Oil Markets

Diesel imports into Brazil have risen in recent months, but remains below a recent peak seen in January as the South American country deals with new payment terms for Russian barrels. Not only that, but Russian diesel supplies have tightened following drone attacks on Russian refineries by Ukraine. Will USGC refiners return to the #1 spot in supplying Brazilian diesel imports? What impact has this shift had on US diesel exports? 

Jeff Mower, director of Americas oil news, discusses these topics and more with senior refinery editor Janet McGurty, Latin American refined products editor Maria Jimenez Moya, and US refined products editor Ben Peyton.

NEW Port Everglades CBOB differential to NYMEX RBOB APPNB00 NEW Port Everglades premium CBOB differential to NYMEX RBOB APPNJ00 NEW Tampa ULSD differential to NYMEX ULSD APPOI00 NEW Tampa Jet Fuel differential to NYMEX ULSD APPNU00

In May 2023, the world's most important oil price benchmark, Platts Dated Brent, which is used to underpin the price of significant volumes of traded crude oil, saw the addition of the first non-North Sea crude stream into its deliverable basket of grades: WTI Midland. Since then, the benchmark has seen liquidity skyrocket, the addition of new faces into the Brent complex’s long list of established market participants and, most importantly, the further strengthening of Dated Brent as a price indicator for commodity markets globally. In this episode of the Oil Markets Podcast, Joel Hanley is joined by Emma Kettley, Managing Crude Editor, and Sam Angell, Senior Crude Editor to discuss the one-year anniversary of Midland’s successful inclusion into the Dated Brent benchmark.

Related content: Infographic: Dated Brent April update Related story: April 2024 breaks trade liquidity records in Platts North Sea physical, Cash BFOE partials MOC

Mentioned price assessments: PCAAS00 - Dated Brent  WMCRB00 - WTI Midland CIF Rotterdam vs Fwd Dated Brent $/bbl 

The spotlight on India's oil sector has never been stronger. India's role in global oil markets is set to expand at a fast pace until the end of the decade, making it the biggest center for demand growth, according to the IEA. Refining expansion remains a key priority, but with a tilt towards petrochemicals, and the country’s upstream strategy aims to realize the hydrocarbon potential of offshore regions. 

While rising Russian oil flows and its impact on purchases from the Middle East is dominating the discussion on trade flows, rising oil prices is throwing up new challenges for the economy. In a wide-ranging discussion with Sambit Mohanty, Asia Energy Editor, Atul Arya, Chief Energy Strategist at S&P Global Commodity Insights, and Dharmakirti Joshi, Chief India Economist at CRISIL -- a unit of S&P Global -- share their views on the roadmap ahead for India's oil sector as the country is set to elect a new federal government.

Ahead of ARDA Week 2024 in Cape Town, South Africa, S&P Global Commodity Insights reporters Matthew Tracey-Cook, Kelly Norways and Elza Turner join Joel Hanley to discuss the changing dynamics of oil products markets in West Africa following the fresh development that Nigeria’s giant Dangote refinery has exported its first refined product cargo destined for Europe. In this episode of the Oil Markets podcast, our experts delve into the light and middle-distillate dynamic in West Africa and provide the latest refinery news from the region.

Related price assessments: AGNWC00 - Gasoline CIF West Africa Cargo $/mt AGNWD00 - Gasoil FOB STS Lome West Africa Cargo $/mt (NextGen MOC)

Related subscriber content: First oil products from Nigeria's giant Dangote refinery head to Western Europe Dangote refinery starts supplying diesel to Nigerian market Nigeria's Dangote gasoline production plans delayed, analysts eye fourth quarter

Events: Middle East Petroleum and Gas Conference (MPGC): Evolving core energy markets within a sustainable landscape

The Biden administration recently said it was no longer looking to buy up to 3 million barrels of crude for August and September to refill the Strategic Petroleum Reserve, which was drawn down to prevent oil price spikes following Russia’s invasion of Ukraine. With oil prices lingering at $85/b to $90/b, what are the chances the Department of Energy will continue refilling US reserves? How important are those reserves as the US heads into what is expected to be an active Atlantic hurricane season? What other tools does Biden have to keep a lid on prices ahead of the November presidential election?

In this Oil Markets episode, Jeff Mower is joined by senior policy reporter Eamonn Brennan and oil futures reporter Chris van Moessner to discuss these developments and more.

Episode links: NEW Port Everglades CBOB differential to NYMEX RBOB: APPNB00 NEW Port Everglades premium CBOB differential to NYMEX RBOB: APPNJ00 NEW Tampa ULSD differential to NYMEX ULSD: APPOI00 NEW Tampa Jet Fuel differential to NYMEX ULSD: APPNU00

A sharp increase in Ukrainian drone attacks on Russian energy infrastructure has those in the refined products markets looking at the near-term implications for export volumes, trade flows, freight rates and commodity prices. S&P Global estimates that Russian refineries with a combined nameplate capacity of over 1.6 million b/d nationwide have now been affected to some degree by Ukrainian attacks. In this episode of the Platts Oil Markets podcast, Joel Hanley is joined by Tom Washington, Senior Writer, Rebeka Foley, Senior Oil Markets Analyst, and Nadia Bliznikova, Associate Editor, to discuss how the latest developments are impacting related diesel and tanker markets in the region and further afield.

Related stories: Interactive: Global oil flow tracker Strike on Russia's Taneco refinery marks leap in Ukrainian drone radius REFINERY NEWS: Russia's Taneco attacked by drones: reports (subscriber content)

Related price assessments: AAVBG00 - ULSD 10ppmS CIF NWE Cargo AAWYZ00 - ULSD 10ppmS CIF Med Cargo

The 2024 CERAWeek by S&P Global conference just wrapped up in Houston, where oil industry executives were talking up, often aggressively, the need for oil and gas to remain in the mix during the transition to cleaner energies. They also discussed environmental solutions which will be needed to keep that oil flowing, namely the need for large-scale carbon capture projects.

Jeff Mower talks with upstream oil editor Starr Spencer and midstream oil editor Binish Azhar about the outlook for oil production in the US, as well a roadblocks for CCS projects that are hinging on lengthy regulatory approvals.

For more about carbon capture and the energy transition, check out the Future Energy podcast

Oil industry executives at the CERAWeek by S&P Global conference were largely bullish on oil production growth, shedding recessionary concerns voiced the prior year. They were less enthusiastic about the pace of energy transition, citing the need for more certainty from governments on carbon pricing and other incentives.

In this bonus episode of the Platts Oil Markets podcast, Jeff Mower is joined by Dave Ernsberger, S&P Global’s head of Market Reporting and Trading Solutions, and Richard Swann, global director of clean refined products, to discuss these developments.

Read more of S&P Global Commodity Insights' CERAWeek coverage

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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

Economic power-house China has set out 10 targets for 2024, which is pro-growth for oil demand, keen on energy security, and prioritizing accelerated industry modernization and development of new productive forces.

In this episode of Platts Oil Markets podcast, Managing Editor for refined oil products, Wanda Wang has invited China experts Grace Lee, Asia analyst from the AltView team, Sijia Sun, Associate Director, China Oil Market, and Oceana Zhou, Oil Market Specialist, to discuss the oil-market related highlights following China’s “Two Session” meetings -- the biggest annual political gathering in the country, which happened over March 4-11.

Once a global powerhouse of crude production, the UK’s North Sea region saw its oil output decline accelerate to 12% in 2023, according to official data from the UK’s Department of Energy Security and Net Zero. The new figures come as the UAE’s Taqa revealed to S&P Global Commodity Insights that it plans to cease production at the Cormorant oil fields in 2024, a key component of Brent grade.

In this episode of the Platts Oil Markets podcast: Joel Hanley is joined by Nick Coleman, Senior Editor for Oil News, and Sam Angell, Senior Editor covering the North Sea crude market, to discuss the outlook for North Sea oil production and the latest developments surrounding the global oil benchmark Platts Dated Brent.

Content mentioned in the podcast: Infographic: Dated Brent February update  Continue viewing the infographics by subscribing to the S&P Global Platts Connect. Email ci.support@spglobal.com to learn more and subscribe.

Asian oil flows could witness drastic changes for the remainder of the decade amid growing belief that India will cater to the biggest share of incremental growth in demand in the region. The International Energy Agency has recently said that India's role in global oil markets will likely expand substantially, fueled by strong growth in its economy, population, and demographics, making the country the largest source of demand growth from now until 2030. And in the same period, oil demand growth in developed economies and China will initially slow down and then subsequently go into reverse. In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights senior market experts Kang Wu, global head of oil demand research, Pulkit Agarwal, head of India content, and Alice Niu, Head of China content, share their views on the potential drivers for the shift in demand that could redraw the oil map for Asia.

Latin American crude production is on the rise, with countries like Brazil, Guyana and Argentina leading the way. However, Latin American heavy sour crude output is expected to decline, and flows will be reshuffled as Canada’s Trans Mountain crude pipeline expansion starts up and as operations begin at Pemex’s Olmeca refinery. Why is heavy sour crude output declining, and what does the output decline and reshuffling of barrels mean for crude prices? 

SPGCI's Americas oil news director Jeff Mower discusses these questions and more with oil research analysts Stephanie Rivera and Nick Blanco and crude pricing director Beth Brown.

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Related content: Latin America Short-Term Outlook – Crude Oil (report) Liza FOB Guyana (price) Oriente FOB Esmeraldas (price) Western Canadian Select at Hardisty (price)

As the European ultra-low sulfur diesel complex rallies on concerns around Eastern resupply unable to pass through the Red Sea, gasoil – its high-sulfur counterpart – is under unusual pressure. In this episode of the Platts Oil Markets podcast, editors Natasha Tan and Nadia Bliznikova discuss recent trends with Francesco Di Salvo.

Further reading: Med ULSD-gasoil spread at 14-month high on tight diesel, weak gasoil (subscribers)

Related price assessments: AAVJJ00 - Gasoil .1%S (1000ppm) CIF Med Cargo (NextGen MOC) AAUQC00 - Gasoil .005%S (50ppm) FOB ARA Barge (NextGen MOC) AAWYZ00 - ULSD 10ppmS CIF Med Cargo

Following a 1 million b/d growth in US oil output in 2023, oil producers and service companies have been warning of slowing growth this year during their fourth quarter earnings calls. Will production surprise to the upside? And what would that mean for US refiners? In this episode of the Platts Oil Markets podcast, senior upstream editor Starr Spencer, senior refinery editor Janet McGurty and midstream editor Binish Azhar discuss these questions and more with host Jeff Mower, Americas Oil News Director.

Further reading: ExxonMobil, Chevron tweak Permian operations while nearing 1 million boe/d output Volatile prices, slower growth seen tamping down Helmerich & Payne's 2024 rig count Valero sees wider coastal heavy crude differentials on heavy Q1 turnaround season

In the face of continued security issues in the Red Sea stemming from Houthi attacks on commercial vessels, European trade patterns for oil products across the barrel are changing. S&P Global Commodity Insights’ Robert Perkins, Nadia Bliznikova and Takis Gounaris join Joel Hanley to discuss the impacts the Red Sea disruption are having on the European supply-demand balance for key oil products

Asia so far, has not witnessed any dramatic changes to near-term oil supplies amid the ongoing Red Sea crisis, but refiners are chalking out alternative plans to ensure steady feedstock flows in the event of an escalation -- a move that could inflate insurance costs and crimp refining margins.

There has been a strategic push among Asia's top importers to massively diversify their import baskets over the years, as well as expand strategic storage capacities. The market is trying to find answers on whether these developments can come in handy to ensure smooth and uninterrupted supplies of feedstocks. Or are there enough reasons for Asian oil buyers to worry about supplies?

In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, S&P Global Commodity Insights’ Rahul Kapoor, Vice President for Shipping Research and Analytics, and Sameer Mohindru, Senior Editor for Asian Freight Markets, share their views on how some of the recent geopolitical developments could potentially affect Asian oil flows, tanker freight and shipping costs.

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

For the first Oil Markets episode of 2024, S&P Global Commodity Insights' oil experts team up across pricing, news and research to provide a fresh look at the crudes everyone is talking about — the new grades from Guyana’s Stabroek Block.

Jeff Mower speaks with Ha Nguyen, Felipe Perez and Pat Harrington about how Liza, Unity Gold and Payara Gold are helping drive global production growth outside of OPEC. They discuss production forecasts, how action from Venezuela could affect growing exports, and where Guyana’s crude is going. How are emerging refiner preferences affecting the price of the new Guyanese grades? And with turmoil in the Red Sea disrupting trade flows and boosting the price for some crudes in the Atlantic Basin, what is in store for Guyanan oil?

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In the final episode of the Oil Markets podcast for 2023, S&P Global Commodity Insights crude and refined products directors Joel Hanley and Richard Swann round up the biggest events and trends of the year. 

They provide an across-the-barrel retrospective of the year in oil markets, including shifting trade flows, developing markets for Russian oil, the emergence of Guyana as a crude powerhouse and a landmark year for established benchmarks Dated Brent and Dubai.

Related prices: ULSD DAP South Brazil (All-Origin) AULDA00 Payara Gold FOB Guyana AYARA00 Dated Brent PCAAS00 Dubai Mo1 PCAAT00

Further reading: Guyana calls for UN sanctions on Venezuela over disputed territory Midland's successful inclusion into Platts Dated Brent

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.

A reduction in daily transits at both the Neopanamax and Panamax lock systems have resulted in longer wait times to transit the Panama Canal. These limits to daily transits are expected to continue into 2024, leading shipowners to raise freight costs as they look for reimbursement for higher transit and demurrage fees. As the price of auction slots continues to rise, owners are looking at alternative routes to circumvent the canal altogether. The uncertainty may also affect bunkering demand at what has become one of the biggest hubs in the world.

Commodity Insights' Americas dirty products manager Patrick Burns sits down with Americas tankers reporter Catherine Rogers to discuss how shipping markets have been impacted by the continued conservation measures taken by the ACP, what upcoming restrictions mean for shipowners, and how shippers plan to navigate the logistical bottleneck heading into 2024.

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.

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

The lifting of Venezuelan oil sanctions by the US has sparked a series of reactions in the upstream market. S&P Global expects an increase of roughly 100,000 b/d in crude exports from Venezuela to 850,000 b/d. 

Jeff Mower, director of Americas oil news, sits down with Americas crude markets editor Patrick Harrington and Mexico energy editor Sheky Espejo to discuss the sanctions and the impact their lifting will have on competing Mexican and Canadian crude grades.

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

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.

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.

After sanctions on Russia in the aftermath of the invasion of Ukraine, Brazil started sourcing 78% of its imports from Russia. But in mid-September, Russia announced a ban on refined product exports to ease its own domestic fuel prices. It quickly changed course, however, partially lifting the ban in early October to free up storage for winter grade diesel and to offload remaining summer product. Now, the Brazilian market must decide whether to trust Russia as a steady source of fuel or to to return to the more reliable US Gulf Coast for diesel supply.

S&P Global Commodity Insights' light ends pricing manager Sarah Hernandez, middle distillates manager Jordan Daniel, and Latin America refined products reporter Maria Jimenez Moya discuss how Russia lifting its diesel ban is affecting trade flows in Brazil. 

Links: (NEW) AULDA00 - ULSD DAP South Brazil (All-Origin) $/bbl Join us on Platts Connect

Global fuel markets were set to receive another shockwave when Russia announced a ban on diesel and gasoline exports amid tight domestic supplies. Brazil and other importers of Russian diesel were expected to suffer the most. But judging by the falling prices, things are not going quite as some had expected.

In this episode of the Platts Oil Markets podcast, London-based oil news reporter Elza Turner and oil price reporters Matthew Tracey-Cook and Sasha Foss join Francesco Di Salvo to discuss the market's reaction to a ban that many traders doubt Russia can stick to for much longer.

Related price assessments: AAVBG00 - ULSD 10ppmS CIF NWE Cargo AULDA00 - ULSD DAP South Brazil (All-Origin) AAQZV00 - Gasoline Eurobob FOB AR Barge

Read more: Russian authorities discussing easing diesel export ban: energy minister

As crude prices have recently inched up past the $90/b level, they are on pace to end the third quarter nearly 35% higher than they started, fundamentally altering the landscape for both upstream and downstream players. Drillers and producers are ramping up output as they look to capitalize on high prices, while refiners are more cautious as they expect tight supply, low inventory and rising demand through year-end.

S&P Global Commodity Insights' oil futures editor Chris van Moessner chats with upstream editor Starr Spencer and senior refinery writer Janet McGurty about the industry is adapting to the new price environment and how that could impact Q3 results. 

Join us on our new comprehensive platform, Platts Connect

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

The 39th annual Asia Pacific Petroleum Conference in Singapore captured the tone of Eastern oil markets in early September, catapulting the energy transition back into focus after the distraction of recent world events. Richard Swann, Dave Ernsberger and Joel Hanley share their views on what was a lively week, packed with information on oil, carbon, shipping, biofuels and more. They also reveal the conference’s oil price prediction for the end of the year.

Related: Interactive: Platts Periodic Table of Oil - 6th edition sees new technology, carbon intensity data

Check out our coverage of APPEC 2023 on our website.

The European bionaphtha market is starting to gain traction as the number of available feedstocks increases and demand for cleaner alternatives grows. Limited supply capacity has kept prices high, but production is set to increase amid a boom in biorefinery construction in the region. As a result, more trading opportunities will become available, along with the potential for a liberalized and transparently priced market.

In this episode of the Platts Oil Markets podcast, London-based oil price reporters Vinicius Maffei, Simone Burgin and Aly Blakeway join Francesco Di Salvo to discuss the development of bionaphtha, as well as SAF and biopropane markets, as Europe leads the way in alternative fuels.

PAADU00 - Bio-Naphtha FOB NWE Premium $/mt ABPRB00 - Bio-Propane FCA NWE Premium $/mt AJNWF00 - Sustainable Aviation Fuel CIF ARA Premium $/mt

Americas refined products markets are adjusting to altered trade flows more than a year after Russia’s invasion of Ukraine. Refined products that were once supplied to Brazil from the US Gulf Coast have now been replaced by Russian barrels, while other markets in Latin America are still being wary of touching Russian product out of fear of repercussions from the US. Oversupply has caused naphtha in particular to deal with volatility and low export demand. 

S&P Global Commodity Insights’ Maria Jimenez Moya, Latin America refined products price reporter, sits down with Sarah Hernandez, managing editor for Americas light ends pricing, to discuss the changes arising in North and Latin American markets of naphtha and refined products as a result of Russian inflows.

Related prices: NEW: AULDA00 - ULSD DAP South Brazil (All-Origin) $/bbl AGSUA00 - Gasoline CFR Suape Cargo Differential USC/Gal

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.

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For many years, Russia was Europe's main supplier of key refined oil products until Western sanctions were imposed in February 2023. Six months into the embargo on Russian refined products, markets across the continent continue to adjust. Prices appear to be rising and shipping times have lengthened as European buyers find products further afield in India, the Middle East and the US Gulf Coast. 

In the second of a special two-part Platts Oil Markets podcast retrospective, OPEC+ Oil News reporter Rosemary Griffin and Refined Oil Products Managers Gary Clark and Kieran Hess join Francesco Di Salvo to discuss how European oil markets have adapted to a "new normal" following one of the most consequential events in the geopolitics of oil in decades.

Click here to listen to part 1 of this special retrospective.

Related price assessments: AAVBG00 – ULSD 10ppm CIF NWE Cargo PAAAL00 – Naphtha CIF NWE Cargo PMAAS00 – Propane FOB ARA

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.

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Trade disruptions. Refinery adjustments. New arbitrage flows. These are some of the consequences Europe faced as the continent had to wean itself off Russian crude following the embargo, which came into effect in December 2022. Russia has since managed to find new customers in Asia, but military attacks on oil infrastructure in the Black Sea could jeopardize such a strategy. 

In the first of a special two-part Platts Oil Markets podcast retrospective, OPEC+ Oil News reporter Rosemary Griffin and Crude Oil Managers Emma Kettley and John Morley join Joel Hanley to discuss how European oil markets have adapted to a "new normal" following one of the most consequential events in the geopolitics of oil in decades.

KBCOB00 – KEBCO CIF Med vs Med Dtd Strip  KBCOD00 – KEBCO CIF R'dam vs Med Dtd Stri AURLA00 –  Urals DAP India vs Dubai DWCUB00 – Urals DAP India vs Forward Dated Brent

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.

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The small South American country of Guyana has experienced a quick transformation within the past decade, going from zero oil production in 2019 to nearly 400,000 b/d in 2023 and that is expected to reach around 600,000 by the end of 2024. That will position Guyana as one of the world’s top oil producing countries in the world and a rare exception in the market where exploration and production is expanding.

S&P Global Commodity Insights' oil pricing and news experts Laura Huchzermeyer, Patrick Harrington, and Starr Spencer discuss investment and pricing trends in Guyana, as well as new price assessments for Guyana’s Unity Gold.

Prices in this episode: Liza FOB Guyana Unity Gold FOB Guyana

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Refiners in Asia are crafting out expansion strategies and pumping billions of dollars to diversify their portfolio and adapt to the changing energy landscape. Renewables, hydrogen and solar energy are starting to figure in their ambitions. But a key area of focus for refiners is to raise their petrochemicals intensity to ensure business models remain profitable in the event electric vehicles and other cleaner forms of energy take a toll on demand for transport fuels. In a wide-ranging discussion with Asia Energy Editor, Sambit Mohanty, three senior market experts at S&P Global Commodity Insights -- Maria Tsay, Global Head of Petrochemicals Pricing, Zhuwei Wang, Asian Oil Analytics Manager, and Pulkit Agarwal, India Content Head -- share their insights on whether going further downstream would be the only option for refiners to remain profitable and over the longer term.

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Nigeria, Africa's largest crude oil producer, is struggling to keep oil flowing amid leaks at the Forcados oil terminal port. The ill-fated facility has been offline for much of 2022 due to sabotage, and now faces the prospect of another force majeure that could affect European markets.

In this episode of the Platts Oil Markets podcast, oil news reporter Charlie Mitchell and oil price reporters Luke Stuart and George Delaney join Francesco di Salvo to discuss what is happening in Nigeria and how traders have reacted so far.

Related price assessments: AAGXP00 - Forcados FOB Nigeria vs WAF Dtd Strip AAGXL00 - Bonny Light FOB Nigeria London vs WAF Dtd Strip AAHPM00 - Azeri Light CIF Augusta vs BTC Dtd Strip

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North American heavy and sour crude price differentials have reached multiyear highs in recent weeks. These are prices that are typically seen only after major production disruptions like hurricanes. But there are no clouds in sight in the Gulf of Mexico. Sour crude prices are supported by a myriad of factors including global supply tightness, Strategic Petroleum Reserve buybacks and very strong values for high sulfur fuel oil.

S&P Global Commodity Insights' Laura Huchzermeyer, Americas crude pricing manager, discusses current pricing trends with USGC crude reporter Kristian Tialios and residual and marine fuel manager Patrick Burns.

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Europe is bracing for challenges this summer as its main waterway experiences lower-than-usual rainfall. The Rhine is drying up well ahead of historical patterns, and the short-term forecast is for water levels to fall below critical levels for barge navigation as early as mid-July. 

In this Platts Oil Markets podcast from S&P Global Commodity Insights, John Morley is joined by oil news reporter Robert Perkins, as well as Natasha Tan and Vinicius Maffei, middle-distillates and light-ends price reporters respectively. Together they look at the immediate impact and potential disruption to European oil product markets should the Rhine suffer a severe dry spell.

Related price assessments: AAJUS00 - ULSD 10ppmS FOB ARA Barge PJABA00 - Jet FOB FARAG Barge PAAAL00 - Naphtha CIF NWE Cargo $/mt

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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.

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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.

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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.  

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.

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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.

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.

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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.

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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

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.

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

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)

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.

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

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   

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

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 associated with moving away from the US dollar.

In a wide-ranging discussion with Asia Energy Editor Sambit Mohanty, renowned commodities investor and chairman of Beeland Interests Inc. Jim Rogers, and two senior leaders at S&P Global Commodity Insights - Dave Ernsberger, Global Head of Market Reporting and Trading Solutions, and Chief Energy Strategist Atul Arya - share their views on the challenges and opportunities ahead as debate on the subject intensifies.

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 SuezDWCUA00 - Urals DAP West Coast India AAEJD00 - Kirkuk FOB Ceyhan

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 how traders have had to shift routes and export heavier material to find an open arbitrage.

Prices in this episode:

PUAFZ00 (USGC HSFO)

TDUCG00 (Dirty USG-UKC Aframax) 

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 gasoline barges: #PGABM00

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 podcast, Jeff Mower sits down with Dave Ernsberger and Binish Azhar to discuss these topics and others coming out of the conference.

Register here for the World Petrochemical Conference, March 20-24

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 question of which one will be maximised by refiners, thus tightening the supply of the other in the coming months.

In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights experts Maxim Kotenev and Gary Clark join Francesco Di Salvo to discuss the outlook for the jet fuel market, its potential impact on other middle distillates and whether a recession is likely to prevent aviation from fully recovering from the pandemic.

Related price symbols: Diesel: CIF ARA 10ppm ULSD cargoes #AAVBG00 Jet fuel: CIF NWE jet fuel cargoes #PJAAU00

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 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 for valuable insights into the latest developments in the global oil market and the implications for the energy industry.

Related price assessments: WTI Midland CIF Rotterdam vs Dated Brent: WMCRB00 Naphtha CIF NWE cargo M1 crack: AAECX00 Gasoline Eurobob 10ppm FOB ARA barge crack: ABWFL00

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 for oil and gas production? 

Jeff Mower, director of Americas oil news, is joined by senior oil editor Starr Spencer and natural gas editor Dylan Chase to discuss these issues and more.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Midland WTI (PCACJ00), Waha gas (IGBAD21) and much more.

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 and whether Russian production will have to be cut after 5 February, and what impact this could have on global supply and prices.

Related price symbols: CIF ARA 10ppm ULSD cargoes #AAVBG00 CIF NEW naphtha cargoes #PAAAL00

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

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 Global Commodity Insights' experts—Oceana Zhou and Su Yeen Cheong from the Platts editorial team and Wang Zhuwei Manager, Asia oil analytics.

Related price symbols:

PGAEY00 - Gasoline Unl 92 FOB Spore Cargo PJABF00 - Jet Kero FOB Spore Cargo AAOVC00 - Gasoil .001%S (10ppm) FOB Spore Cargo POABC00 - Gasoil FOB Spore Cargo PUADV00 - FO 180 CST 3.5%S FOB Spore Cargo PPXDK00 - FO 380 CST 3.5%S FOB Spore Cargo PAAAD00 - Naphtha C+F Japan Cargo $/mt (NextGen MOC)

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, Patrick McAllister and Maxim Kotenev discuss with Gary Clark supply, demand and prices for European gasoil, LPG and kerosene for heating markets amid a mild winter, and ahead of sanctions on Russian oil product exports into the European Union from February 5.

Price assessments on Platts Dimensions Pro:

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 content and Pulkit Agarwal, India head of content, the implications of the $60/b price cap for Asian buyers, the impact of the decision of OPEC and its allies to keep their policy unchanged, and China's oil consumption outlook amid easing of pandemic-related restrictions.

Related infographic: G7 price cap hangs over Russian oil flows

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering crude oil. 

Click here to listen to the Capitol Crude podcast series. 

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&P Global Commodity Insights’ Mexico energy correspondent, joins Jeff Mower, director of Americas oil news, to discuss this trend.

Related assessments:

AAYMP00 – Maya market parity price AAXWA00 – CIF Eastern Mexico gasoline

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 Africa.

Related stories:

Soaring tanker freight depresses FOB differentials for Med, West African crudes

FEATURE: Growing maritime risks as shadow tanker fleet expands to cover Russian trades

Related price assessments:

AAGXN00 - Qua Iboe FOB Nigeria vs WAF Dtd Strip

AAGXJ00 - Urals Rotterdam vs Med Dtd Strip

TDACS00 - West Africa-UKC 260kt $/mt

TDACR00 - West Africa-UKC 130kt $/mt

TDABL00 - Ceyhan-Med 80kt $/mt

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, Head of News for Europe, Middle East and Africa, Paul Sheldon, Chief Geopolitical Advisor, and Kang Wu, Head of Global Oil Demand and Asia Analytics--share their insights on some of the biggest challenges the market may face after sanctions are imposed, the strategy of OPEC+ and the hurdles in making the G7 price cap work. 

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering crude oil. 

Related content: Energy Security Sentinel

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:

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.

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

Oil product market sentiment in Asia has been volatile due to the larger-than-expected Q4 exports from China. The uncertainty saw the region’s best-performing product crack for the year -- ULSD --  falling by a record 30% in just two trading sessions in the first half of September. As trading sentiment slowly recovers, the Asian oil market has to adjust to the expected increase in oil products from China over the next few months amid gloomy macroeconomic scenario.   In a discussion, S&P Global Commodity Insights' experts Jonathan Nonis, Oceana Zhou, Su Yeen Cheong, and Zhuwei Wang talk about the impact of China’s Q4 oil products export this late in the year and what it means going forward.

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.

The gasoline and diesel markets in Northwest Europe have tightened as France seeks alternative sources of supply due to strike at five of the country’s six refineries. Though negotiations are ongoing at ExxonMobil and TotalEnergies, and strike action might stop soon, supply disruptions are expected to continue at least for a few weeks.

In this bonus episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights senior editors Virginie Malicier and Elza Turner discuss with Francesco Di Salvo why these social movements had such an impact on road fuel prices.

This week's episode: It's been a perfect storm for Midwest gasoline supply

Related price symbols: PCAAS00 - Dated Brent AAJUS00 - ULSD 10ppmS FOB ARA Barge ABXGT00 - ULSD 10ppm CIF NWE basis Le Havre Cargo Eur cents/liter AARIN00 - ICE LS Gasoil at London MOC Mo01 (NextGen MOC) AARIO00 - ICE LS Gasoil at London MOC Mo02 (NextGen MOC)

Though summer driving season is already in the rearview mirror, gasoline differentials in the US Midwest and West Coast apparently haven't gotten the memo. A flurry of planned and unplanned refinery outages in both regions have pressured already-tight supply dynamics as the rest of the world scrambles to secure gasoline supply.

S&P Global Commodity Insights gasoline reporter Anna Trier speaks with Debnil Chowdhury, Americas Head of Refining and Marketing at SPGCI, about how refinery issues catapulted Chicago gasoline differentials to all-time highs and what relief, if any, is on the horizon for Midwest production.

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

The strength seen across European and African crude oil markets in the spring and summer has largely been eroded as focus shifts to the potential demand reduction caused by economic slowdowns. There are some potential headwinds on the horizon that could shift this more bearish picture however, with multiple supply disruptions hitting the North Sea, Mediterranean, and West Africa.

In this episode of the Platts Oil Markets Podcast, S&P Global Commodity Insights editors David Lewis and Sam Angell join John Morley to discuss the latest news shaping European crude markets.

Price assessments discussed in this episode:

The path to recovery for Asian oil demand has not been free of challenges. With a worse than expected consumption outlook in China due to pandemic-induced lockdowns, markets are looking for answers on whether gains in Asia, excluding China, will be strong enough to offset the bearish consumption outlook in the region's biggest oil consumer.

In a wide-ranging discussion ahead of APPEC 2022, S&P Global Commodity Insights' experts--Dave Ernsberger, Head of Market Reporting and Trading Solutions, Rosemary Griffin, Russia Managing Editor and Zhuwei Wang, Asian Oil Analytics Manager-- discuss with Sambit Mohanty, Asia Energy Editor, the possibility of Asian oil demand returning to pre-pandemic levels in 2022, the outlook for Russian oil flows to the region, and the energy security versus energy sustainability debate.

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.

With the energy crisis looming over Europe, many industries fear they will have to reduce production, including petrochemical crackers. These consumers of feedstocks such as naphtha and LPG are sensitive not only to high natural gas prices but also to a lower demand outlook for plastic goods amid economic downturn and inflationary pressures.

In this Oil Markets episode, S&P Global Commodity Insights editors Vinicius Maffei and Aly Blakeway explore with Francesco Di Salvo the impact of these pressures on European naphtha and LPG markets.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering naphtha (PAAAL00), LPG (PMABA00), and much more.

Record-low stock levels in US diesel markets could signal problems for the highly liquid product. Dry weather has dampened crop projections, and long-term backwardation has stifled diesel storage and movement between regions in the US.

Associate refined products director Matthew Kohlman and diesel pricing specialist Wendy Dulaney discuss seasonal trends in ULSD as fall approaches.

EU sanctions on Russian fuel oil have dramatically altered supply flows for high sulfur material within Europe, and while there is some trading activity still in the Mediterranean basin, most Russian fuel oil is heading to Singapore and elsewhere in the East. While weaker demand has offset a lack of supply within Europe for now, market uncertainty remains high with the question of where Europe will get its imports from in the future open.

In this episode of the Oil Markets Podcast, S&P Global Commodity Insights editors Mary Tiernan and Chloe Davies discuss with John Morley sanctions and market dynamics for high sulfur fuel oil and VGO in Europe.

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.

Record low water levels are hindering the transportation of naphtha, LPG, gasoline blending components and diesel, amongst other commodities, along the Rhine into regions of Germany, France and Switzerland leading to critically low inland stocks and the release of strategic reserves for products already affected by the war in Ukraine and a rebound in transportation demand.

In this episode of the Oil Markets Podcast, S&P Global Platts Global editors Eklavya Gupte, Virginie Malicier and Vinicius Maffei discuss with Gary Clark the market implications of strained supply chains for clean oil products for Europe.

Price symbols on clean oil products discussed in this episode:

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.

The days of vaccine certificates and COVID-19 tests for travel are long gone for most, and yet jet fuel demand doesn’t seem to have fully recovered from the pandemic. S&P Global Commodity Insights reporters Virginie Malicier and Maxim Kotenev tell Francesco Di Salvo how record-high physical premiums have led to a flurry of eastern cargoes sailing to Europe, and how short-staffed airlines and airports have had to cap passenger capacity growth despite ample pent-up travel appetite.

Check our Jet CIF NWE Cargo assessment (PJAAU00) on Platts Dimensions Pro: https://platform.platts.spglobal.com/web/client?auth=inherit&ignoreIDMContext=1#platts/priceprofile?symbol=PJAAU00

Based on early consumption trends in Asia, market participants believe that the second half of 2022 may turn out to be one of the strongest six-month periods of oil demand growth seen over the past three years.

That said, some pockets in China are still facing lockdowns due to the COVID-19 pandemic and high oil prices are threatening to pull down demand in other consuming nations.

In this podcast, S&P Global Commodity Insights' experts Calvin Lee, Asia head of content, and Kang Wu, head of global demand and Asia analytics discuss with Sambit Mohanty, Asia energy editor the potential top themes for Asian oil markets in the second half of 2022.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Platts Jet Kero FOB Spore Cargo (PJABF00), Platts Gasoline Unl 92 FOB Spore Cargo (PGAEY00), Platts Gasoil FOB Spore Cargo (POABC00) and much more.

In Europe, with a hot summer ongoing and a cold winter expected, re-establishing secure sources of energy in light of Russia’s war in Ukraine is a top priority.

S&P Global Commodity Insights reporters Shivani Pandya and Sasha Foss speak with crude oil director Joel Hanley about plans to address the crunch in European natural gas supply, and how a return to oil-fired power generation is not as simple as some might suggest.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering the front-month TTF natural gas benchmark (GTFTM01), European fuel oil (AAYWT00), and much more.

S&P Global Commodity Insights recently made the decision to reflect WTI Midland barrels in the daily Platts Dated Brent global crude benchmark. See the note here.

Americas crude oil managing editor Laura Huchzermeyer speaks with Emma Kettley, global lead of the Brent complex, and Kristian Tialios, US Gulf Coast crude specialist, about what the market can expect from the inclusion of one of the top-produced US crude grades into the world’s most influential crude pricing benchmarks.

Subscribe to Platts Dimensions Pro for access to assessments and premium content covering Dated Brent (PCAAS00), WTI Midland (AAYBA00), and much more.

Russia has long supplied European and US markets with fuel oil. In light of the war in Ukraine, where is this fuel going and how can the usual buyers make up the shortfall? S&P Global Commodity Insights reporters David Petutschnig and Chloe Davies discuss with Joel Hanley how the dynamics of high sulfur fuel oil and vacuum gasoil are changing fast.

Access our special report Inside Fujairah: http://plts.co/ngU530snBMP

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.

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, light ends pricing editors Sarah Hernandez and Jordan Daniel and Americas clean products manager Matthew Kohlman discuss the record-high gasoline prices that are impacting drivers across the US. They discuss historically low inventories, how a shortage of octanes is driving up prices for premium grades, what the outlook is for gasoline demand, and prices through the rest of the summer.

This Oil Markets podcast was produced by Jennifer Pedrick in Houston.

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

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.  

The recent round of Q1 earnings calls for US refiners and upstream producers were almost unanimously upbeat. Crude prices of $100+/b oil and unusually high natural gas prices, coupled with changing oil flows from the war in Ukraine, have sparked buoyant US diesel demand while the need for energy security has led to a climbing rig count in both the domestic shale patch and more offshore projects.

Americas oil news director Jeff Mower sits down with senior downstream editor Janet McGurty and senior upstream editor Starr Spencer to discuss recent trends and future outlooks for US producers and refiners.

This Oil Markets podcast was produced by Jennifer Pedrick in Houston.

In the background of the pandemic, IMO 2020 was reshaping the landscape of traditional marine fuels. Now, more than two years since the pandemic began, the US Gulf Coast 0.5%S market has established new standards for supplying this fuel. It came with unique blending challenges. The USGC HSFO market has also taken on a new life as a secondary option as a marine fuel.

In this Oil Markets podcast, S&P Global Commodity Insights' Beth Brown and Patrick Burns discuss the recent decision to eliminate hand blends from trades reported in the Platts Market on Close assessment process in the US and how trading in these markets has evolved.

This Oil Markets podcast was produced by Jennifer Pedrick in Houston.