Episode 66: Inside the refining crunch: Saudi supply shifts & sanctions fallout

Trade with Conviction · Nov 12, 2025 · 25m

This episode breaks down a week of tightening global oil product markets - from Saudi Arabia’s surprising crude allocations and renewed sanctions turbulence to refinery capacity constraints dominating trader chatter. The team dissects what’s behind surging distillate spreads, gasoline’s structural strength, and the interplay between arbitrage flows, refining runs, and global inventories heading into winter. With volatility rising across barrels, the discussion zeroes in on what could cool - or further inflame - product cracks as maintenance winds down.

Key Takeaways:

Why Saudi’s…