Oil Markets

Diesel markets are entering their most stressful stretch of the year as record prices, thin inventories and disrupted supply flows collide across the Americas. In this episode of the Oil Markets Podcast, Jeff Mower speaks with Janet McGurty, Kauanna Navarro and Carlos Castillo about how constraints in Russia and the Middle East have pushed US Gulf Coast refiners into the role of global swing supplier, why Brazil is relying more heavily on US and Indian cargoes, and how limited refinery spare capacity leaves markets with little room for error.

Middle East export disruptions, soaring gasoline demand and shifting trade flows have reshaped global naphtha markets over the past six months. Join Gary Clark, associate director, price reporting, and Barbara Fernandez-Pita, senior price reporter, as they break down what prompted the multiyear highs in gasoline blending demand for naphtha, the widening East-West arbitrage, propane's growing advantage over naphtha at the steam crackers and the Rhine logistics issues disrupting Europe's petrochemical sector.

Energy markets are once again being tested by geopolitics. With fragile shipping routes and shifting trade patterns, energy security has returned to the top of the agenda. As the industry prepares for APPEC 2026, hosted by S&P Global Energy, the focus is no longer just on market access but on securing reliable, long-term energy supplies. Asia remains the center of gravity for global energy demand, yet the region's priorities are evolving. The industry's biggest questions are: Where will reliable energy come from? How will trade flows shift? And how can the region balance growth with decarbonization?
In this episode of the Platts Oil Markets Podcast, Asia energy editor Sambit Mohanty is joined by Vera Blei, head of Platts; Debangsu Ray, cluster president and head of Reliance's Jamnagar refinery; and Calvin Lee, head of Asia content. They discuss the key themes that will be in focus at the conference, scheduled to take place in Singapore from Sept. 7–10.

As summer driving reaches its seasonal peak, European gasoline production faces challenging chokepoints amid broader macro trends reshaping supply and demand fundamentals. In this episode, S&P Global Energy's Emma Kettley is joined by Friedrich Gutsche and Rebeka Foley to discuss how restrictive domestic flows have weighed on gasoline blending economics, adding pressure on the regional supply balance, amid historically low Rhine water levels. Tune in to find out how these trends will play out ahead of the market's transition from summer to winter, and uncover how global dynamics are shaping regional consumer demand.

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.