Episode 29: Recession panic reigns; but physical oil is tight

Join host Rachel Williams and the Sparta analyst team as they dissect this week's global oil and energy markets. They cover tariff uncertainties, macro bearishness (the "Trump slump"), and the flat price sell-off. Highlights include a mildly bullish outlook on distillates, a cautious watch on gasoline flows, and naphtha’s short-term tightness. 

 

📌 Chapters:

 

(01:45) Tariff Turmoil and the Trump Slump

Overview of tariff uncertainty, Trump’s shifting tone, and immediate market reactions with Neil.

(08:00) Crude Market: Oversold or Overreacting?

Neil dives into crude flat price drops, time spreads, and physical market resilience.

(14:00) Distillates: Diesel and Jet Cracks in Focus

James explores diesel’s historical trends, jet stock builds, and a potential bullish shift.

(26:42) Gasoline: Normalcy or Recession Signals?

Phil assesses gasoline spreads, refinery margins, and U.S. consumer demand outlook.

(31:32) Naphtha: Bullish Momentum and Macro Risks

Jorge covers naphtha’s recovery, arbitrage to Asia, and petrochemical pressures.