Thursday Mar 27, 2025
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.