Podcast: Sanctions, spreads & suspense: oil markets brace for OPEC’s weekend mood

In this week’s Trade with Conviction, Rachel, Phil, and James cut through another whirlwind week in oil markets. From Lukoil’s asset fire sale and CPC exemptions to OPEC’s pre-meeting suspense, the team unpacks how sanctions, refining margins, and global diesel strength are shaping sentiment heading into year-end.

Phil dissects crude’s split personality — WTI’s premium into Europe versus value in Asia — and explains why “MEH needs to soften” is the week’s most important crude takeaway. James returns from Sicily with a bullish distillate outlook, breaking down how new Russian sanctions, tight refining runs, and shrinking jet yields are fuelling diesel’s rally.

Plus, in the quickfire round: gasoline stays resilient despite refinery outages, naphtha gets the skip, and a fire at Al Zour shakes up fuel oil flows.

P.S. “bought the rumour and now sold the fact” – Matt, VP Marketing.