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S&P Global Commodity Insights analysis of key oil price movements across the globe.
408 Episodes
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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 Platts Connect
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. Register for CERAWeek Register for World Petrochemical Conference 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? Links: Register for CERAWeek by S&P Global Subscribe to Platts Connect
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.
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