Oil Markets

OPEC and its allies are loosening the reins around production cuts amid tentative signs of an oil demand recovery, which is likely to bring additional heavier sourer barrels back on to the market. Gillian Carr and Paul Hickin discuss with Joel Hanley how this could play out in the months ahead.

While the rest of the world is still on a relatively slow recovery phase, China's crude imports and throughput levels are hitting record highs. Its GDP has flipped back to positive territory with a 3.2% growth the second quarter, from a 6.9% decline in the first quarter. S&P Global Platts oil experts Oceana Zhou and Mark Tan talk about the facts behind these historical highs and the impact they could have on Asia's still fragile oil markets.

As Europe emerges from its COVID-19 lockdown, diesel demand is flickering back to life. But can the same be said for gasoil? S&P Global Platts reporters Virginie Malicier and Harry Morton discuss with Joel Hanley how European distillate markets have reacted to the Coronavirus pandemic, and the prospects for a swift recovery.

Storm clouds still lurk over the refining sector as a combination of firm heavy crude prices and limited upside to light product prices squeeze margins for simple and complex installations alike, even as a rapid demand recovery in some countries has taken markets by surprise. Refining expert Elza Turner tells Joel Hanley the latest.

The American crude benchmark NYMEX WTI went negative in April, an event that sparked global questions of 'How?' and 'Why?' Now, the US crude industry is looking to the future, with Platts American GulfCoast Select touted as an alternative yardstick against which crudes from Canada down to Argentina could be measured. Platts US crude market experts Matt Eversman and Laura Huchzermeyer speak with John-Laurent Tronche about the recent past, present and future of US crude pricing.

The closure for maintenance of the salt caverns at Lavera on the French Mediterranean coast poses some questions for the region's LPG market, especially that of butane. LPG reporter Kieran Hess discusses with Joel Hanley how the Mediterranean market is responding to the closure in the midst of coronavirus and arbitrage links with other regions.

Asia's high volume of US crude imports in the first half 2020 could prove a false alarm for OPEC+ producers fretting over their shrinking share of the Asian demand pie following the coronavirus pandemic. S&P Global Platts oil editors Surabhi Sahu and Gawoon Philip Vahn discuss Asia's crude appetite for the second half of 2020 and how several refiners in the region planning their crude purchases for the months ahead as WTI increasingly proves much more expensive than Middle Eastern grades.

Turbulence in oil markets and shifting regulation has led to some surprising dynamics at the bottom of the barrel. Following S&P Global Platts' European Bunker Fuel Virtual Conference, fuel oil reporters Sarah-Jane Flaws, James Goldburn and Britt Russell-Webster discuss how expectations have panned out for fuel oil and refinery feedstocks with Platts Associate Director EMEA Oil John Morley.

Rising driving demand has offered some support to the top of the barrel but, with expectations of higher demand also in evidence, higher inventories may take the shine off gasoline and naphtha recoveries, as arbitrage opportunities still look shaky. Light end reporters Joseph McDonnell and Evridiki Dimitriadou tell Francesco Di Salvo the latest.

Fuel demand across Northeast Asia plunged at the height of the coronavirus outbreak in the region over February and March. But the tide has since turned for the good in recent months. Manufacturing, construction and transportation activities are picking up fast in China with signs of the pandemic being largely contained in the country. S&P Global Platts oil specialists Philip Vahn, Oceana Zhou and Avantika Ramesh examine oil market indicators in China and the sources that are feeding the country's renewed thirst for crude.

There are some that say the aviation sector is on life-support but industry participants are already looking to signs of recovery, with no sign of ditching previously established environmental targets, jet fuel reporters Gary Clark and Ellie Valencia tell Francesco Di Salvo. Later in the program, Tamara Sleiman and Tom Washington discuss the outlook for bunker fuel in the latest IMO 2020 update.

Falling values for naphtha are stimulating margins for some petrochemical manufacturers, as COVID-19 sends people rushing to buy hand sanitizer and disposable plastics. Naphtha reporter Evridiki Dimitriadou and petrochemicals reporter Ora Lazic discuss the winners and losers at the top of the barrel and beyond with Joel Hanley.

In this special bonus episode of the S&P Global Platts Oil Markets podcast, Dave Ernsberger, head of pricing and market insight, discusses with Joel how commodity and energy benchmarks are faring amid the coronavirus outbreak, and Platts' approach to dealing with recent market stress.

New fuel cell electric vehicle manufacturer Hyzon Motors has made rapid progress since forming in March, already signing an MOU with a UK partner to deliver 1,000 hydrogen fuelled buses. In this S&P Global Platts Commodities Focus podcast we talk to Hyzon's CTO, Ian Thompson, about the advantages and costs of FCEVs in buses and heavy-duty trucks compared with battery EVs, and opportunities for future growth.

The malaise in jet fuel and air traffic is grounding airmail and the outlook seems bleak for airlines as the contango in jet fuel stretches out ever further. Jet fuel reporter Gary Clark and Middle Distillates editorial manager Eleni Pittalis tell Joel Hanley the latest.

The European diesel markets are in turmoil: demand has crashed – taking prices with it – and storage is filling up fast. Could we see a repeat of negative oil prices as we have seen in the US crude markets? In this episode, Platts editor Virginie Malicier tells Joel Hanley how diesel markets are coping in the Covid-19 pandemic. We also hear from freight reporter Charlotte Bucchioni, who gives an update on soaring shipping rates, as charterers scramble for spare tonnage.

Oil products are succumbing to record breaking lows, with jet cracks entering record-breaking and negative territory, and refineries are presented with complex decisions as a result of COVID-19. Senior refining reporter Elza Turner and middle distillate specialist Gary Clark discuss with Joel Hanley product margins and the options before refiners.

COVID-19 has crushed crude prices and is now closing North Sea oil fields. S&P Global Platts reporters Nick Coleman and Emma Kettley share their views with Joel Hanley, explaining the key logistical dependencies, and the differing impacts on Dated Brent and ICE Brent futures. In fuel oil, Britt Russell-Webster gives an update on the Coronavirus's role in changing bunker fundamentals, and how ship-owners might be reconsidering their scrubber options.

Nationwide lockdowns imposed by governments in the race to contain the spread of COVID-19 have in turn dampened economies and triggered severe demand destruction on refined oil products. In the latest S&P Global Platts Oil Markets podcast, our team of refined product specialists Ramthan Hussein, Mark Tan, and Wendy Cheong examine how containment measures are affecting demand for transport fuel gasoline and household fuel LPG in Asia, how prices have responded to the demand destruction, and what lies ahead, with the gradual return of Chinese industries.

With the OPEC+ agreement in tatters and COVID-19 destroying demand, the crude oil markets are in turmoil. Prices have fallen over 70% since October but is there any upside in the short term, and where can the glut go? Platts reporters Emma Kettley and Nicholas Baldwin tell Joel Hanley the latest on benchmark Dated Brent as well as the wider North Sea and West African crude oil markets.

COVID-19 has crushed demand and prices of jet fuel around the world. What can be done with all that extra jet fuel, and what are the prospects for airlines as they struggle to stay viable? S&P Global Platts reporters Gary Clark and Francesco Di Salvo discuss this challenging market with Joel Hanley.

In an extended Oil Markets podcast, we present a panel discussion on the energy transition and its impact on oil and gas companies, recorded at this year's S&P Global Platts London Oil & Energy Forum. The past year has seen an explosion of environmental protest, yet hydrocarbons still account for around 80% of the global energy mix. Simon Thorne, global director of power and generating fuels content, Chris Midgley, global director of analytics, and Beth Burks, ESG associate director at S&P Global Ratings, join Joel Hanley to discuss how the sector is likely to evolve amid the shift towards a more sustainable future. For more on this subject, read our special report, Sustainability shift: Oil's future in the energy transition.

International Petroleum Week is supposed to be a week of business and parties, but what happens when a virus outbreak threatens more disruption than environmental protesters could ever have hoped for? S&P Global Platts Global Head of Oil, Vera Blei, and Dave Ernsberger, Head of Content, discuss their takeaways from a fascinating IP Week with Joel Hanley. In the IMO2020 podcast, Britt Russell-Webster and Sarah-Jane Flaws tell Tamara Sleiman of the fuel market impact of the carriage ban on high sulfur fuels.

S&P Global Platts refined oil products experts Atsuko Kawasaki, Amy Tan, and Rajesh Nair examine the rapidly changing fortunes of the Asian Marine Fuel 0.5% market, which has seen a fundamental shift since International Maritime Organization's mandate to limit sulfur in marine fuels to a maximum of 0.5% kicked off from the start of the year.

Growing environmental scrutiny upon the aviation sector is shining a light on its carbon footprint. Tune into jet fuel specialist Emma Thomas and biofuel specialist Huw Shortland as they discuss the latest developments with Platts carbon news lead Frank Watson. Later in the program, fuel oil reporters Sarah-Jane Flaws and James Goldburn discuss falling premiums for very low sulfur with Tamara Sleiman as IMO 2020 gets underway.

While oil refineries should be enjoying a relatively low crude oil price, the Covid-19 virus has hit demand in some regions. Can refiners use this time to overhaul their plants and make the most of the downturn? Elza Turner and Joel Hanley discuss the latest options for refiners and count the cost of the Coronavirus.

The 2019 Novel Coronavirus has been dominating the news agenda, with the World Health Organization, governments and OPEC scrambling to find a response. As China takes drastic action, what impact are the oil markets seeing? Giving their perspective on the West African crude oil and global jet fuel markets, S&P Global Platts reporters Nicholas Baldwin and Emma Thomas tell Joel Hanley the latest. Also, in the latest IMO 2020 special podcast, fuel reporter James Goldburn and petrochemicals specialist Lara Berton tell Tamara Sleiman how the new sulfur cap is affecting the feedstocks and propylene industries.

The start of the year sees new record premiums for Asia-Pacific crude with IMO 2020 kicking in, and amid fewer supply from Libya. But sentiment in the market could be weighed down by the coronavirus outbreak gripping commodity markets. S&P Global Platts Asia-Pacific crude oil market experts Jeslyn Lerh, Andrew Toh and Ada Taib examine the market.

As Russian President Vladimir Putin makes sweeping changes to his government, Platts Russia specialists Elza Turner and Rosemary Griffin tell Joel Hanley how these changes might affect the country's oil production and involvement in the OPEC+ agreement (recorded earlier in the week). And in the latest update on IMO 2020, fuel reporters Rajesh Nair and Britt Russell-Webster discuss with Tamara Sleiman why bunker premiums are soaring in Asia against other parts of the world.

Price rises in the European naphtha market and growing tightness in propane are putting pressure on petrochemicals producers, who face trouble downstream from US producers sending product to Europe instead of China, as the US-China trade war remains unresolved. Platts reporters Salome Germain and Ora Lazic tell Francesco di Salvo the latest.

Pressure on availability of sour crude could be brewing amid tension in the Middle East, with the potential for US involvement in the area to result in sanctions on Iraqi exports. Platts reporters William Bland and Eklavya Gupte discuss with Joel Hanley where recent events in the region could take us in this podcast, recorded on Tuesday. Also, Seth Clare, Britt Russell-Webster and Tom Washington update Tamara Sleiman on how VLSFO and distillates are faring at the start of 2020.

With industrial action seen across many industries in France, Platts reporters Virginie Malicier and John-Laurent Tronche tell Joel Hanley of the impact on the country's refinery business and what it could mean for prices.

As the clamor for greener fuels grows ever louder, bunker players are already looking forward to the next big thing. Platts bunker reporters Jack Jordan and Tom Washington discuss with Joel Hanley the alternative fuels being eyed as replacements for oil. And in the latest IMO 2020 podcast, Tamara Sleiman talks to Britt Russell-Webster and Eleni Pittalis on the industry's final preparations ahead of the much talked about January 1 deadline.

In a rare move, Qatar Petroleum issued a tender this month that included a cargo of its Marine Crude grade. It was made even more unusual by the fact that the tender cargo was priced as a differential against Platts Dubai crude assessments. In this episode of S&P Global Platts Oil Markets podcast, editors Eesha Muneeb and Ada Taib examine how Qatar's move could potentially impact pricing of Middle Eastern crudes.

Surging popularity for 0.5% sulfur marine fuel is boosting the new fuel's cracks to twice that of refining mainstay gasoline, product reporters Tom Washington and Solomon Lanitis tell John Morley. Upstream, crude reporters Emma Kettley, William Bland and Amanda Flint update Tamara Sleiman about the widening sweet-sour crude spread.

Middle distillates have been drifting into the a softer patch on the back of frustrated expectations for IMO 2020. Amid this, arrivals of VLCCs carrying middle distillates have impacted European and African markets, middle distillates specialists Virginie Malicier and Gary Clark tell Francesco Di Salvo.

The cost of shipping refined products from Europe to West Africa has risen strongly in recent weeks, making shippers rethink their strategies. Platts reporters Chris To and Solomon Lanitis discuss with Joel Hanley how the rise in freight rates is leading to companies doing extra journeys to make...

Asian end-users faced a month of soaring crude oil prices in October after freight rates surged to record highs earlier this month. Editors Vickey Du and Avantika Ramesh look at how end-users have responded and which grades in particular have benefitted from the expensive freight.

Much is made of the new 0.5% sulfur standard in marine fuels come IMO 2020 but what of the well-established 3.5% fuel market? How are prices reacting to the upcoming changes in shipping standards? Platts reporters Tamara Sleiman and Britt Russell-Webster join Joel Hanley to discuss the short-term...

With Otto von Bismarck's famous quote likely ringing in his ears, Saudi King Salman welcomed Russia's President Putin this week. Oil, OPEC, and cooperation were high on the agenda, but will Putin's visit to the Middle East prove more successful than the Saudi orchestra's...

As trade tensions take their toll on the shipping sector, will sellers of crude oil have to slash differentials to offset the high cost of transport? And how can the owners of clean vessels capitalise on high rates? Platts reporters Emma Kettley and Chris To discuss the market with Joel Hanley in...

As the traditionally FOB-based Dated Brent benchmark starts incorporating CIF offers, S&P Global Platts senior director of price group Jonty Rushforth and EMEA crude managing editor Paula Vanlaningham discuss what this means for liquidity and the volume of information coming into the...

Saudi Arabia has said that its crude production capacity would be restored to 11 million b/d by end-September, and to the full 12 million b/d in November. Supply uncertainties, however, continue to grip the Asian market. As the impact of the attacks on Saudi Arabia's oil facilities become clearer,...

As the oil market players digested the insights from the annual APPEC meeting in Singapore, an explosive attack on critical oil infrastructure in Saudi Arabia shut in over 5% of global oil supply. Joel Hanley discusses with Eklavya Gupte and Jonty Rushforth this huge shut-in of crude oil, with...

With all of the focus on sour crudes ahead of IMO 2020, the relationship between naphtha-rich and distillate-rich barrels has attracted less attention. But increasingly, the product split in sweet crude yields has become a driving factor as refineries gear up for the new low-sulfur world. S&P...

While the US continues to count the cost of Hurricane Dorian, Europe's refined products markets are seeing differing impacts. Joel Hanley hears from Platts reporters Solomon Lanitis and Virginie Malicier what effects a storm in the US has on European imports and exports. And in the latest IMO...

S&P Global Platts editors Ada Taib, Eesha Muneeb and Avantika Ramesh give listeners a preview of what will keep oil market participants busy at the 2019 Asia Pacific Petroleum Conference, including discussions around the impact of IMO 2020 on the Asian market, updates from Abu Dhabi's National...

IMO 2020 may be looming and the overall trajectory for sour crude such as Urals and high sulfur fuel oil is down, but with anomalous trading patterns and pockets of tightness, the high sulfur element can still show some strength. S&P Global reporters William Bland and Tamara Sleiman tell...

As trade tensions mount, US crude production continues to grow and it has to go somewhere; Europe and Asia have been accommodating homes so far but have troubles of their own. How much more crude does Europe need, and who is losing out in the US export explosion? Joel Hanley is joined by Platts...