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Global Oil Markets

Author: S&P Global Platts

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S&P Global Platts analysis of key oil price movements across the globe.
249 Episodes
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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.
As the major road freight fuel for Europe and beyond, how has diesel coped with the global pandemic and what are its prospects heading into the new year? Platts reporters Virginie Malicier and Rowan Staden-Coats discuss the diesel markets with Joel Hanley.
As 2020 finally draws to a close, Oil Markets Podcast hosts from around the world – Mriganka Jaipuriyar, Joel Hanley and Richard Swann – gather to discuss the year in detail, and try to chart a path to recovery in 2021.
It has been a big year for the US flagship crude, West Texas Intermediate, and in particular the way that grade is priced. Following significant growth of US crude exports before the pandemic and then the April 20 price collapse of the NYMEX WTI contract, S&P Global Platts launched its AGS assessment for waterborne cargoes of WTI Midland loading on the US Gulf Coast. Then just last week, Platts captured the global oil industry’s attention with its proposal to include WTI Midland in the Dated Brent global benchmark beginning in March 2022. In today's podcast we'll review how Platts AGS has performed since its launch in June amid challenging fundamentals for global oil markets.
With so much US crude now coming to Europe, Platts has announced a proposal to include US WTI Midland into the North Sea benchmark of Dated Brent. Jonty Rushforth and Joel Hanley discuss how this might work and what it means for the world’s leading oil benchmark.
The pandemic has pummeled Japan's oil demand and led to some dramatic drops in its crude imports and refinery runs. The onset of winter and subsequent rise in demand for heating oil has offset some of that collapse, but the road ahead continues to look uncertain, S&P Global Platts Asia oil market experts Takeo Kumagai, Daisuke Shibata and Mriganka Jaipuriyar discuss. While crude imports are expected to pick up in the near term, sustainability of that trend very much depends on the severity of COVID-19. What is looking certain however is that Japanese refiners will continue to import refined products as refining economics favor imports and run rates remain low. Full transcript: http://plts.co/rmqs30rmlb2 
Jet fuel took center stage at the recent International Air Transport Association Fuel Forum, as the industry grapples with the demand destruction due to air travel restrictions, but also paves the way for a clear decarbonisation agenda. Jet fuel and derivatives editors Emma Thomas and Christopher Ewen join Francesco Di Salvo to reflect on the key takeaways from the event and the impact on the markets for conventional and sustainable aviation fuels.
Diesel prices across the US soared last week, reaching multiyear highs in nearly every region. The aftermath of several hurricanes this year curtailed production, and perhaps shut some refineries for good. That, combined with strong agriculture demand, created a perfect storm for strong spot market prices.
As coronavirus cases rise sharply in Europe, many countries are entering into second lockdowns to curb the spread of the virus – but are the markets prepared for a potential second round of curtailed demand? S&P Global Platts reporters Chris Ewen, Kieran Hess and Sarah-Jane Flaws discuss with Joel Hanley the state of refined products and the challenges ahead for transportation fuels.
China's GDP grew by 4.9% the third quarter, putting the country's economy back on an expansionary track. China is one of the very few countries to register a positive growth amid the COVID-19 pandemic. Against this backdrop, S&P Global Platts Head of News in Asia Mriganka Jaipuriyar, senior oil writer Oceana Zhou, and Head of Global Demand and Asia Analytics Dr. Kang Wu examine China's prospects in a world that continues to face an immense oil demand destruction, forecasts of peak oil demand amid a decarbonization drive across the globe, and the implications the US elections might have on China's near to medium term growth. 
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.
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.
With global demand destruction and COVID-19 continuing to impact US production, the expected trajectory of US crude exports is vastly different than just a few months ago. Before the pandemic, S&P Global Platts Analytics expected US crude exports to end 2020 at a run rate of nearly 4 million b/d, rising past 6 million b/d by the mid-2020s, but with demand loss for now putting a cap on WTI at about $40/b, Analytics now expects exports to fall below 2 million b/d by mid-2021. S&P Global Platts editors Laura Huchzermeyer, Kristian Tialios and Matt Eversman look at the factors affecting US crude exports.
The COVID-19 pandemic continues to create interesting opportunities; one of the more surprising is seeing kerosene finding its way into marine fuel. Platts reporters Sarah-Jane Flaws and Gary Clark discuss with Joel Hanley how a once-premium product has mingled with shipping fuel.
Fresh from the recent Asia Pacific Petroleum Conference or Platts APPEC, Gawoon Phil Vahn and Surabhi Sahu join Mriganka Jaipuriyar to share key themes and insights discussed at the event, which brought together - virtually - the who's who in the oil industry.  This episode takes a deep dive into the impact of the current fragile demand environment on the region's refining industry, the strategies being deployed by major companies to fight against weak refining margins as the coronavirus pandemic continues to affect oil product demand, as well as the big push for energy transition and the pressure on the aviation industry to cut emissions. 
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.
There is rising supply for European diesel and while demand is recovering it is still short of last year’s levels, the pronounced contango this is prompting comes when many clean tankers are choosing to stay in the region, meaning the stars are aligning for floating storage. Middle distillates expert Virginie Malicier and clean tanker specialist Chris To tell Joel Hanley the latest.
Russia’s slashing of crude output is well documented, but how are its internal markets coping with the impact of COVID-19? Joel Hanley asks Russia experts Elza Turner and Thomas Washington what the energy superpower can do to stem volatility at home.
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.
COVID-19 may have caused demand for jet fuel to plummet but S&P Global Platts and the wider industry are looking to the future with a newly launched European sustainable aviation fuel assessment, as public scrutiny keeps emissions targets in sight. Middles distillates specialists Gary Clark, Christopher Ewen and Harry Morton tell Joel Hanley how this fits in with wider trends across the middle of the barrel.
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