In this week’s episode of the Flux News Show, Harry Campion-Evans steps in for Group CEO Greg Newman and joins Harinder Sandhu and Vincent Wu to dissect the shifting tides in global oil markets.

The team kicks off with a bullish shift in market fundamentals, driven by strong open interest in Brent options, rising refinery margins, and the impact of U.S. sanctions rhetoric. They then dig into the distillate rally, where July–August gas oil spreads hit their highest levels since the Russian invasion. With inventory draws in the U.S. and Europe, and hedge funds piling into long positions, gas oil is shaping up to be the star of Q3.

On the flip side, the fuel oil market saw a dramatic sell-off, as supply flooded into Singapore, overwhelming demand and triggering a steep decline in cracks and spreads — a major blow for traders who had been long throughout the summer.

The team also unpacks China’s aggressive crude buying, highlighting record Saudi allocations and ramping refinery run rates, which could support prices through the second half of the year.

Finally, they take on Trump’s renewed tariff threats, analysing whether they hold weight or are being shrugged off by increasingly sceptical markets.

In the Crystal Ball segment, the Harry, Harinder and Vincent give their outlook on Brent futures, product cracks, and seasonal demand patterns, with some heated debate along the way.

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Distillate Frenzy, Fuel Oil Crash, and China’s Crude Grab | Flux News Show

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