Sparta Market Outlook

• Episode 36: Tariff fatigue, falling WTI prices & surging naphtha demand

  This week on Sparta Market Outlook, we unpack the post-“Liberation Day” chaos: WTI is on sale, US shale producers are feeling the squeeze, and product cracks are painting a bullish picture—despite bearish forecasts. From Warsaw, Indiana (not Poland) to East Asia, we trace shifting trade flows, a naphtha comeback, and why margins might be lying to you. Is this the calm after the tariff storm—or just the eye of it? Demand destruction vs. resilient margins WTI’s pain zone explained China’s crude buying blitz LPG & naphtha in the spotlight Gasoline’s slow seasonal grind Plus: Why diesel might be the real economic truth-teller For more information about Sparta, visit us at www.spartacommodities.com

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• Episode 35: The waiting game: Flat price plummets, physical oil mostly holds firm

  In this episode of Sparta Market Outlook, host Felipe Elink Schuurman and analysts Neil Crosby, June Goh, and Jorge Molinero analyse the oil market’s reaction to tariff announcements, including a $15 flat price drop and significant LPG disruptions. They explore how physical markets—crude, diesel, and gasoline—have held steady despite the noise, while naphtha and LPG face bearish pressures tied to China specifically and the petrochemical market. The team debates short-term trading opportunities, like locking in refining margins, and mid-term scenarios, from OPEC strategy to demand shocks, offering traders a clearer path through the chaos. 🔷 Tariff shockwave: While flat prices plummet $15 and financial markets are in chaos, the physical oil market has come through relatively unscathed for now. 🔷 LPG’s big hit: How are tariffs reshaping China’s LPG imports and, and what’s the ripple effect on the petchem industry? 🔷 Physical market resilience: Discover why product markets are largely holding firm despite the volatility. 🔷 Naphtha’s weak spot: Will naphtha’s bearish slide last in the short-term? 🔷 Oil balancing factors: Which oil producers are most reactive to price as the tariff story unfolds? 🔷 Refining margins: Do low pump prices and steady demand create short-term opportunities? 📚 Chapters (02:30) Tariff Shock: The $15 Drop The team dives into the market’s reaction to unexpected tariffs, unpacking the $15 flat price plunge and the initial global response. (10:00) Physical Markets Hold Steady Neil breaks down why crude, diesel, and gasoline spreads and cracks remain resilient despite the chaos, offering clues for traders. (13:45) Naphtha Weakness vs. Gasoline Strength The discussion shifts to naphtha’s bearish slide and gasoline’s surprising margin opportunities—where’s the edge? (19:16) LPG Crisis: China’s Trade Turmoil Jorge and Neil spotlight the tariffs’ massive hit to China’s LPG imports, hinting at a 30% price collapse and shifting cargo destinations. (32:09) Distillates: A Bullish Surprise? Neil explores why diesel cracks and spreads are holding firm, with Asia’s tightness and Europe’s closed arbs hinting at unexpected strength. (35:30) Crude Premiums and Refining Realities June analyses falling crude premiums, OPEC’s supply moves, and how refining margins signal physical demand strength. (41:06) Clarity Amid Chaos Felipe and the analysts wrap up with short-term trading ideas and a wait-and-see stance for what’s next in this tariff saga.  

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• Episode 34: Oil on edge: Liberation or correction?

  The latest Sparta Market Outlook Podcast dives into oil market chaos sparked by "Liberation Day" tariff uncertainty. Host Felipe and analysts Neil, Phil, and Hoa unpack U.S. tariff threats, sanctions on Venezuela and Russia, and their ripple effects across oil markets. Bullish signals - think Russia’s CPC shutdown and tight crude - clash with a wait-and-see mood as traders eye tonight’s big tariff reveal. It’s tactical trades meets fundamentals in a market on the edge. Key takeaways: > Liberation day uncertainty: What will tonight’s tariff announcement mean for oil trade - reciprocal tariffs, a flat global rate, or a negotiable system? > Crude market confusion: Are sky-high DFLs justified, or is this a bubble waiting to burst? > Physical supply shocks: How will Russia’s CPC inspections and potential Venezuelan export drops shake up crude availability? > Gasoline’s wait-and-see mode: Open arbitrage opportunities abound, but will this push May/June EBOB spreads higher? > Distillate’s bearish turn: Is gas oil’s mini-sell-off a sign of deeper demand worries tied to global growth? > China’s fuel oil quotas: How do new export quotas and blending strategies impact the high sulphur complex? 📚 Chapters (02:45) Macro Rundown: Neil on Tariffs & Turmoil Neil unpacks tariff possibilities and the confusion gripping oil markets. (18:12) Crude Close-Up: Supply Jolts & Spread Surges Diving into Russia’s CPC closures and the Brent/Dubai spread frenzy. (31:10) Gasoline Gist: Phil’s Bullish Hints & Hesitation Phil spotlights arbitrage openings and why traders are holding back. (45:15) Fuel Oil Focus: Hua on China’s Quotas & High Sulfur Hua breaks down China’s export moves and the high sulfur complex shift.      

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• Episode 33: Tariffs, sanctions & energy security: The changing oil landscape

  In the latest Sparta podcast episode, CEO Felipe Elink Schuurman and the team discuss energy security in today's multipolar world. They reflect on insights from the FT Global Commodity Summit, emphasizing shifts from sustainability to affordability and energy security. Topics include "peak trade" versus peak oil, Trump-era tariffs impacting Venezuelan oil, and their implications on crude oil, distillates, gasoline, naphtha, and physical crude markets. Key takeaways:  🔷 Trump’s tariffs twist: Venezuelan oil faces a new hybrid sanction—what’s the fallout for China and global crude flows?  🔷 Distillate cracks heating up: Low stocks and refinery hiccups hint at upside—where’s the risk?  🔷 Gasoline’s mixed signals: ARBs shift east to west, but is the summer story still in play?  🔷 Sour crude buzz: From Venezuela to Exxon upgrades, something’s brewing—can you spot the trade?  🔷 WTI’s European flood: Asia’s loss could be Europe’s burden—what’s next for Brent spreads? 📚 Chapters (01:42) FT Summit Recap: Energy Security Shifts Felipe dives into takeaways from the FT Global Commodity Summit, spotlighting the pivot to energy security, affordability, and the intriguing "peak trade" concept. (16:46) Trump, Tariffs, and Sanctions The team unpacks Trump’s hybrid tariffs on Venezuelan oil, their potential hit to China, and how sanctions are shaking up global crude flows. (22:02) Geopolitical Updates: Russia, Ukraine, and Beyond Quick hits on Black Sea ceasefire talks, energy infrastructure risks, and what’s simmering beneath the surface geopolitically. (27:38) Distillate Deep Dive James breaks down the bullish vibes in distillate cracks, from low stocks to refinery turnarounds, and why the market’s still got legs. (35:54) Light Ends Trends Jorge takes us east to west, teasing ARBs, blending margins, and a split story in naphtha that’s keeping traders on their toes. (44:06) Physical Crude Outlook The crew digs into WTI’s European flood, sour crude’s rising star, and why Brent spreads might be in for a squeeze.    

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• Episode 32: Beyond Refinitiv and Bloomberg: The Next Evolution in Trading Intelligence

   $42M Raised. AI-Powered Trading. The Refinitiv for Today’s Market.  Last month we announced our $42m Series B raise. That announcement promised a lot, but behind the bluster and marketing speak, what do these promises mean for you, and what do they mean for the wider industry? In this must-listen episode of the Sparta Market Outlook Podcast recorded during IE Week, Rachel Williams and Felipe pull back the curtain on why Sparta is the next evolution of commodity trading.  What’s discussed?  How Sparta’s AI & automation are eliminating inefficiencies in oil trading  How our enterprise licence model is replacing outdated per-user models  Why customisation is king – How Sparta will enable you to build your own models, automate workflows, and gain an edge  Our expansion beyond oil – The whys and how of our move into LNG, gas & power markets  Why legacy systems are holding traders back. The future is faster, smarter, and fully integrated. To find out more about Sparta, visit us at www.spartacommodities.com

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