Oil Markets

WTI Midland's inclusion into Dated Brent, one year on

02 May 2024

Contributed by Lukas

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 ...

Battling high prices, oil diplomacy and upstream revival among priorities for India

25 Apr 2024

Contributed by Lukas

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 ...

Exploring West Africa's oil product flows in a changing refining landscape

18 Apr 2024

Contributed by Lukas

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 Jo...

The price of delaying the US' Strategic Petroleum Reserve refill

11 Apr 2024

Contributed by Lukas

  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 Stra...

Diesel and tanker markets react to bombed Russian refining infrastructure

04 Apr 2024

Contributed by Lukas

A sharp increase in Ukrainian drone attacks on Russian energy infrastructure has those in the refined products markets looking at the near-term implic...

Oil production and carbon capture takeaways from CERAWeek

28 Mar 2024

Contributed by Lukas

The 2024 CERAWeek by S&P Global conference just wrapped up in Houston, where oil industry executives were talking up, often aggressively, the need f...

Bonus episode: At CERAWeek, oil producers seek incentives for energy transition

22 Mar 2024

Contributed by Lukas

Oil industry executives at the CERAWeek by S&P Global conference were largely bullish on oil production growth, shedding recessionary concerns voiced ...

Russia's oil market under pressure from tighter sanctions, refinery attacks

21 Mar 2024

Contributed by Lukas

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...

What's next for oil following China's announcement of its 2024 targets?

15 Mar 2024

Contributed by Lukas

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 ...

A North Sea tale: Diving into UK oil and the Dated Brent benchmark

07 Mar 2024

Contributed by Lukas

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 da...

Amid a changing oil narrative, is the spotlight shifting from China to India?

29 Feb 2024

Contributed by Lukas

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 incre...

LatAm shuffles the heavy sour oil deck in the Americas

22 Feb 2024

Contributed by Lukas

Latin American crude production is on the rise, with countries like Brazil, Guyana and Argentina leading the way. However, Latin American heavy sour c...

A tale of two gasoils: Diesel and gasoil and a widening sulfur spread

15 Feb 2024

Contributed by Lukas

As the European ultra-low sulfur diesel complex rallies on concerns around Eastern resupply unable to pass through the Red Sea, gasoil – its high-su...

Oil companies talk up slowdown in US production growth

08 Feb 2024

Contributed by Lukas

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 th...

Red Sea concerns: A fresh shake-up to European oil market logistics

01 Feb 2024

Contributed by Lukas

In the face of continued security issues in the Red Sea stemming from Houthi attacks on commercial vessels, European trade patterns for oil products ...

Asian oil flows intact despite Red Sea woes, but refiners spend sleepless nights

25 Jan 2024

Contributed by Lukas

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 alternati...

What's in store for OPEC+ in 2024?

18 Jan 2024

Contributed by Lukas

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 ...

Guyana oil: The new crude on the block

11 Jan 2024

Contributed by Lukas

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 ...

2023: The changing map of oil trade

14 Dec 2023

Contributed by Lukas

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 S...

Grangemouth's closure: insights into the changing global refining landscape

07 Dec 2023

Contributed by Lukas

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, w...

The wait is (still) on at the Panama Canal

30 Nov 2023

Contributed by Lukas

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 li...

China looks to rejig its oil sector in 2024; lower crude imports, refined product exports in plans

23 Nov 2023

Contributed by Lukas

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...

West African gasoline supply in limbo after Belgian export ban

16 Nov 2023

Contributed by Lukas

The West African Gasoline market is about to undergo major transformations. Belgium has proposed new environmental measures to suspend low-quality mot...

With Venezuela sanctions lifting, what's in store for Mexican and Canadian crudes?

09 Nov 2023

Contributed by Lukas

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 ...

European fuel oil sulfur spreads caught between Asia and the Americas

03 Nov 2023

Contributed by Lukas

European fuel oil sulfur spreads surged in October as events further afield spurred opposing price movements for low- and high-sulfur fuel grades. A s...

Geopolitical turbulence prompts Asia to rethink its oil strategy

26 Oct 2023

Contributed by Lukas

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 fa...

Oil markets experience heightened volatility amid Israel-Hamas conflict

19 Oct 2023

Contributed by Lukas

Geopolitical tensions are, once again, spooking oil markets, with the Israel-Hamas war dominating all discussions. Even with the impact of the armed c...

Is Russian supply "to be, or not to be" for Brazil diesel markets?

12 Oct 2023

Contributed by Lukas

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, R...

Ban on diesel and gasoline exports: Will Russia double down or reverse course?

05 Oct 2023

Contributed by Lukas

Global fuel markets were set to receive another shockwave when Russia announced a ban on diesel and gasoline exports amid tight domestic supplies. Bra...

$90/b oil makes producers and refiners sanguine in Q3

28 Sep 2023

Contributed by Lukas

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, fundament...

How high can it go? Crude market tightness sparks oil price surge

21 Sep 2023

Contributed by Lukas

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...

At Asia's APPEC, energy transition and Russia steal the limelight

14 Sep 2023

Contributed by Lukas

The 39th annual Asia Pacific Petroleum Conference in Singapore captured the tone of Eastern oil markets in early September, catapulting the energy tr...

Is the bionaphtha market ready to soar as European biorefining booms?

07 Sep 2023

Contributed by Lukas

The European bionaphtha market is starting to gain traction as the number of available feedstocks increases and demand for cleaner alternatives grows....

Russia's impact on Americas naphtha and refined products

01 Sep 2023

Contributed by Lukas

Americas refined products markets are adjusting to altered trade flows more than a year after Russia's invasion of Ukraine. Refined products that were...

APPEC to throw spotlight on oil's future, energy security vs sustainability debate

24 Aug 2023

Contributed by Lukas

Asia's oil demand revival, China's much anticipating role in aiding that recovery, heightened concerns around managing legal, regulatory and sanctio...

European oil markets after the Russian embargo (part 2)

17 Aug 2023

Contributed by Lukas

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 t...

European oil markets after the Russian embargo (part 1)

10 Aug 2023

Contributed by Lukas

Trade disruptions. Refinery adjustments. New arbitrage flows. These are some of the consequences Europe faced as the continent had to wean itself o...

Guyanese Dream: Oil boom in Guyana could transform global crude market

03 Aug 2023

Contributed by Lukas

The small South American country of Guyana has experienced a quick transformation within the past decade, going from zero oil production in 2019 to ne...

Asian refiners look for answers in petrochemicals as EVs threaten transport fuels' future

27 Jul 2023

Contributed by Lukas

Refiners in Asia are crafting out expansion strategies and pumping billions of dollars to diversify their portfolio and adapt to the changing energy...

Nigeria: Another force majeure at Forcados?

20 Jul 2023

Contributed by Lukas

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 h...

A perfect storm in the USGC buoys Americas sour crudes

13 Jul 2023

Contributed by Lukas

North American heavy and sour crude price differentials have reached multiyear highs in recent weeks. These are prices that are typically seen only af...

The dire consequences of falling Rhine water levels on refined oil products

06 Jul 2023

Contributed by Lukas

Europe is bracing for challenges this summer as its main waterway experiences lower-than-usual rainfall. The Rhine is drying up well ahead of historic...

What's in store for US refined products and distillates this summer?

29 Jun 2023

Contributed by Lukas

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, wa...

As Asian crude import mix evolves, how relevant are OPEC's cuts still?

22 Jun 2023

Contributed by Lukas

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 i...

Exploring Europe's shifting trade patterns amid the Russia-Ukraine war

15 Jun 2023

Contributed by Lukas

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 R...

The cost of wildfires and inflation on Canadian crude production

08 Jun 2023

Contributed by Lukas

Canada's crude production has been reduced in recent weeks by wildfires in Alberta, tightening price discounts for some Canadian crude grades. While t...

Dark ship-to-ship transfers keep Russian oil flowing despite sanctions

01 Jun 2023

Contributed by Lukas

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, U...

From Russia to Asia - oil's new map may prompt policy rethink by OPEC+

26 May 2023

Contributed by Lukas

As Asian oil demand recovery shows signs of sustaining the strong momentum, there were two key questions that's keeping refiners on tenterhooks -- i...

Dangote Refinery: Is Africa's largest refinery finally ready?

18 May 2023

Contributed by Lukas

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 runn...

Diesel in the western hemisphere faces a shifting landscape

11 May 2023

Contributed by Lukas

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 designe...

Making crude oil history: WTI Midland cargoes join Brent benchmark

04 May 2023

Contributed by Lukas

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 incl...

China's uneven economic recovery and what it means for oil in Asia

27 Apr 2023

Contributed by Lukas

One of the largest crude importers globally, China had seen demand plummet amid the pandemic, although it has been showing signs of recovery – with ...

Italy's Eni finds success in Mexico's oil upstream

20 Apr 2023

Contributed by Lukas

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 count...

Non-dollar oil trade: a distant dream or a feasible reality?

13 Apr 2023

Contributed by Lukas

The debate over the use of alternative currencies in global oil trade has intensified over the past one year following the Russia-Ukraine conflict, wh...

OPEC+ oil production cuts shake oil markets

05 Apr 2023

Contributed by Lukas

Increased volatility, rising prices and strained geopolitical relations. These are some of the side-effects of the latest OPEC+ production cut.  Mean...

March Mayhem: HSFO supply glut vs. high freight

30 Mar 2023

Contributed by Lukas

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 expor...

What is next for Africa's oil products markets?

16 Mar 2023

Contributed by Lukas

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 t...

Oil at CERAWeek: Production and export challenges compound on rising demand

09 Mar 2023

Contributed by Lukas

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...

King of the barrel: will jet or diesel win the battle in 2023?

02 Mar 2023

Contributed by Lukas

The year 2023 did not start as expected: China suddenly dropped all COVID restrictions, boosting sentiment in the global jet market, while diesel pric...

Asia prepares for two-way oil product flows as EU ban takes effect

23 Feb 2023

Contributed by Lukas

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 exte...

Boom in US crude exports: WTI Midland flows to Europe set to soar

16 Feb 2023

Contributed by Lukas

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 ...

Q4 earnings tell a tale of inflation and underinvestment

09 Feb 2023

Contributed by Lukas

Oil and gas producers and service companies have been reporting their fourth-quarter earnings over the past few weeks. And, apart from the headline-gr...

The future of naphtha and diesel flows after EU sanctions

02 Feb 2023

Contributed by Lukas

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 th...

EU sanctions on Russian refined products will reverberate across the Atlantic

26 Jan 2023

Contributed by Lukas

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 ag...

China's oil product export quota: What it means for Asia's supply and demand in the new year

18 Jan 2023

Contributed by Lukas

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 economi...

Mild weather keeps European heating fuel markets weak

12 Jan 2023

Contributed by Lukas

Natural gas supply disruptions into Europe saw both LPG and gasoil heating fuels used as substitutes in 2022 with concern over preparations for winter...

2022: A year global oil markets won't forget

15 Dec 2022

Contributed by Lukas

In this special episode of the Platts Oil Markets podcast, S&P Global Commodity Insights leaders Joel Hanley, Sambit Mohanty and Richard Swann round u...

Spotlight shifts to Asia as EU ban on Russian crude comes into force

08 Dec 2022

Contributed by Lukas

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...

Private producer share of Mexico's oil output is on the rise

01 Dec 2022

Contributed by Lukas

The development of Mexico's upstream oil sector has slowed since President Lopez Obrador was elected in 2018, as Lopez Obrador halted the upstream auc...

Soaring crude tanker rates dent long-haul crude differentials

24 Nov 2022

Contributed by Lukas

With longer-haul voyages and the 'dark fleet' growing, tight freight availability is pushing shipping rates to fresh highs. What does strong shipping ...

Asia, Europe rush to secure supplies as oil markets brace for sleepless nights

17 Nov 2022

Contributed by Lukas

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 ...

What is happening to Russian oil flows ahead of EU sanctions?

10 Nov 2022

Contributed by Lukas

In this episode of the Platts Oil Markets podcast, S&P Global Commodity Insights editors Robert Perkins, Virginie Malicier and David Lewis discuss wit...

Surging crude export volumes confront record freight rates

03 Nov 2022

Contributed by Lukas

The US Gulf Coast crude market is exporting record volumes while also seeing sky-high freight rates. This dynamic has been playing out consistently fo...

LPG vs gasoil: what's the best alternative to natural gas?

27 Oct 2022

Contributed by Lukas

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 ...

China's Q4 oil product export quota signals a change in market dynamics

20 Oct 2022

Contributed by Lukas

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-pe...

French strikes cause Europe's gasoline, diesel prices to rise as markets tighten

14 Oct 2022

Contributed by Lukas

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'...

It's been a perfect storm for Midwest gasoline supply

13 Oct 2022

Contributed by Lukas

Though summer driving season is already in the rearview mirror, gasoline differentials in the US Midwest and West Coast apparently haven't gotten the ...

APPEC buzz reflects volatility and changing flows

06 Oct 2022

Contributed by Lukas

S&P Global Commodity Insights senior leaders Richard Swann and Dave Ernsberger discuss with Joel Hanley the issues highlighted by Singapore's APPEC ev...

European and African crude oil markets learning to live with reduced supply

29 Sep 2022

Contributed by Lukas

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 dema...

Has the mood turned somber for Asian oil markets?

22 Sep 2022

Contributed by Lukas

  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 pandem...

Mixed fortunes for European feedstocks

15 Sep 2022

Contributed by Lukas

With the energy crisis looming over Europe, many industries fear they will have to reduce production, including petrochemical crackers. These consumer...

US diesel stocks are starting off harvest season at historic lows

08 Sep 2022

Contributed by Lukas

Record-low stock levels in US diesel markets could signal problems for the highly liquid product. Dry weather has dampened crop projections, and long-...

EU Russian oil ban: How are fuel oil supply and demand fundamentals shifting

01 Sep 2022

Contributed by Lukas

EU sanctions on Russian fuel oil have dramatically altered supply flows for high sulfur material within Europe, and while there is some trading activi...

China's private refiners on tenterhooks as Beijing kicks off fresh round of inspection

25 Aug 2022

Contributed by Lukas

China has been stepping up efforts to tighten supervision and standardize operations of its refining sector. It launched a series of investigations on...

Oil products trickle along the Rhine as low water levels bite

18 Aug 2022

Contributed by Lukas

Record low water levels are hindering the transportation of naphtha, LPG, gasoline blending components and diesel, amongst other commodities, along th...

Gasoline shipments on Colonial Pipeline are in high demand as imports decline

11 Aug 2022

Contributed by Lukas

Even after US gasoline prices reached historic highs during the coronavirus pandemic, they somehow found more room to rise in 2022 after Russia invade...

Supply-driven jet fuel market drops from record high despite summer boost

04 Aug 2022

Contributed by Lukas

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 fr...

What's in store for Asian oil markets in H2?

28 Jul 2022

Contributed by Lukas

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 ...

Can Europe avert an energy crisis?

20 Jul 2022

Contributed by Lukas

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...

Reflecting Midland: Discussing SPGCI's evolving Dated Brent complex

14 Jul 2022

Contributed by Lukas

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

Russia's fuel riddle, wrapped in a mystery, inside an enigma

07 Jul 2022

Contributed by Lukas

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 ...

Asia gasoil, jet/kerosene and gasoline cracks may stay elevated on limited exports from China

30 Jun 2022

Contributed by Lukas

Demand for transportation fuels has been picking up in Asia, as higher vaccination rates and improved mobility push regional economies to open up to n...

How is Europe replacing Russian crude and why have Urals exports increased?

23 Jun 2022

Contributed by Lukas

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...

Premium gasoline comes at a cost

16 Jun 2022

Contributed by Lukas

In this episode of the Oil Markets Podcast, light ends pricing editors Sarah Hernandez and Jordan Daniel and Americas clean products manager Matthew K...

How is the Russia-Ukraine war impacting fuel oil markets?

30 May 2022

Contributed by Lukas

In this episode of the Oil Markets Podcast, associate editors Stepan Lavrouk, Lawrence Toye and Kelly Norways discuss with John Morley the impact of t...

Asian gasoil, gasoline cracks at record highs in May: Can margins climb higher?

26 May 2022

Contributed by Lukas

Asian gasoil and gasoline cracks have surged in May, amid the war between Russia and Ukraine that started in late February. Asian refineries are looki...

Up, up, up: US upstream producers and refiners are highly optimistic after Q1

19 May 2022

Contributed by Lukas

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...

The evolution of HSFO markets and USGC 0.5%S blending and trading

12 May 2022

Contributed by Lukas

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...

With the mogas-naphtha spread at a record high, what's next for Europe's gasoline blenders?

05 May 2022

Contributed by Lukas

From the maximization of middle distillates yields by refiners to the impact of Chinese lockdowns on the Asia petrochemical sector, our editors explor...

Asia fuel oil market outlook may hinge on severity of China oil demand loss

28 Apr 2022

Contributed by Lukas

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