Oil Markets (S&P Global Commodity Insights)

With the May 1st deadline for Mediterranean Emissions Control Area fast approaching, marine fuel suppliers and shipowners are bracing for impact. In this episode of the Oil Markets podcast, Rowan Staden-Coats is joined by Jan Kedzior and Tommy Petrou to discuss the different fuel options vessels have to comply with the upcoming sulfur emission regulations. What opportunity does this pose for compliant fuels like DMA marine gasoil and 0.1% ULSFO, and how will the demand for conventional fuel oil grades be impacted?

Related stories:

VLSFO cracks tumble to multi-month lows amid Med ECA zone shakeup

Mediterranean Hi-5 spreads narrow to near four-month lows on thin VLSFO demand

Tight supply pushes high-sulfur gasoil above ULSD in NWE

European 0.1%S gasoil tightens on Med demand, limited prompt NWE supply

Assessments:

0.1% CIF Med gasoil - AAVJJ00

CIF Mediterranean Marine Fuel 0.5% Cargo - MFCMM00

FO 3.5%S CIF Med Cargo - PUAAY00

The Northern Hemisphere summer's regular star of the oil barrel, gasoline, has entered its traditional season of price strength with the market structure in contango and cracks far softer than usual for this time of year.
With strong refinery production, rising inventories and a modest demand picture, Joel Hanley and frontline reporters Matthew Tracey-Cook and Kelly Norways examine the key variables currently affecting gasoline markets and discuss the impact of returning refinery utilization on the wider oil product spectrum.

Links:
European gasoline crack hits multi-month low amid dull start to summer driving season (subscriber content)
Gasoline Prem Unleaded 10ppmS FOB Med Cargo - AAWZA00
Gasoline Eurobob 10ppm FOB ARA Barge Brent Crack Financial Mo01 (NextGen MOC) - ABWFL00
Gasoline Prem Unleaded 10ppmS FOB AR Barge - PGABM00 

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

The European Union’s decision on 24 June to target Russian shipping company Sovcomflot in its latest round of sanctions comes as ship tracking data shows a 5% monthly increase in seaborne crude oil exports through June.
With changes to Russian crude and oil product exports in firm view for market participants, S&P Global Commodity Insights’ Francesco Di Salvo is joined by editors Robert Perkins, Elza Turner and Luke Stuart to discuss the latest flows and refinery news, as well as price sentiment for Russia’s flagship Urals export grade.

Links:
Russia's seaborne crude exports rise in June despite OPEC+ pledges
Urals Primorsk vs Med Dtd Strip - AAWVI00
Urals FOB Novo Suez vs Med Dtd Strip - AAHPH00
Urals DAP West Coast India vs Forward Dated Brent - DWCUB00

US NGLs have strengthened across the board early in 2021, with some of those gains tied to increases in West Texas Intermediate and others linked in robust demand from the petrochemical sector and other global markets.

LPG editor MK Bower discusses what is driving pricing strength for propane and butane, how ethane is recovering from the demand destruction wrought during hurricane season, and why market participants are confounded by natural gasoline and its relative strength against crude.

Since his return to the US presidency, Donald Trump has launched a maximum-pressure campaign on Iran in pursuit of a nuclear deal, in sharp contrast with a more diplomatic approach towards Venezuela. How will these geopolitical strategies affect oil exports, spot markets, and the role of players like China on the global stage? 

Jeff Mower, Kate Winston, Chris van Moessner, and Pat Harrington unpack the latest moves from the Trump administration regarding Iran and Venezuela and what they mean for oil prices and the market landscape. 

Links:
Register for CERAWeek

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 Commodity Insights senior experts Jonathan Nonis, Wendy Cheong and Zhuwei Wang discuss the outlook for potential changes in product flows, such as diesel, naphtha and LPG, that Asia could see, as well as the pricing, shipping and logistics challenges that could arise with long-distance product shipments.

In a shift of strategy to battle surging oil prices, Asia's leading oil consumers India and China have started selling crude oil from their strategic reserves for the first time ever, a sign that import-dependent countries in the region are opening up to the idea of using oil reserves not only at times of geopolitical uncertainty and supply risk, but also as a cushion to ward off financial risk.

Beijing held its first state auctions in September, while Indian Strategic Petroleum Reserves has also started selling crude oil to state refiners.

In a wide-ranging discussion with S&P Global Platts Asia Energy Editor Sambit Mohanty, Asia Head of Content  Calvin Lee, and Platts Analytics Chief Geopolitical Advisor Paul Sheldon share their insights on how Asian oil importers are working towards balancing rewards with risk, as well as the implications of those decisions on global oil markets.

US refiners have had a dramatic start to the new year, facing wintry blasts on the East Coast and devastating wildfires on the West Coast. Plummeting transportation fuel demand in Southern California, strong heating fuel demand in the Northeast, and cheap blending components in the Gulf Coast have created a balancing act for producers and shippers of gasoline and distillates -- and consumers pay the price.

Jeff Mower discusses the weather events, seasonal supply and demand, price movements, and more with senior downstream editor Janet McGurty, Americas light ends manager Sarah Hernandez and Americas middle distillates manager Jordan Daniel.

A fast-paced beginning to the second Trump presidency has sent ripples across financial and commodities markets globally with tough talk on sanctions and tariffs, in particular.

Joel Hanley is joined by Thomas Washington and Herman Wang to dissect the impact US policy is having on oil and shipping markets and what OPEC+ make of Trump 2.0. 

Links:

Register for London Energy Forum 2025
US tariffs on imports from Canada, Mexico delayed by one month
OPEC+ stays the course with output cuts, pushes for improved compliance (subscriber content)
Dated Brent PCAAS00
Dubai Mo01 PCAAT00

Nigeria's Dangote refinery, built at a cost of $20 billion and is Africa's largest, has started exporting naphtha to North Asian markets at a time when the clean tanker market is witnessing prolonged firmness. The naphtha flow from Dangote is adding to the ton-mile demand in the clean tanker sector and this could be boosting the clean tanker market in the short- to medium term.

Associate editorial director for Asia Freight, Pradeep Rajan, discusses about West African naphtha flow and its impact on the clean tanker market with Sameer Mohindru, senior editor, Asia clean tanker market, and associate editor Zoey Ng, who covers Asia naphtha market.

What role will oil play in mitigating Europe's natural gas problem this winter? With energy costs skyrocketing since the start of the Russian-Ukraine war, industries and households across the continent have been looking across the barrel for practical alternatives to natural gas.

In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights associate editors Aly Blakeway and Patrick McAllister explore with Francesco Di Salvo to what degree LPG and gasoil may be utilized in the short-term to replace natural gas.

LPG: CIF ARA large propane cargoes PMABA00
LPG barges: FOB ARA propane barges PMAAS00
0.1% gasoil: FOB 0.1% gasoil barges AAYWT00
ULSD: FOB ARA 10ppm diesel barges AAJUS00

Asia's oil demand revival, China's much anticipating role in aiding that recovery, heightened concerns around managing legal, regulatory and sanctions risks , as well as the region’s affinity for embracing new energy will be some of the key themes in focus at the Asia Pacific Petroleum Conference -- or APPEC 2023 -- organized by S&P Global Commodity Insights and scheduled to take place in Singapore from September 4 to 6 of 2023.

In a wide-ranging discussion with Asia Editorial Lead Sambit Mohanty, three senior market experts at S&P Global Commodity Insights -- Calvin Lee, Asia Head of Content, Mriganka Jaipuriyar, Asia Head of News, and Kang Wu, Head of Global Demand and Asia Analytics --  share their insights on the key themes that could potentially dominate the discussions at APPEC, we well as how Asian energy companies and policy makers are crafting out their future energy strategies in a region heavily dependent on fossil fuel imports.  

S&P Commodity Insights APPEC is returning to Singapore this September 4-6. Save the date!

Stay on top of our coverage of APPEC 2023 on our website.

More listening options:
  

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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.

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.

“O Petróleo é Nosso,” or “The Oil is Ours,” was a popular slogan central to the founding of Brazil’s state-owned oil company, Petrobras, in 1953. The slogan can also be interpreted more broadly, as Brazil’s refined products markets have opened to more participants, leading to a surge in spot market activity and price transparency. As a result, Platts has launched new price assessments for Brazilian gasoline and diesel. How did those spot markets evolve? Why is the Northeast so reliant on imports? How are renewable fuels playing out in gasoline and diesel?

Jeff Mower discusses these topics and more with Renato Rostas, manager of the Platts Brazil refined products team, and Brazil gasoline and diesel price reporters Isabela Rocha and Kauanna Navarro.

Links:
Gasoline FCA Suape BRL/CBM GASCA00
Gasoline FCA Itaqui BRL/CBM GASCC00
ULSD S10 FCA Paulinia BRL/CBM ULFCI00
ULSD S10 FCA Araucaria BRL/CBM ULFCK00

As Europe emerges from its COVID-19 lockdown, diesel demand is flickering back to life. But can the same be said for gasoil? S&P Global Platts reporters Virginie Malicier and Harry Morton discuss with Joel Hanley how European distillate markets have reacted to the Coronavirus pandemic, and the prospects for a swift recovery.

While the grounding of the Ever Given in the Suez Canal has created countless memes, it has also reminded the world on the fragility of supply chains.
In this episode of the Oil Markets Podcast, S&P Global Platts reporters Charlotte Bucchioni and Britt Russell-Webster discuss with Joel Hanley the impact of the blockage on freight and fuel markets, as well as the outlook as the queue slowly clears.

With oil prices reaching 13-month highs, surprising many market analysts, are these higher levels here to stay and how might they impact production levels of OPEC+ in the coming year?

In this edition, S&P Global Platts Associate Editorial Director John Morley discusses the current crude fundamentals and expectations with Senior Editor Eklavya Gupte and North Sea Crude Editor Emma Kettley.

The aviation sector post-pandemic recovery was seen as a bright spot for regional oil demand this year. However, with uneven recovery within the industry and underwhelming performance in key markets such as China, the growth in demand is expected to ease in the coming months. This demand slowdown could potentially send the jet fuel market into turbulent skies ahead. 

S&P Global Commodity Insights’ Asia oil news editor Neo Rong Wei discusses Asia's aviation recovery and its impact on jet fuel demand and cracks with associate editor Lee Shu Ling, who covers Asia jet fuel/kerosene markets and Platts Forward Curve associate editor Ernest Puey.

Oil market volatility amid the conflict in the Middle East has started to ring alarm bells for Asian refiners. Hamas' surprise attack on Israel has fanned worries of a long-drawn period of geopolitical turbulence at a time when global oil markets are already been facing a squeeze in supplies, while demand continues to grow. This has rekindled the debate on oil crossing the $100/b threshold again. 

S&P Global Commodity Insights' Asia energy editor Sambit Mohanty speaks with Kang Wu, head of global demand and Asia analytics, and Daniel Colover, head of market engagement for the Middle East, on how some of the recent geopolitical developments, including the removal of sanctions on Venezuela, could potentially affect Asian oil markets.

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.

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

China on May 14 announced that it will implement a consumption tax on mixed aromatics, light cycle oil and bitumen blend from June 12 in an effort to close a loophole in its tax system. This tax is expected to have repercussions not only in the domestic market, but also in the regional refined products market and crude markets.

Mixed aromatics and light cycle oil or LCO are used as blend stocks in gasoline and gasoil, and bitumen blend is used as a feedstock by independent refiners.

The tax is expected to alter domestic supply-demand balances, regional trade flows, and types of crudes imported into China.

While the European jet fuel market has yet to recover from the pandemic and continues to trade at low cash premiums, will demand for aviation fuel be boosted by the upcoming easing of travel restrictions within Europe and the potential resumption of non-essential trans-Atlantic flights?
In this episode of the Oil Markets Podcast, S&P Global Platts reporters Virginie Malicier and Thomas Washington discuss with Gary Clark the latest news on the travel front and their expected consequences for the jet market.

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.

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)

US Gulf Coast market players looking to get light naphtha barrels off their hands, a hungry Asian market and weakened freight is the perfect arbitrage recipe. But with shipowners reluctant to move their ships East, where the freight market is weak, the balance has been delicate.

Sarah Raslan, US naphtha editor, and Marieke Alsguth, US clean tankers editor, chat with Americas Oil Markets Editorial Director Director Richard Swann to dissect the ingredients that have set the table for this arbitrage opportunity.

India's rapidly growing energy demand, the shifting focus of oil producers towards the country, and the transition to cleaner energy sources are key themes at India Energy Week. Delegates will seek insights on how Indian energy companies and policymakers can balance the reliance on traditional fuels with a new energy roadmap.

In a comprehensive discussion, Dave Ernsberger, Co-President at S&P Global Commodity Insights, Ranjit Rath, Chairman and Managing Director at Oil India Ltd, and Sambit Mohanty, Asia Energy Editor, will explore key market issues of interest to delegates. They will address India's evolving relationship with non-OPEC producers and outline the strategies India plans to implement in its upstream sector to attract global investors.

This is a special bonus episode of Oil Markets, originally featured in the Commodities Focus series! Tune in!

The American crude benchmark NYMEX WTI went negative in April, an event that sparked global questions of ‘How?’ and ‘Why?’ Now, the US crude industry is looking to the future, with Platts American GulfCoast Select touted as an alternative yardstick against which crudes from Canada down to Argentina could be measured. Platts US crude market experts Matt Eversman and Laura Huchzermeyer speak with John-Laurent Tronche about the recent past, present and future of US crude pricing.

The Russian government's announcement of the partial resumption of gasoline exports by the country's refineries comes at a time when global oil product flows are constantly evolving.

In this episode of the Platts Oil Markets podcast, Francesco Di Salvo is joined by Elza Turner, Robert Perkins and Matthew Tracey-Cook to discuss the reasons behind Russia's decision and what it means for product trading patterns along the length of the oil barrel and across global markets.

Links:
10ppm Premium FOB AR gasoline barges - PGABM00
FOB MED Premium gasoline cargoes - AAWZA00
Eurobob FOB ARA barges - AAQZV00
Russia lifts gasoline export ban for refineries - Subscriber content
Russian refineries runs likely to suffer on poor margins - Subscriber content

Crude production in the Permian Basin is growing, but pipeline capacity growth out of the West Texas/New Mexico play is lagging. With Permian crude output expected to reach roughly 7 million b/d by December 2025, some industry watchers are concerned that tight exit capacity could lead to wider crude price discounts for Midland WTI. Will the market see a repeat of August 2018, when the WTI Midland discount widened to $20/b because exit capacity fell short? Does US crude export growth present another potential bottleneck? And what does lower-than-expected US crude export demand mean for several planned terminal expansion on the US Gulf Coast?

Jeff Mower, director of Americas oil news, discusses pipeline capacity, crude export demand, and more with senior upstream oil editor Starr Spencer and midstream oil editor Binish Azhar.

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.

Just as the summer finally comes to an end and mornings become chilly, we would be expecting demand for heating oil to ramp up in Europe, as no boom has been reported yet. Furthermore, new environmental regulation will be applied in many European countries in 2022, which could lead to some changes in buying patterns.

In this episode of the Oil Markets Podcast, S&P Global Platts associate editor Lawrence Toye and senior editor Virginie Malicier discuss with Gary Clark how higher flat prices and upcoming tax change are impacting current demand for 50ppm, 0.1% gasoil and kerosene.

In this episode of the Oil Markets Podcast, S&P Global associate editor Lawrence Toye and senior editor Virginie Malicier discuss with Gary Clark how higher flat prices and upcoming tax change are impacting current demand for 50ppm, 0.1% gasoil and kerosene.

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)

The West African Gasoline market is about to undergo major transformations. Belgium has proposed new environmental measures to suspend low-quality motor fuel exports, following similar move by the Netherlands. Will consumers like Nigeria turn to alternative blending hubs, or resign themselves to higher prices at the pump?

In this episode of the Platts Oil Markets podcast, London-based downstream reporter Kelly Norways and gasoline editor Matthew Tracey-Cook join Joel Hanley to discuss the impacts of these new regulations and how the markets have reacted so far.

Related price assessments:
AAKUV00 –  Platts Gasoline FOB NWE West Africa Cargo
PGABM00 – Platts Gasoline Prem Unleaded 10ppm FOB ARA Barge

Further reading:
Belgium moves to prohibit export of low-quality motor fuels to Africa
Imports of gasoline into Nigeria to meet 200 ppm sulfur cap: sources

Middle distillates have been drifting into the a softer patch on the back of frustrated expectations for IMO 2020. Amid this, arrivals of VLCCs carrying middle distillates have impacted European and African markets, middle distillates specialists Virginie Malicier and Gary Clark tell Francesco Di Salvo.

The continued strength in the Brent complex as a whole, demonstrated by the Dated Brent benchmark breaching the $85/b threshold in late October, masks the differing supply and demand dynamics for both sweet and sour grades in Europe, arguably low global stock levels, selective refinery demand and declining official selling prices or OSPs by National Oil Companies. With OPEC+ set to meet on Nov. 4, how will these producers react to a mixed physical picture amid diplomatic pressure to pump more?

In this episode of the Oil Markets Podcast, S&P Global Platts Global Brent lead Emma Kettley and Head of Oil News in London Paul Hickin discuss with Joel Hanley the most recent trends in the North Sea crude complex and its effect on important regional crude spreads ahead of the key OPEC+ meeting.

It’s been quite the year for oil markets. In this special episode of the podcast, Joel Hanley, Jeff Mower, Sambit Mohanty and Richard Swann look back at 2024 and try to untangle the biggest themes, including slowing demand growth, the incoming Trump administration, and the formidable challenge for OPEC+ in its quest for market control. The panel also discusses trade flows, new crude supply, and how changes in China’s economic fortunes could have a major impact going into 2025.

Links:
Shadow fleets: The covert armada defying oil sanctions

It's been a tumultuous stretch for Canadian crude as the coronavirus pandemic and infrastructure uncertainty have impacted the market.

However, prices have risen to a level that supports higher production and increased takeaway capacity may provide differentials some uplift.

S&P Global Platts editor Patrick Harrington discusses Canada's crude prices, infrastructure and politics.

For the first time, the African Refiners and Distributors Week was held virtually in the week commencing Oct. 5, discussing the challenges of the downstream sector in the region, but also the strong signs of resilience in the continent in the midst of the Coronavirus pandemic.
Platts editors Eklavya Gupte, Joseph Mcdonnell and Virginie Malicier discuss with Francesco Di Salvo key takeaways from the conference as well as the latest views on oil fundamentals in the continent.

Mexico's presidential election on 2 June comes at a time of declining crude and natural gas production and uncertainty over the country's transition to cleaner fuels and more reliable power generation. If Claudia Sheinbaum wins, as is widely expected, will she continue Lopez Obrador's policy of restricting private sector involvement in Mexico's energy industry? Why has Mexico's crude oil production fallen to its lowest level in 40 years? Will Mexico continue to push to reduce its dependence on refined product imports?

In this Oil Markets podcast episode, Jeff Mower, director of Americas oil news, is joined by energy reporter Sheky Espejo for a wide-ranging discussion on these topics and more.

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 Griffin, Sam Angell and Luke Stuart join Joel Hanley to discuss the immediate impact of the OPEC+ announcement, the decision by Russian sellers to change the way they price barrels, and potential threats to an already fragile global oil supply.

Join us at MPGC 2023! 
The 30th Annual Middle East Petroleum & Gas conference (MPGC) will be brought to you by S&P Global Commodity Insights, along with the host, Emirates National Oil Company (ENOC) on 22-23 May 2023 in Dubai, UAE. Registrations are open!

Related Platts price assessments:
PCAAS00 - Dated Brent
PCAAT00 - Dubai Mo01 (NextGen MOC)
Urals FOB Primorsk
Urals FOB Novo Afra
AAGZS00 - Urals FOB Novo Suez
DWCUA00 - Urals DAP West Coast India
AAEJD00 - Kirkuk FOB Ceyhan

Light sulfur fuel oil has been the main marine fuel of choice worldwide, but high sulfur fuel oil has held its stead in Asia. S&P Global Platts senior oil experts Surabhi Sahu and Oceana Zhou join Platts Asia Head of News Mriganka Jaipuriyar in examining the demand for HSFO particularly in Singapore, which is the world's largest bunkering port. They also discuss China's fuel demand and outlook, as well as the impact of the coronavirus pandemic on the Asian fuel oil markets.

Global crude prices have staged an impressive rally, recovering to pre-COVID levels. However, many US Gulf Coast crude differentials and regional spreads are yet to normalize, raising the question if the 2020 demand shock and ongoing infrastructure buildout will have a permanent impact on relative prices.

S&P Global Platts Americas Crude Managing Editor Laura Huchzermeyer discusses recent price trends on the Gulf Coast and the Platts AGS waterborne crude assessment with Senior Pricing Specialist Kristian Tialios and Associate Director Matt Eversman.

High volumes of WTI Midland crude arrived in Europe in December, significantly impacting light sweet sentiment in both the North Sea and West African markets. As we enter the new year, a resurgence of demand from Asia is beginning to reshape the landscape. Joel Hanley is joined by Joey Daly and George Delaney to explore the effects of renewed Asian demand for Western barrels and reflect on a month of record-breaking activity in the Platts North Sea physical Market on Close assessment process.

Links:
Dated Brent - PCAAS00
Bonny Light FOB Nigeria London vs WAF Dtd Strip - AAGXL00
Girassol FOB Angola vs Angola Dtd Strip - AASJD00
WTI Midland CIF Rotterdam vs Fwd Dated Brent - WMCRB00

Boost in eastern demand supports North Sea, Angolan crude grade upticks (subscriber content)
Midland volumes pressure European sweets in December (subscriber content)
London Energy Forum: https://commodityinsights.spglobal.com/LondonEnergy-Forum.html

Despite demand for some refined products returning to pre-COVID levels, refinery margins in Europe have remained at all-time lows, leading to a bottleneck in the upstream market.
S&P Global Platts editors Solomon Lanitis and Elza Turner discuss with Joel Hanley falling demand for crude oil in Europe, the building inventories of floating storage, and the health and prospects for the refinery sector.

There are some that say the aviation sector is on life-support but industry participants are already looking to signs of recovery, with no sign of ditching previously established environmental targets, jet fuel reporters Gary Clark and Ellie Valencia tell Francesco Di Salvo.

Later in the program, Tamara Sleiman and Tom Washington discuss the outlook for bunker fuel in the latest IMO 2020 update.

In a rare move, Qatar Petroleum issued a tender this month that included a cargo of its Marine Crude grade. It was made even more unusual by the fact that the tender cargo was priced as a differential against Platts Dubai crude assessments. In this episode of S&P Global Platts Oil Markets podcast, editors Eesha Muneeb and Ada Taib examine how Qatar's move could potentially impact pricing of Middle Eastern crudes.

Much has been said about Donald Trump's ambitions in upstream oil sector, specifically his promise to unleash US oil producers and boost output. Conventional oil refiners, many of which have invested in renewables, are hopeful that Trump will reduce support for electric vehicles, propping up demand for conventional fuels. Biofuels producers are looking for Trump to maintain the tax incentives that have incentivized investments in the industry under Joe Biden’s administration, and are hoping for an expansion of E15 blended gasoline. However, tariffs remain the wild card. 

Jeff Mower discusses these developments with senior downstream editor Janet McGurty, policy editor Eamonn Brennan, and US biofuels and feedstocks price editor Guadalupe Nunez.

The OPEC+ production cuts continue to impact both crude oil and refined products. Dated Brent has reached a 10-month high. Prices in the diesel market are also rising amid supply constraints. Meanwhile, the latest report from the IEA has warned investors of strong demand in Q4.

In this episode of the Platts Oil Markets podcast, London-based oil news reporter Robert Perkins and oil price reporters Sam Angell and Sasha Foss join Francesco Di Salvo to discuss the current bullish sentiment supporting prices as market participants react to the latest developments in the oil markets.

Price assessments discussed:
PCAAS00 - Dated Brent
AJSVB00 - Johan Sverdrup FOB North Sea vs North Sea Dtd Strip
AAVBG00 - ULSD 10ppmS CIF NWE Cargo

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 offshore exploration well. 

Jeff Mower, director of Americas oil news, and Sheky Espejo, Mexico energy correspondent, discuss what Eni’s success means for Mexico’s struggling oil output.

Register for the Middle East Petroleum & Gas conference here

Europe's high sulfur fuel oil requirements largely depend on exports from Russia. In this episode of the Oil Markets Podcast, S&P Global Commodity Insights reporters Stepan Lavrouk, Mary tiernan and David Petutschnig discuss with Joel Hanley the impact of the war in Ukraine on not just fuel oil, but also bunker fuel and vacuum gasoil.

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The new year looks set to see a seismic shift in China’s oil industry, as concerns grow about the future of crude oil imports and by extension product exports from the country, amid headwinds in the country's refining sector. Questions abound about the impact of China’s reduction in crude imports and the knock-on effect it might have on product exports from the swing exporter. 

In this podcast, S&P Global Commodity Insights' Oceana Zhou and Daisy Xu, our China market specialist for oil join Jonathan Nonis, our Associate Editorial Director to discuss some of these questions.

OPEC and its allies are loosening the reins around production cuts amid tentative signs of an oil demand recovery, which is likely to bring additional heavier sourer barrels back on to the market. Gillian Carr and Paul Hickin discuss with Joel Hanley how this could play out in the months ahead.

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

The price of aviation fuel dropped to record lows at the start of the coronavirus pandemic. In this podcast, Platts reporters Emma Thomas and Chris Ewen tell Joel Hanley of the fuel’s faltering steps back to a more normal market environment amid the ongoing threat of COVID-19.

The UK’s Grangemouth refinery is set to cease operations in the coming years to be converted into a fuel import terminal, owner Petroineos has said, with current operations to continue into at least early 2025. The refinery supplies close to 86,000 b/d of transport and heating fuels to the UK market and has a direct pipeline of supply from Forties crude, though has in recent years it has seen its reliance on the North Sea grade wane. The news marks a continuing theme of refinery closures in Europe, with the International Energy Agency estimating close to 610,000 b/d of production capacity being taken offline between 2020 and 2022.

In this podcast, S&P Global Commodity Insights’ Global Director of Crude and Fuel Oil markets, Joel Hanley, speaks with Kelly Norways, reporter for downstream oil, Elza Turner, senior editor covering oil markets and Matthew Tracey-cook, associate editor, EMEA Light Ends to discuss the knock-on effects of Grangemouth’s coming closure, and casts an eye on the latest developments in the refining sector in the UK, across Europe and more globally.

In this episode of the Oil Markets Podcast, senior editor Emma Kettley and associate editor David Lewis discuss with Paul Hickin the recent changes in crude flows and how Russian crude finds its way in new markets. Our experts explain the changing trade patterns in Europe where participants shun Russian barrels, which surprisingly didn’t prevent Urals exports to reach three-year highs in May.

Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22

In this episode of the Oil Markets Podcast, associate editors Stepan Lavrouk, Lawrence Toye and Kelly Norways discuss with John Morley the impact of the Russia-Ukraine conflict on the fuel oil and bunker markets. Our experts explore the tightness in the VLSFO market and the way refineries and buyers are adapting to the new market fundamentals, where many companies avoid Russian product while others benefit from discounted prices.

Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22

As European road transport demand gradually recovers amid the coronavirus pandemic, the price of gasoline blending component ethanol has reached all-time highs on tight supply, rising road demand and strong industrial use. Unusually, the prices of other blending components are down in the doldrums. S&P Global Platts reporters Chrysa Glystra, Joseph McDonnell and Stergios Zacharakis tell Gary Clark the latest.

With European stockpiles of gasoline reaching uncharacteristically high levels in recent weeks, Joel Hanley is joined in this episode by Ernest Puey and Matthew Tracey-Cook. Together, they delve into the factors driving the incentive to store gasoline and explore the latest shifts in the product’s flows across the Atlantic Basin.

Links:
Platts 10ppm Premium AR barges - PGABM00
Platts Eurobob FOB ARA barges - AAQZV00
Platts Eurobob AR FOB barge derivative time spread - GAMBM01

London Energy Forum: https://commodityinsights.spglobal.com/LondonEnergy-Forum.html

ARA gasoline stocks at multi-year high; naphtha stocks rise 8.1%: Insights Global
European gasoline exports shift as Nigerian imports hit record low: CAS
US President Trump to impose 25% tariffs on imports from Mexico, Canada starting Feb 1

The US Gulf Coast crude market is exporting record volumes while also seeing sky-high freight rates. This dynamic has been playing out consistently for the past few months, but how are these exports continuing to move in such great volumes despite this major headwind?

In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights crude and shipping experts Laura Huchzermeyer, Kristian Tialios and Catherine Kellogg discuss the factors that are contributing to these high freight rates and how they are impacting US Gulf Coast exports.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Platts AGS (AGSAA00), 130kt Suezmax Brazil-UK Continent (ABRKB00), 270kt USGC-China (TDUCB00) and much more.

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.

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 oil products into Europe from Feb. 5 and the shipping insurance ban from December as well.

Related price assessments:

• Non-Russian diesel: CIF ARA 10ppm ULSD cargoes #AAVBG00
• Diesel including Russian origin: CIF ARA 10ppm ULSD “all origins” cargoes #ALORA00
• Dated Brent: #PCAAS00
• Russian crude oil: Urals CIF NWE #AAGXJ00
• New assessment of Kazakh origin Urals (started on Nov. 1): CIF Med KEBCO #KBCOA00
  
  

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

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.

Links:

Los Angeles CARBOB vs NYMEX AANVX00

Chicago RBOB vs NYMEX AANY102 

In the midst of Vladimir Putin’s rubber-stamp re-election as Russian President through March 15-17, a tightening of G7 sanctions led by Washington has seen over 10 companies and dozens of vessels put on the sanctions list for price cap circumvention since October.

In addition, the election coincided with a significant increase in Ukrainian attacks on Russian refineries, adding further uncertainty to the world of Russian crude and oil products.

In this week’s Platts Oil Markets podcast, Francesco Di Salvo is joined by Principal Journalist Max Lin, Senior Editor Elza Turner and Associate Editor Luke Stuart to discuss the impact of both the new sanctions campaign and the newly damaged Russian oil infrastructure on prices for Russia's flagship exports. 

Price assessments we talked about:
AAWVH00 - Urals FOB Primorsk

Related content:
FACTBOX: Russian refining outages mount under surge of Ukrainian drone attacks (subscribers)
Greek operators regain share in Russian crude exports despite tighter sanctions
Interactive: Seaborne trade in Russian oil under G7 price cap

European fuel oil sulfur spreads surged in October as events further afield spurred opposing price movements for low- and high-sulfur fuel grades. A sudden easing of US oil and gas sanctions on Venezuela has sent high sulfur markets tumbling, while a mysterious shift in exports from Kuwait hit low sulfur markets in the Middle East and Asia, all against the backdrop of a gentle wind-down to an unusual European summer.
In this episode of the Platts Oil Markets podcast, Francesco Di Salvo is joined by Managing Editor for fuel oil Rowan Staden-Coats.

Related price assessments:
PUABC00 - FO 3.5%S FOB Rdam Barge
PUMFD00 - Marine Fuel 0.5% FOB Rdam Barge $/mt

As European refineries return from seasonal maintenance, ample prompt supply in the North Sea, Mediterranean and West African crude markets suggests that the demand side of the equation remains firmly in the red.
Joel Hanley is joined by crude editors Sam Angell, George Delaney and Joey Daly to discuss the implications of a crude-saturated Atlantic basin for prices in the major oil markets west of Suez.

Links:
Dated Brent PCAAS00
WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl WMCRB00
Bonny Light FOB Nigeria London vs WAF Dtd Strip AAGXL00
Azeri Light CIF Augusta vs BTC Dtd Strip AAHPM00
WTI Midland CIF Rotterdam crude differentials plunge to weakest value since October 2021
Nigeria Bonny Light crude value falls to 5-month low: Platts assessment

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.

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 extend to other regions, such as Latin America.

S&P Global Commodity Insights’ Americas oil experts Anna Trier, Jeff Mower and Maria Jimenez Moya dive into the impacts seen from the Dec. 5 sanctions against Russian seaborne crude, and what we could expect to see in US, Europe, and Latin America markets after the Feb. 5 sanctions go into effect.

Register for the Platts London Energy Forum here

With the OPEC+ agreement in tatters and COVID-19 destroying demand, the crude oil markets are in turmoil. Prices have fallen over 70% since October but is there any upside in the short term, and where can the glut go? Platts reporters Emma Kettley and Nicholas Baldwin tell Joel Hanley the latest on benchmark Dated Brent as well as the wider North Sea and West African crude oil markets.

Turbulence in oil markets and shifting regulation has led to some surprising dynamics at the bottom of the barrel.

Following S&P Global Platts’ European Bunker Fuel Virtual Conference, fuel oil reporters Sarah-Jane Flaws, James Goldburn and Britt Russell-Webster discuss how expectations have panned out for fuel oil and refinery feedstocks with Platts Associate Director EMEA Oil John Morley.

Even after US gasoline prices reached historic highs during the coronavirus pandemic, they somehow found more room to rise in 2022 after Russia invaded Ukraine. Strong demand and a lack of imports into the US Atlantic Coast resulted in unprecedented interest to ship barrels on Colonial Pipeline. The only problem? It wasn't enough.

Light ends manager Andrea Salazar and US gasoline reporters Anna Trier and Jordan Daniel discuss how gasoline prices have fared in this tight market and whether prices are seeing any relief.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Gulf Coast CBOB (AARQU00), New York Harbor barge RBOB (AAMGV00), and much more.

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.

S&P Global Commodity Insights senior leaders Richard Swann and Dave Ernsberger discuss with Joel Hanley the issues highlighted by Singapore’s APPEC event, the first fully in-person edition of Asia’s leading oil forum in two years. Topics for under discussion included energy security, OPEC+ cuts, the price cap on Russian oil, Chinese quotas, and more, showing once again how this important event helps shape the energy conversation.

Related price assessment: Dated Brent: PCAAS00

New fuel cell electric vehicle manufacturer Hyzon Motors has made rapid progress since forming in March, already signing an MOU with a UK partner to deliver 1,000 hydrogen fuelled buses. In this S&P Global Platts Commodities Focus podcast we talk to Hyzon's CTO, Ian Thompson, about the advantages and costs of FCEVs in buses and heavy-duty trucks compared with battery EVs, and opportunities for future growth.

The European diesel markets are in turmoil: demand has crashed – taking prices with it – and storage is filling up fast. Could we see a repeat of negative oil prices as we have seen in the US crude markets? In this episode, Platts editor Virginie Malicier tells Joel Hanley how diesel markets are coping in the Covid-19 pandemic. We also hear from freight reporter Charlotte Bucchioni, who gives an update on soaring shipping rates, as charterers scramble for spare tonnage.

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.

As the world has slowly emerged from a lockdown-ridden 2020, the oil markets have had to adjust. Platts reporters from around the world discuss the fundamental highlights of the year, and take a look at what 2022 might bring. Based in Asia, the Americas, and Europe respectively, Sambit Mohanty, Richard Swann, and Joel Hanley bring insight from their regions and look at the big issues driving markets today and tomorrow.

Oil products are succumbing to record breaking lows, with jet cracks entering record-breaking and negative territory, and refineries are presented with complex decisions as a result of COVID-19. Senior refining reporter Elza Turner and middle distillate specialist Gary Clark discuss with Joel Hanley product margins and the options before refiners.

Asian gasoil and gasoline cracks have surged in May, amid the war between Russia and Ukraine that started in late February. Asian refineries are looking to raise run rates or delay their planned maintenance this spring to meet the demand.

In this podcast, S&P Global Commodity Insights' experts—Jonathan Nonis, Reetika Porwal and Joshua Ong from the Platts pricing team and JY Lim, advisor for Asia-Pacific oil markets -- discuss the contributing factors and the future trajectory of the markets.  

In this special bonus episode of the S&P Global Platts Oil Markets podcast, Dave Ernsberger, head of pricing and market insight, discusses with Joel how commodity and energy benchmarks are faring amid the coronavirus outbreak, and Platts’ approach to dealing with recent market stress.

High natural gas prices are leading to both a tighter European supply of middle distillates and greater global gasoil demand, while the diesel cargo market was supported by higher demand into Germany and an open arbitrage to the US. In the meantime, jet fuel demand is slowly recovering, the paper market is flying amid bullish market sentiment with aviation fuel consumption expected to pick up from November when the US lifts its travel ban.

In this episode of the Oil Markets Podcast, S&P Global Platts associate editors Virginie Malicier and Gary Clark discuss with Francesco Di Salvo the most recent trends in European diesel, heating and jet fuel markets.

Bad weather on the US Gulf Coast and a rise in crude oil prices has added to volatility in the European naphtha paper market -- belying more balanced physical fundamentals -- while export demand for European gasoline has shot up.

S&P Global Platts reporters Evridiki Dimitriadou and Joseph McDonnel discuss the market with Francesco Di Salvo.

With OPEC suggesting in its monthly oil market report that global oil demand growth will outweigh an expected increase in non-OPEC supply across 2024 and 2025, market watchers will be keen to see how the group and its allies respond to still slumping oil prices.

In this episode, S&P Global Commodity Insights’ Jim Burkhard, Rosemary Griffin and Charlie Mitchell join Herman Wang to discuss the key points of the group’s latest report, OPEC supply from a wider geopolitical and economic outlook, as well updates on Libyan output and Angola’s decision to leave OPEC at the end of 2023. 

London Energy Forum 2024

The global fuel oil supply chain has in the recent past been impacted by tight product availability due to the war in Ukraine and the subsequent restrictions on Russian oil purchases. 

The Asian fuel oil market, which accounts for roughly half of the global marine fuel demand, has been severely stretched too. One of the most harrowing incidents of fuel contamination in recent history at the world's largest bunkering hub Singapore has only exacerbated the tight supply situation.

Not surprisingly then, the Asian fuel oil market participants have been closely monitoring the evolving demand-supply dynamic in China, a major producer-supplier of marine fuel. They are tracking not only the impact from oil demand loss, but also, how it may potentially sway the government's decision on the timing and quantum of the second round of fuel oil export quota.

In this podcast, S&P Global Commodity Insights' Rajesh Nair, Atsuko Kawasaki and Zhuwei Wang discuss the various scenarios that are likely to play out and its impact on the Asian fuel oil market.

The start of the year sees new record premiums for Asia-Pacific crude with IMO 2020 kicking in, and amid fewer supply from Libya. But sentiment in the market could be weighed down by the coronavirus outbreak gripping commodity markets. S&P Global Platts Asia-Pacific crude oil market experts Jeslyn Lerh, Andrew Toh and Ada Taib examine the market.

The Asian jet fuel market is finally witnessing renewed interest after COVID-19 unleashed an unprecedented crisis in the aviation industry. Heightened vaccination rates in many Asian countries, relaxation of zero-COVID tolerance policies by many countries, and the introduction of vaccinated travel lanes by various nations has boosted jet fuel prospects. The optimism around air travel bodes well for jet fuel demand and prices. Yet, the threat of the pandemic still lingers.

With aviation's environmental impact also in focus, many Asian airlines are forging ahead with the use of sustainable aviation fuel.

In a discussion with S&P Global Platts Senior Editor for Petroleum News Surabhi Sahu, Head of global demand and Asia analytics Dr Kang Wu and Associate Editor Oil markets Amy Tan share their insights into what the future holds for the jet fuel market and the feasibility of the widespread adoption of sustainable aviation fuels.

China has been stepping up efforts to tighten supervision and standardize operations of its refining sector. It launched a series of investigations on refineries beginning April 2021. The latest round of inspections this month will focus mainly on tax issues, as small-scale private refiners often fail to fulfill their tax obligations in an attempt to stay competitive.

In this podcast, S&P Global Commodity Insights' experts Philip Vahn, Asia oil market managing editor and Oceana Zhou and Daisy Xu, senior analysts covering China market discuss Beijing's latest tax investigation and its impact on independent refineries' future operations.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Platts Gasoline Unl 92 FOB Spore Cargo (PGAEY00), Platts Gasoil FOB Spore Cargo (POABC00) and much more.

Europe's sweet/sour crude price spread has widened on strong distillate demand and caution over Russian barrels. Platts reporters Emma Kettley and Iain Stevenson give an update on the soaring strength in light, sweet crude. Also, Jonty Rushforth and Joel Hanley discuss the Feb 14 launch of Platts proposed next steps for the Brent benchmark, like the inclusion of US WTI Midland crude.

Subscriber note: Platts proposes to reflect WTI Midland in Dated Brent, Cash BFOE from June 2023, keeps Brent assessments on an FOB basis

Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22

Geopolitical tensions are, once again, spooking oil markets, with the Israel-Hamas war dominating all discussions. Even with the impact of the armed conflict so far restricted to the Mediterranean, market players are increasingly concerned about the potential for escalation, which is being reflected in rising insurance premiums.
 
In this episode of the Platts Oil Markets podcast, Andy Critchlow, the London-based head of the S&P Global Commodity Insights news team, and oil and freight reporters Nadia Bliznikova and Lei Zhong join Joel Hanley to discuss the impact of a conflict that evokes memories of major oil crises in the past. 

Related price assessments:
AAWYZ00 - ULSD 10ppmS CIF Med Cargo
PFADB10 -  Clean Med-Med 30kt MR Wsc

As mentioned in the episode, explore our Energy Security Sentinel™ and see how disruptions affect energy flows in the region.

Demand for transportation fuels has been picking up in Asia, as higher vaccination rates and improved mobility push regional economies to open up to near pre-pandemic levels. Global oil supplies, however, are not keeping pace with this recovering demand. China's move to inject more fuel supplies into the Asian market by way of a supplementary second round of oil products export quotas in early June is unlikely to help improve regional demand-supply balances. Moreover, China's oil product exports in 2022 are likely to fall from 2021 levels as Beijing aims to minimize outflows to meet its net-zero target.

Refining margins for clean transportation fuels like gasoil, jet/kerosene and gasoline skyrocketed to historical highs earlier this month. Even as cracks have inched lower since, expectations are these valuations will stay elevated in the foreseeable future.

In this podcast, S&P Global Commodity Insights' Rajesh Nair, Su Yeen Cheong, Oceana Zhou and Zhuwei Wang shed light on the current situation and discuss the scenarios that are likely to play out in the Asian clean fuels markets in the near to medium term.

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

Canada’s Newfoundland and Labrador province is sitting on an estimated 124 billion barrels in offshore crude reserves with access to global export markets, but needs investors to bolster output. Pulling in investors will likely be difficult considering other offshore opportunities in the Americas, including Guyana and Brazil. Will Equinor Canada take an FID on its delayed Bay du Nord project? What is the potential of ExxonMobil’s Persephone prospect?

Americas oil news director Jeff Mower and Canadian energy reporter Ashok Dutta discuss these questions and examine the potential of Canada’s offshore.

Links: 
Register for APPEC 2024

India Energy Week brought together thought leaders, industry pioneers and curious minds from around the globe to discuss the future of energy in India and beyond. From shifting spotlight of oil producers towards India to the optimism around clean energy, such as hydrogen and biofuels, the event witnessed discussions and debates around India's current and future energy landscape. And a key question that was in focus was -- how will India strike a balance between the need for traditional fuels while embracing a new energy roadmap?

In this episode of Platts Oil Markets Podcast, Sambit Mohanty, Asia Energy Editor is joined by Dan Pratt, Head of Upstream Solutions, and Pulkit Agarwal, Head of India Content to discuss the key themes that dominated the event.