Published by S&P Global Commodity Insights
S&P Global Energy analysis of key oil price movements across the globe.
Listen on Apple Podcasts21 min
Diesel prices have soared, driven by supply constraints through the Strait of Hormuz and by the ongoing war between Russia and Ukraine. Ukraine has been able to knock out a sizable percentage of Russia's refining capacity, shrinking global supplies. Where does that leave Brazil, which has been dependent on diesel imports from Russia? How do Brazil's price subsidies impact diesel supplies? What role could India play in supplying diesel fuel? What policy options, if any, does the Trump administration have to solve the supply problem? Join Jeff Mower, S&P Global Energy's director of Americas oil news, as he dissects these topics with Aaron Tucker, managing editor of Americas middle distillates, and Renato Rostas, Brazil oil price manager.
14 min
Renewed tensions surrounding the Strait of Hormuz have refocused attention on supply security, freight costs and export flows across Asian refined products markets. While demand for gasoline, gasoil, jet fuel and naphtha remained broadly resilient, market participants are once again assessing the risk of disruptions to Middle Eastern exports and their impact on regional trade flows. In this episode of the Platts Oil Markets Podcast, Jonathan Nonis, Associate Editorial Director, is joined by the Asian oil product editorial team of Wanda Wang, Rachelle Teo and Joshua Ong to discuss how renewed geopolitical uncertainty is influencing gasoline, gasoil, jet fuel and naphtha markets in the region, the implications for supply, freight and arbitrage economics, and how buyers and sellers are adapting to a more volatile trading environment.
18 min
The announcement of a Russian ban on diesel exports following supply shortages at gas stations across the country has spurred cracks to widen significantly in the European market at a time when product markets continue to face uncertainty over the recovery of supply from the Persian Gulf and crude markets face pressure from low Chinese demand. In this episode, Gary Clark , associate director, price reporting, Elza Turner , global lead specialist, price reporting , Virginie Malicier , price reporting manager, and senior price reporter Patrick McAllister peel back the key developments behind the recent pricing movements, providing an update on the situation within Russia, the European middle distillate space and the European crude complex.
29 min
Aside from a handful of high-profile deals, merger and acquisition activity in the US oil and gas sector has been tepid in recent months even as war in the Middle East pushed oil prices to multi-year highs. In this episode, S&P Global Energy's Christopher van Moessner , editor, oil futures, is joined by Americas news editor Ashok Dutta and senior reporter Eamonn Brennan to discuss the outlook for M&A activity in the sector and how it has been impacted by a White House that from the start has positioned itself as pro-oil. They dig into how the administration's deregulation efforts have so far failed to manifest in a wave of oil and gas dealmaking that has been seen in other industries, and how capex discipline and general price uncertainty have presented headwinds to M&A activity in the sector.
12 min
The effective closure of the Strait of Hormuz following escalating tensions in the Middle East sent European fuel oil imports from the Gulf plummeting 95% in the first half of 2026. Supply chains faced unprecedented disruption while risk premiums skyrocketed across the bunker market. In this episode, S&P Global Energy's Emma Kettley, associate director, price reporting, is joined by reporters Joseph Jaffe, Iman Rezig and Awa Bobb in examining how different fuel oil grades responded to the crisis, from high sulfur fuel oil cracks surging into positive territory to bunker-barge spreads widening over 200% from pre-war levels. They dissect how the June peace agreement between the US and Iran has reshaped fuel oil fundamentals, why VLSFO markets proved more resilient than HSFO during the crisis, and what the current contango structure signals for European fuel oil supply as summer demand patterns emerge.
23 min
Asia's energy security has always rested on a difficult bargain -- deep reliance on Middle Eastern crude in exchange for scale, proximity and established commercial relationships. The recent conflict tested that bargain in real time, forcing refiners, traders and governments to reroute supply, reassess risk and confront the true cost of dependence. As risk premiums fade and markets move from crisis response to post-war recalibration, the bigger question is no longer just where the next cargo comes from -- it is whether Asia can build a more resilient energy supply system. In this episode of Platts Oil Markets podcast by S&P Global Energy, Asia Energy Editor Sambit Mohanty discusses with Calvin Lee , head of Asia content at Platts , and Nick Sharma , head of global upstream insights at CERA, how the supply shock is reshaping Asia's crude sourcing and refining economics, as well as building a case for more investment in domestic oil and gas production.
22 min
As summer travel is getting into its stride, European supply chains for diesel and gasoline are geared to meet the seasonal uptick in road fuel demand. However, with production operating near capacity, demand may outpace available supply, possibly altering consumption patterns and prompting end-users to switch to alternative modes of transport. In this episode, Gary Clark, Friedrich Gutsche, Sophia Aung, and Elza Turner uncover how recent price developments in European road fuel markets amid easing supply tightness have been providing relief for end-consumers. Tune in to find out how the World Cup, government policy, and the Middle Eastern conflict are shaping local fuel prices.
26 min
With Strait of Hormuz constraints reshaping global supply routes, Latin America is stepping into the spotlight. In this episode, Jeff Mower , Kate Winston , Sheky Espejo and Charles Newbery unpack how producers across the region are positioned for upstream expansion. What are producers learning from Argentina's drive to boost Vaca Muerta oil output and exports? What does Colombia's upcoming election mean for oil growth? What will it take for investors to spend in Venezuela? Let's dive into what could drive the next wave of growth.
13 min
The global crude oil market continues to see disrupted exports from the Middle East. Yet, with soft Asian demand and the release of strategic reserves around the world, Europe now finds itself struggling to place excess crude oil barrels ahead of peak summer demand. To examine the latest development in European crude oil balances, S&P Global Energy's Gary Clark, associate director, is joined by frontline price reporters Ernest Puey and Patrick McAllister to unpack supply drivers that have led to the current supply glut.
10 min
The disruption to flows through the Strait of Hormuz is rapidly reshaping the Asian jet fuel market at a critical juncture, just as seasonal demand accelerates ahead of the peak summer travel period. As one of the world's most important energy chokepoints, the Strait has long facilitated the movement of significant volumes of Middle Eastern jet fuel. The loss of these flows is now forcing market participants to reassess supply security, trade routes, and pricing dynamics across the region. In this episode of the Platts Oil Markets Podcast, Jonathan Nonis, associate editorial director, is joined by members of the global editorial team — Lee Shu Ling and Aruni Sunil — to examine how the disruption is translating into the physical market. They explore the extent to which supply dislocations are tightening regional balances, the adjustments in trade flows and inventory strategies, and the emergence of demand destruction. They also look at how key benchmarks — including FOB Arab Gulf and FOB Singapore jet fuel, as well as the East-West arbitrage — are responding to tighter supply conditions.
12 min
European and Asian LPG fundamentals have sharply diverged following the disruption to flows through the Strait of Hormuz in late February and early March. The supply shock sent Asian propane prices sharply higher, tightened availability, and disrupted petrochemical demand. Meanwhile, the European market, especially the Amsterdam-Rotterdam-Antwerp hub, has remained comparatively well supplied and under pressure. To examine the latest trends in this segment, S&P Global Energy's Gary Clark , the associate director of the EMEA clean refined price reporting team, is joined by Senior Price Reporter Barbara Fernandez-Pita to help explain how record US exports, surging freight costs, a closed arbitrage window, and the end of the winter heating season have helped insulate European propane from the worst of the global squeeze.
14 min
US crude exports have hit record high in April as buyers looked far afield to replace barrels that have been blocked by the Middle East war and the effective closure of the Strait of Hormuz. The surge in demand has been a boon for US suppliers, and there has been a scramble to overcome infrastructure constraints in order to push exports even higher. With Persian Gulf supply unlikely to return at pre-war levels anytime soon, are markets seeing a temporary dislocation or a more durable shift in global crude flows? In this episode of Platts Oil Markets Podcast by S&P Global Energy, Oil Futures editor Chris van Moessner is joined by Americas oil news editors Binish Azhar and Ashok Dutta , and crude oil price reporter Lucas Casas to discuss what is driving these record exports, their near-term outlook, and how the US midstream and upstream business segments are reacting to this new paradigm.
21 min
India's crude imports are climbing, not just in volume, but in complexity. As the country widens its pool of suppliers, it is also exposing itself to a more fragmented pricing landscape. But here is the challenge -- in a world where geopolitical conflicts and supply shocks can send prices soaring overnight, how do you protect the energy sector and the economy from extreme volatility? In this bonus episode of Platts Oil Markets Podcast by S&P Global Energy, Asia Energy Editor Sambit Mohanty is joined by Gouri Shankar, vice president for product strategy at the National Stock Exchange, Pulkit Agarwal, head of India Content, and John Morley, global head of crude oil pricing, to discuss the need for sophisticated benchmarks in managing risk, and what the latest NSE crude oil contract based on a physical price benchmark -- Platts Dated Brent -- can offer to Indian market participants.
18 min
With more than two months having passed since the beginning of the war in the Middle East, a conflict that has tightened refined oil product flows through the Strait of Hormuz, market participants have been grappling with major upheaval in middle distillate trade routes as Europe seeks to replace lost Middle East supply. To examine the latest trends in this vital segment, S&P Global Energy's Emma Kettley, associate director, price reporting, is joined by reporters David Neef and Patrick McAllister to unpack how Europe has adapted to the disruptions to its key supply source in the Persian Gulf.
22 min
In this episode of the Oil Markets Podcast from S&P Global Energy , host Jeff Mower dives into first-quarter earnings from major oil and gas service companies, including SLB, Baker Hughes, and Halliburton. Joined by S&P Global editors Binish Azhar , Sheky Espejo , and J. Robinson , the panel explores the sector's strategic pivot toward energy infrastructure and generation amid geopolitical uncertainties. Why are US shale producers still focused on completions despite high oil prices? How are surging diesel prices and record-low natural gas prices at the Waha hub driving the industry shift from diesel-powered frack spreads to natural gas and electric fleets? How is next-generation fracking technology being deployed in Argentina's Vaca Muerta? Are Pemex payments stabilizing in Mexico? Is there reason for cautious optimism surrounding Venezuela's future production goals? Join us for a wide-ranging conversation on these topics and more.
21 min
The conflict in the Middle East has sent ripples across the global energy landscape, with the spotlight on the Strait of Hormuz -- the critical artery for Asia-Pacific's energy imports. Amid trade flow disruptions, the path to recovery, the resilience of physical oil markets, and the broader economic consequences are under intense scrutiny. While the return to normalcy, the evolving dynamics of oil storage, the transmission of supply shocks to Asian economies, and the policy responses shaping the region's future energy strategy are some of the key themes that are dominating the discussions, the market is also looking for answers on transparency in pricing, benchmark adjustments, and market adaptation during turbulent times. In this episode of Platts Oil Markets Podcast by S&P Global Energy, Asia Energy Editor Sambit Mohanty discusses some of the key themes with Atul Arya , chief energy strategist; Daniel Colover , global head of oil and chemicals market engagement; and Vishrut Rana , Asia-Pacific senior economist at S&P Global Ratings.
14 min
Dated Brent's record high assessment by Platts of $144.42/barrel stole the headlines on April 7, but physical market fundamentals in the Atlantic basin have similarly brought cash differentials for individual crude oil grades across the North Sea, West Africa and the Mediterranean upwards to levels that, in some cases, have never been seen before. In this episode, Associate Director Emma Kettley is joined by frontline reporters Ernest Puey and George Delaney to explore the impact the war in the Middle East is having on the physical crude oil markets in the European and African region.
29 min
As traffic inches back through the Strait of Hormuz, oil and product flows remain constrained, sending buyers scrambling to replace Middle East barrels and lock in reliable diesel supply. With nearly 6 million b/d of Middle East refining capacity at stake, and roughly 4 million b/d of refined products flows, diesel prices have soared, opening export opportunities. Where are buyers turning for diesel, and what policy tools are governments using to soften price shocks? Jeff Mower , Americas Oil News Director, unpacks these issues with Brazil Refined Products Manager Renato Rostas , Americas Middle Distillates Managing Editor Aaron Tucker , and Mexico Energy Editor Sheky Espejo .
19 min
As the conflict in the Middle East has raised the specter of global fuel shortages, Nigeria's new Dangote refinery has attracted growing attention as an alternative supplier. After starting up in 2024, the refinery reached its initial 650,000 b/d capacity for the first time earlier in 2026 and has seen a growing demand for its products from markets further afield. In this podcast, Gary Clark, associate director, EMEA clean refined products at S&P Global Energy, is joined by Matthew Tracey-Cook, senior price reporter on West African refined products, and Kelly Norways, a journalist on the oil news team, to discuss the capacity of Africa's first megarefinery, regional supply risks, and where its product could end up.
20 min
From CERAWEEK 2026 in Houston, host Jeff Mower , Director of Americas Oil News, is joined by Senior Upstream Editor Ashok Dutta , oil news editor Binish Azhar , and oil policy reporter Eamonn Brennan to break down the conference's energy security focus. With the Strait of Hormuz largely closed and the Trump administration negotiating with Tehran while signaling it wants to cap oil price spikes, policymakers and executives clash over how fast supply can respond. The crew explores non-Middle East supply opportunities, including rising US Gulf Coast crude fixtures, constrained by pipeline and completion capacity, and a new wave of Canadian barrels pushing toward Asia via the Pacific. A high-stakes reform pitch for Venezuela meets some skepticism.