor into how the oil industry reacts. S&P Global Platts editors discuss storm damage, power outages and disruptions and how oil prices have reacted in the days following the storm.

Asia is witnessing signs of rising mobility, improving the demand outlook for transportation fuels. It has also raised hopes for a sustained oil products demand revival in the region after a long period of weak consumption growth. S&P Global Platts Senior Asia Energy Editor Sambit Mohanty, Global Director for Oil Products Richard Swann, Associate Editorial Director for Refined Products Jonathan Nonis, and S&P Global Ratings Asia-Pacific Economist Vishrut Rana examine whether the resurgence of COVID-19 in Southeast and Northeast Asia and rising oil prices could act as hurdles and derail the fragile oil demand revival and economic recovery in the region. Related event: APPEC 2021

All eyes are on supply in European diesel markets, where demand has remained relatively stable at almost back to pre-pandemic levels, but due to the spread of the Delta variant in Asia more cargoes are making their way to Europe and elsewhere. In both the diesel and gasoline Mediterranean markets, prices are strong due to good demand and some supply tightness, while the gasoline Europe to US arbitrage has been firmly open during the summer driving season. In this episode of the Oil Markets Podcast, S&P Global Platts diesel reporter Rowan Staden-Coats and gasoline reporter Joseph McDonnell discuss with Gary Clark the latest dynamics in the European road fuel markets and how they are being impacted by other regions of the world.

An alphabet soup of changes have impacted US light end markets in the last year, including changes in environmental rules that have readjusted the entire RBOB market. S&P Global Platts editors Sarah Hernandez and Matt Kohlman look at the forces shaping the market.

On July 29, the oil product tanker Mercer Street was victim of a deadly drone attack, while a few days later another tanker, the Asphalt Princess, was reportedly hijacked. Both incidents are adding to heightened tensions in the Middle East, which remains a critical region for global oil supply. What impact are these incidents having on freight and oil markets at the time when COVID-19 is still weighing on global oil demand? In this episode of the Oil Markets Podcast, S&P Global Platts Senior Editor Eklavya Gupte and Associate Editorial Director of EMEA Clean Refined Products Francesco Di Salvo discuss the latest drama unfolding in the Middle East.

China, Asia's biggest oil consumer, saw its January to June crude oil imports post negative growth for the first time in eight years, pulled down by sharp falls in May and June inflows. But there are expectations that the commissioning of new refining capacity would create incremental demand for cargoes. In a wide-ranging discussion with S&P Global Platts Senior Asia Energy Editor, Sambit Mohanty, Platts Global Head of Oil Pricing Vera Blei and Platts Analytics Global Head of Oil Demand Kang Wu share their views on the key global and domestic factors - including OPEC+ decision to ease quota limits and the potential return of Iranian barrels - that could influence the outlook on China's imports in the second half of the year and in 2022.

Cash differentials for jet fuel barges trading in ARA reached 17-month highs mid-July. At the same time, the European Commission announced sweeping proposals to make flying greener, including a future tax on jet fuel. How far is the jet market from a complete recovery from the COVID-19 pandemic and what will the EC's "Fit for 55" plan mean for the aviation sector and the jet fuel market? In this episode of the Oil Markets Podcast, S&P Global Platts senior jet fuel editor Virginie Malicier and middle distillates editor Christopher Ewen discuss with Gary Clark the latest dynamics in the European jet fuel market and the potential impact of the EU Green Deal on future jet demand.

Against a backdrop of growing Coronavirus infections and OPEC+ discord, oil prices keep rising. How can long-haul crude cargoes stay competitive as backwardation in the forward curve widens and puts pressure on Asia-bound oil from West Africa and Europe? In this episode of the Oil Markets Podcast, S&P Global Platts reporters Emma Kettley and Nick Baldwin discuss with Joel Hanley why a stronger backwardation is boosting certain crude grades while hitting others.