Oil Markets

Hosted by S&P Global Commodity Insights

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530

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Aug 2026

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S&P Global Energy analysis of key oil price movements across the globe.

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August 13, 202631 min

Oil earnings divide: Producers grow, refiners thrive

North American oil companies delivered a striking second-quarter earnings season. Upstream producers raised output guidance while maintaining capital discipline, arguing that efficiency gains, not higher spending, are driving growth. Meanwhile, refiners benefited from some of the strongest margins since 2022, fueled by robust diesel and jet fuel demand, lower Chinese exports, refinery outages in Russia, and Middle East-related disruptions. Jeff Mower is joined by Janet McGurty and Ashok Dutta to unpack the key earnings themes shaping oil markets.

August 6, 202611 min

When the river runs dry: how low Rhine water levels are reshaping Europe's oil market

The Rhine River is one of Europe's most important trade arteries, carrying diesel, gasoil, and other refined products from the Amsterdam-Rotterdam-Antwerp hub to consumers across Germany, Switzerland, and beyond. As water levels fall toward historic lows, barges are carrying reduced loads, freight costs are surging, and supply chains are coming under increasing pressure. With Rhine water levels approaching record lows, Europe's energy industry faces mounting logistical challenges that threaten to disrupt the inland movement of fuel. In this episode, Emma Kettley, price reporting associate director, EMEA crude and fuel oil, joins Middle Distillate Price Reporters David Neef and Sophia Aung to explore how declining water levels are driving up freight costs, tightening supply chains, and adding fresh pressure to an already constrained diesel market.

July 30, 202621 min

Diesel supply constraints impact flows to Brazil

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.

July 23, 202614 min

Asian refined products markets in focus as Strait of Hormuz uncertainty returns

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.

July 16, 202618 min

How have plummeting Russian diesel exports affected cracks across the European middle distillates space?

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.

July 9, 202629 min

US oil and gas M&A activity slows despite high prices and favorable regulatory regime

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.

July 2, 202612 min

How have European fuel oil markets responded to the Middle Eastern conflict?

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.

June 25, 202623 min

Chokepoint geopolitics: Implications for Asia's downstream and upstream sectors

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.

June 18, 202622 min

How is Europe dealing with its seasonal uptick in road fuel appetite?

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.

June 11, 202626 min

Hormuz Headwinds an Opportunity for Latin American Oil Producers

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.

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About the show

Listen to episodes

Oil earnings divide: Producers grow, refiners thrive

When the river runs dry: how low Rhine water levels are reshaping Europe's oil market

Diesel supply constraints impact flows to Brazil

Asian refined products markets in focus as Strait of Hormuz uncertainty returns

How have plummeting Russian diesel exports affected cracks across the European middle distillates space?

US oil and gas M&A activity slows despite high prices and favorable regulatory regime

How have European fuel oil markets responded to the Middle Eastern conflict?

Chokepoint geopolitics: Implications for Asia's downstream and upstream sectors

How is Europe dealing with its seasonal uptick in road fuel appetite?

Hormuz Headwinds an Opportunity for Latin American Oil Producers

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