Oil Markets

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...

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 edit...

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, di...

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 J...

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. O...

Italy's Eni has been one of the most successful drillers in Mexico. One of many E&P companies active in Mexico's upstream auctions following the country's 2013-2014 liberalization, Eni was the first independent to produce in Mexican waters in 2019. Most recently, Eni announced a 200 million boe discovery at the Yatzil well in the Salina sub-basin, and has just been given approval to drill another...

The debate over the use of alternative currencies in global oil trade has intensified over the past one year following the Russia-Ukraine conflict, which has not only dramatically reshaped oil flows but also altered energy relations between producers and consumers. But there are questions as to how quickly the global trading community can embrace alternative currencies while balancing the risks as...

Increased volatility, rising prices and strained geopolitical relations. These are some of the side-effects of the latest OPEC+ production cut .  Meanwhile, Platts Market on Close crude assessments fully reflect traders' sharp reaction to the surprise move amid uncertainty in various oil grades. In this episode of the Platts Oil Markets podcast, S&P Global Commodity Insights editors Rosemary Griff...

US fuel oil stocks in the first quarter of 2023 reached their highest levels since April 2020. Traders have had to alleviate their oversupply by exporting, though high freight rates have made profits more difficult to find. In this Oil Markets episode, Americas fuel oil experts Beth Brown and Patrick Burns sit down with Americas shipping experts Catherine Rogers and Catherine Kellogg to discuss ho...

In this episode of the Platts Oil Markets podcast, Francesco Di Salvo is joined by Gary Clark, Patrick McAllister and Matthew Tracey-Cook to explore the theme of evolving standards and specifications for transport fuels in the continent reflecting on the main takeaways of ARDA Week 2023.   Price assessments discussed in this episode: FOB ARA 0.1% gasoil barges: #AAYWT00 FOB AR 10ppm premium gasoli...

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 p...

The year 2023 did not start as expected: China suddenly dropped all COVID restrictions, boosting sentiment in the global jet market, while diesel prices fell despite the ban on Russian oil product imports into the EU from 5 February. As a result, European jet fuel cracks jumped above diesel, but the spread narrowed by the end of February and the two products are now neck and neck, raising the ques...

With the European Union's ban on Russian oil products coming into effect, the spotlight is now on Asia as the market tries to find answers to the extent to which the region can absorb Russian products displaced from Europe and how Asian refiners can take advantage of the product vacuum in other regions of Europe. In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commo...

In March, Europe is set to experience a record surge in WTI Midland crude flows from the US, as demand for American crude booms. In the latest Platts Oil Markets podcast we explore the key drivers behind this increase in demand and the push and pull factors fueling the growth in US crude exports to Europe. Join editorial director John Morley and editors David Lewis, Sam Angell, and Vinicius Maffei...

Oil and gas producers and service companies have been reporting their fourth-quarter earnings over the past few weeks. And, apart from the headline-grabbing record profits, we've seen some common themes and concerns emerge. While companies have generally been more optimistic as far as inflation and bottlenecks go, they also continue to express concerns about underinvestment. What does this mean fo...

What will replace Russian diesel and naphtha flows to Europe after EU sanctions take effect on 5 February? Where will Russian supply go instead? In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights editors Rowan Staden-Coats and Vinicius Maffei join Joel Hanley to discuss the expected impact of the upcoming sanctions, what uncertainties remain about replacement supply a...

The Russia-Ukraine war has dominated the attention of global commodity markets for nearly a year now. As the start date for the latest EU sanctions against Russian refined products approaches, questions about what these sanctions could mean for trade flows also grow. And while these questions often center on potential changes in US and European markets, the global impact of sanctions could also ex...

China has already hinted at its first batch of oil product export quota for 2023, which has left some market watchers nervous amid the current economic headwinds at the start of this year. In this episode, we look deeper at the implications of the oil product export quota from China, how it could impact the oil product supply-demand fundamentals in Asia, and what the rest of Asia can expect. S&P G...

Natural gas supply disruptions into Europe saw both LPG and gasoil heating fuels used as substitutes in 2022 with concern over preparations for winter amid a low stocks environment. However, a mild winter thus far has kept heating fuel markets weak, limiting switching between different fuels. In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights editors Aly Blakeway, Pat...

In this special episode of the Platts Oil Markets podcast, S&P Global Commodity Insights leaders Joel Hanley, Sambit Mohanty and Richard Swann round up the events of 2022. From the war in Ukraine to renewed Chinese lockdowns, the team looks at disrupted trade flows and the renewed challenges for supply and demand in a volatile world. Also check out: Platts Capitol Crude podcast

With the European Union ban on Russian seaborne crude imports and the price cap of $60 a barrel taking effect, the spotlight is now on China and India as the market tries to assess to what extent top Asian buyers can absorb the additional displaced barrels from Europe. In this podcast, Sambit Mohanty , Asia Energy Editor, discusses with Calvin Lee , Asia head of content, Alice Niu , China head of...

The development of Mexico's upstream oil sector has slowed since President Lopez Obrador was elected in 2018, as Lopez Obrador halted the upstream auctions put in place by the liberalization process that started in 2013. However, several companies were able to get their foot in the door, and as a result production from the private sector is expected to edge higher in coming years. Sheky Espejo, S&...

With longer-haul voyages and the 'dark fleet' growing, tight freight availability is pushing shipping rates to fresh highs. What does strong shipping market mean for the crude competing to replace Russian flows? S&P Global Commodity Insights reporters George Papageorgiou, Sam Angell, and George Delaney discuss with Joel Hanley the spike in rates and the effect on oil from the Mediterranean and Afr...

The tug-of-war between Asia and Europe for sourcing oil is set to intensify as the European Union's ban on Russian seaborne crude inches closer. From Middle East to Africa, suppliers are already feeling the pressure of how to split supplies between different regions. In a wide-ranging discussion with Asia Energy Editor,  Sambit Mohanty , S&P Global Commodity Insights' experts-- Andy Critchlow , He...

In this episode of the Platts Oil Markets podcast, S&P Global Commodity Insights editors Robert Perkins, Virginie Malicier and David Lewis discuss with John Morley what has already changed in the oil markets since February 24 and the expected impact of upcoming sanctions, from the ban on exports of Russian crude oil to Europe and the US for any loading after December 5, to the ban on exports of oi...