Diesel, not crude, is where the shock bites first.
Jeff Maurer draws a clean line from the Strait of Hormuz closure shock to diesel flows and prices, showing why crude is only part of the story.

Oil prices explained through physical market flow.
Oil Markets follows the physical oil system from headline price moves back to barrels, cargoes, refineries, and routes. Its episodes suit listeners who want market volatility explained through supply, demand, freight, and regional flow data rather than broad energy commentary.
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Oil Markets is a technical market-analysis podcast from S&P Global Energy focused on the real-world mechanics behind crude and refined product prices. It does not treat oil as a single headline number. Instead, episodes follow barrels through chokepoints, ports, refineries, pipelines, tankers, import programs, and regional shortages. The format is usually a brisk roundtable. A lead interviewer frames a concrete question, then reporters and market specialists work through the physical fundamentals behind it. Recent episodes center heavily on war-related disruption around Iran and the Strait of Hormuz, with close attention to diesel, jet fuel, LPG, Brent differentials, and refinery feedstock constraints. The show is especially useful when futures prices move fast and the physical market explains why. One episode follows Dated Brent at record levels and asks how North Sea tightness is spilling into West African crude differentials. Another looks at diesel flows after Hormuz disruptions, including import dependency, fuel-tax moves, retailer agreements, and exposure to truck transport costs. Several episodes track Europe’s vulnerability in jet fuel, where dependence on Middle East supply turns missing cargoes into record price pressure. The show also watches Dangote refinery as a potential swing factor for West African gasoline and distillate balances. Asia appears through LPG demand, term supply exposure, and the scramble to replace Persian Gulf cargoes. The U.S. West Coast comes through as a constrained refined-products market shaped by logistics, policy, and limited transport options. Earnings-season episodes widen the lens to refinery efficiency, Venezuelan heavy crude opportunities, Guyana and Permian priorities, and power demand from data centers. The tone stays sober even when markets are volatile. It is conversational, but the conversation is built for practitioners. Acronyms, premiums, cargo counts, crack spreads, import shares, and refinery configurations are part of the working language. The show’s value is its insistence on mechanism: who is short, who can supply, what route is available, and what price signal follows. It suits listeners who want commodity-market consequences, not general geopolitical theater.
Made for: For energy-market professionals, commodity watchers, policy analysts, and finance listeners who can handle technical market language. It also suits informed outsiders trying to connect geopolitical shocks to fuel prices and supply chains.
What sets it apart: The show’s edge is its physical-market lens: price moves are translated into cargo flows, refinery constraints, regional import needs, and bottlenecks. It favors operational detail over broad macro commentary.
S&P Global Commodity Insights analysis of key oil price movements across the globe.
Based on 6 episodes we listened to · September 2026
Oil Markets traces energy shocks from disrupted supply routes to the refinery, pricing and policy decisions that determine who feels them.
Oil Markets follows energy shocks through the machinery that turns them into prices. Jeff Maurer, Director of America's Oil News, typically guides discussions with S&P Global Energy editors and price reporters, moving from crude supply to diesel, jet fuel, refining capacity and…
Diesel spikes; you get the route from Hormuz to the pump, with the bottlenecks still showing.
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Short reviews from the PlayNext desk, based on the episodes we processed.
Diesel, not crude, is where the shock bites first.
Jeff Maurer draws a clean line from the Strait of Hormuz closure shock to diesel flows and prices, showing why crude is only part of the story.
A grounded look at how Gulf disruption could change refined-product supply for Europe and West Africa.
The episode gets to the real problem quickly: if disruption in the Strait of Hormuz drags on, where does Europe and West Africa go for the refined products they still need?
A clear, grounded look at how Hormuz disruption can turn refinery logistics into a West Coast fuel squeeze.
Oil Markets turns an oil-price shock into a practical logistics problem, following refined products from the closed Strait of Hormuz toward a looming West Coast shortage.
A focused earnings-season look at Venezuelan crude, refinery efficiency, and upstream power bets.
Fourth-quarter earnings season gives this single episode a clear frame: how oil companies are positioning their 2026 outlook around efficiency, Venezuelan crude, and new power demand.
Diesel, more than crude, is where the Hormuz shock becomes clearest.
The Oil Markets episode tracks the diesel shortage story out from the Strait of Hormuz, keeping the focus on how constrained crude and refined-product flows push refiners, diesel buyers, and jet fuel buyers into a tighter scramble for supply.
A grounded look at how a largely closed Hormuz turns oil supply into a shipping and production problem.
The Strait of Hormuz remaining largely closed gives this Oil Markets episode a sharp organizing question: who can replace Persian Gulf barrels, and how fast?


Odd questions, followed patiently down to the incentives.




This episode analyzes key takeaways from CERAWeek 2026 in Houston, focused on energy security amid the prolonged closure of the Strait of Hormuz.
The Oil Markets Podcast analyzes the global diesel supply crisis triggered by the Strait of Hormuz closure.
This episode previews the 2025 Asia-Pacific Petroleum Conference (APEC), focusing on how Asia is navigating energy market challenges like tariffs, technological innovation, and decarbonization strategies.
Oil Markets reports that Russia produced 8.8 million barrels a day of crude in August, below January levels and its OPEC+ quota.
At APEC 2026, oil-market participants said reliable delivery and shipping access now matter alongside crude price for Asian buyers.
The Platts Oil Markets podcast examines how Russian refinery damage, a diesel-export ban through the end of July, and Strait of Hormuz disruptions are affecting European middle-distillate markets.
Diesel is out front.
The panel starts with the central question.
This episode analyzes the oil market implications of the Strait of Hormuz closure during CERAWeek 2026, focusing on energy security, policy responses, and global supply alternatives.
This episode analyzes how escalating US-Iran tensions and disruptions in the Strait of Hormuz are causing a severe LPG supply shortage in Asia, impacting global energy markets.
This episode discusses how supply disruptions in the Persian Gulf due to the Iran conflict are causing record-high jet fuel prices in Europe, which heavily relies on imports from the Middle East.
Host Jeff Maurer of S&P Global's Oil Markets Podcast discusses a rally in refined-product prices with Senior Refining Editor Janet McGurdy and Price Reporters Ben Payton and Laura Hushermeyer, recorded March 10th after U.S.
Host Jeff Maurer of S&P Global's Oil Markets Podcast reviews fourth-quarter earnings season with Senior Refining Editor Janet McGurdy and Senior Upstream Editor Ashok Dutta.
This episode previews the Energy Asia conference, focusing on Asia's energy transition challenges amid geopolitical tensions and policy changes.
This episode discusses the historic USTR Section 301 measures targeting China's maritime and logistics sectors, exploring their unprecedented impact on global shipping and oil industries.
This episode analyzes how recent U.S.-China tariffs and OPEC+ output increases will impact Asia's oil markets, featuring expert insights on demand projections and regional implications.