Verity Ratcliffe
speaker
31 appearances
1 recordings
1 series
first heard Aug 2026
last heard 7 Aug
Verity Ratcliffe’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.
Appearances
What we often focus on...
on crude prices.
When we talk about oil, it's typically oil futures is Brent futures.
But when we look at the refining sector, we have to consider the price of the input, the crude and the products that come out the other end.
And at the minute, the difference between those two, the inputs and the outputs for some products are at record highs.
And we've seen a different evolution throughout this conflict in the Middle East with different tightness and different products as time has gone on.
It started more of a crunch on jet fuel.
So a lot of the refineries pivoted and tried to produce as much jet fuel as possible.
And now at the minute, it's more motor fuels, particularly in Europe, particularly with diesel.
And the premium for producing diesel in Northwest Europe reached a record high last week.
Absolutely.
It's about capacity.
And a lot of that capacity is trapped behind the Strait of Hormuz.
Some of the biggest refineries in the world are based there.
But also with Russia, Ukraine has become much more effective at targeting some of those refineries in recent weeks and months.
And that's taken out roughly the same amount of diesel production, for instance.
So everybody's had to adapt.
And the way in which they adapt is limited to a certain extent by the crews that they can produce.
So some of the more complex refineries, typically in the US, where they don't have such issues of getting the crude feedstock, are doing particularly well at the minute because they can pivot to different types of fuel.
Absolutely.
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