Podcast: Russian threats squeeze oil markets and push product prices higher

Neil, Phil, and James unpack a week where headline noise around a possible Ukraine peace deal clashes with still tight product markets and a supposedly long crude balance. They explore why prompt Brent spreads are so firm despite talk of a glut, dig into how gasoline and other light ends moved from extreme tightness toward something more normal, and then switch to diesel and jet to look at Q1 ARBs, low stocks, and how headline risk is shaping trade calls. The team closes with a look at softer physical crude premiums, US crude exports and builds, and a quickfire tour of naphtha and fuel oil and what they might mean for refining margins into early next year.

Key Takeaways:

> Ukraine headlines, products in limbo, and the first signs of the crude glut?
> Gasoline: why tightness is fading but the market is still far from normal
> Diesel and jet ARBs: the key routes that have slammed shut
> The missing crude glut: why barrels arent showing up where they should
> Brent spreads at 70 cents backward: overhyped or spot on?