Fuel Origin

Events / Import ban

EU import ban on Russian refined petroleum products (in force 5 February 2023)

Dates
2023-02-05 → no end date recorded
Dated to
the day
Status
Ongoing
Scope
European Union

What the sources said

Second phase of the sixth sanctions package of 3 June 2022 (Council Regulation (EU) 2022/879 amending Regulation (EU) No 833/2014): an eight-month wind-down for refined petroleum products against six months for seaborne crude. Eurostat, 19 June 2023: "The ban on imports of seaborne crude oil entered into force on 5 December 2022, while the ban on petroleum products took effect on 5 February 2023." Recorded as a separate marker because each event on this timeline has a single start date and the two phases have different in-force dates. This row is a timeline marker only; it makes no statement about prices.

IEA, EIA, European Commission, European Council and national legislators (cited per row)Official
Retrieved 2026-09-25 14:07 UTCRevision 2
Source documents (2)
CountryCountryGermanyFranceNetherlandsPolandFinlandEstoniaAustriaBelgiumBulgariaCroatiaCyprusCzechiaDenmarkGreeceHungaryIrelandItalyLatviaLithuaniaLuxembourgMaltaPortugalRomaniaSlovakiaSloveniaSpainSweden
FuelFuelDiesel (automotive gas oil)Petrol (Euro-super 95)Both fuels

Choosing a fuel keeps that fuel's series and the channels shared by every fuel - the crude benchmark, FX, crude imports and Hormuz exposure. It drops only the other fuel's series.

The event window

What each series was worth from -30 to 90 days around the event date, how far that is from the same series' level at the event date, and how big that move is against the series' own normal variation.

Portugal, all fuels in this run. 22 series can be drawn; 7 cannot be seen at all and are shown as labelled empty panels below.

277 published readings, 9 offsets with nothing published within one period, and 91 offsets on series we cannot see at all. Every one of them is on this page.

Europe Brent spot FOB

Unit: $ per barrelPublished: dailyCalculatedOfficial
T0−30T0+30+60+9088.2974.522023-01-06: 76.41 $ per barrel, used for offsets −302023-01-20: 86.96 $ per barrel, used for offsets −142023-01-27: 85.36 $ per barrel, used for offsets −72023-02-02: 80.57 $ per barrel, used for offsets −3same print as T0 — 2023-02-03, 78.85 $ per barrel, used for offsets −1, T02023-02-06: 80.48 $ per barrel, used for offsets +12023-02-08: 84.17 $ per barrel, used for offsets +32023-02-10: 85.46 $ per barrel, used for offsets +72023-02-17: 81.97 $ per barrel, used for offsets +142023-03-06: 85.86 $ per barrel, used for offsets +302023-04-06: 86.56 $ per barrel, used for offsets +602023-05-05: 75.85 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for Europe Brent spot FOB: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0676.41-2.440-3.09%-0.68
−142023-01-2086.96+8.110+10.29%+2.27
−72023-01-2785.36+6.510+8.26%+1.82
−32023-02-0280.57+1.720+2.18%+0.48
−12023-02-03same print as T078.850.0000.00%0.00
T02023-02-03same print as T078.850.0000.00%0.00
+12023-02-0680.48+1.630+2.07%+0.46
+32023-02-0884.17+5.320+6.75%+1.49
+72023-02-1085.46+6.610+8.38%+1.85
+142023-02-1781.97+3.120+3.96%+0.87
+302023-03-0685.86+7.010+8.89%+1.96
+602023-04-0686.56+7.710+9.78%+2.16
+902023-05-0575.85-3.000-3.80%-0.84

One volatility unit for this series is 4.53%, the standard deviation of its own day-on-day percentage changes over the three years before the event (757 changes). It is not a significance test.

reported crude oil imports, all origins

Unit: tonnesPublished: monthlyCalculatedOfficial
T0−30T0+30+60+90958,410736,8562023-01-01: 812,659 tonnes, used for offsets −30, −14, −7same print as T0 — 2023-02-01, 758,297 tonnes, used for offsets −3, −1, T0, +1, +3, +7, +142023-03-01: 936,969 tonnes, used for offsets +302023-04-01: 857,760 tonnes, used for offsets +602023-05-01: 834,683 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for reported crude oil imports, all origins: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-01812,659+54,362+7.17%+0.15
−142023-01-01812,659+54,362+7.17%+0.15
−72023-01-01812,659+54,362+7.17%+0.15
−32023-02-01same print as T0758,2970.0000.00%0.00
−12023-02-01same print as T0758,2970.0000.00%0.00
T02023-02-01same print as T0758,2970.0000.00%0.00
+12023-02-01same print as T0758,2970.0000.00%0.00
+32023-02-01same print as T0758,2970.0000.00%0.00
+72023-02-01same print as T0758,2970.0000.00%0.00
+142023-02-01same print as T0758,2970.0000.00%0.00
+302023-03-01936,969+178,672+23.56%+0.50
+602023-04-01857,760+99,463+13.12%+0.28
+902023-05-01834,683+76,386+10.07%+0.21

One volatility unit for this series is 47.24%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+901.0600.9382023-01-02: 0.9500 € per litre, used for offsets −302023-01-16: 0.9505 € per litre, used for offsets −142023-01-23: 0.9732 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.9863 € per litre, used for offsets −3, −1, T02023-02-06: 0.9759 € per litre, used for offsets +1, +3, +72023-02-13: 0.9889 € per litre, used for offsets +142023-03-06: 1.008 € per litre, used for offsets +302023-04-03: 0.9986 € per litre, used for offsets +602023-05-01: 1.048 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.9500-0.036-3.68%-0.17
−142023-01-160.9505-0.036-3.63%-0.17
−72023-01-230.9732-0.013-1.32%-0.06
−32023-01-30same print as T00.98630.0000.00%0.00
−12023-01-30same print as T00.98630.0000.00%0.00
T02023-01-30same print as T00.98630.0000.00%0.00
+12023-02-060.9759-0.010-1.06%-0.05
+32023-02-060.9759-0.010-1.06%-0.05
+72023-02-060.9759-0.010-1.06%-0.05
+142023-02-130.9889+0.003+0.27%+0.01
+302023-03-061.008+0.022+2.22%+0.10
+602023-04-030.9986+0.012+1.25%+0.06
+902023-05-011.048+0.062+6.28%+0.29

One volatility unit for this series is 21.79%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+900.8940.8582023-01-02: 0.8720 € per litre, used for offsets −302023-01-16: 0.8648 € per litre, used for offsets −142023-01-23: 0.8801 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.8878 € per litre, used for offsets −3, −1, T02023-02-06: 0.8768 € per litre, used for offsets +1, +3, +72023-02-13: 0.8815 € per litre, used for offsets +142023-03-06: 0.8901 € per litre, used for offsets +302023-04-03: 0.8612 € per litre, used for offsets +602023-05-01: 0.8828 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude-only expected pre-tax price: the T0 bulletin-week price plus what the stored pass-through curves say crude alone would have done since: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.8720-0.016-1.79%-0.76
−142023-01-160.8648-0.023-2.60%-1.10
−72023-01-230.8801-0.008-0.87%-0.37
−32023-01-30same print as T00.88780.0000.00%0.00
−12023-01-30same print as T00.88780.0000.00%0.00
T02023-01-30same print as T00.88780.0000.00%0.00
+12023-02-060.8768-0.011-1.24%-0.53
+32023-02-060.8768-0.011-1.24%-0.53
+72023-02-060.8768-0.011-1.24%-0.53
+142023-02-130.8815-0.006-0.72%-0.30
+302023-03-060.8901+0.002+0.25%+0.11
+602023-04-030.8612-0.027-3.00%-1.28
+902023-05-010.8828-0.005-0.57%-0.24

One volatility unit for this series is 2.35%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

ECB euro foreign exchange reference rate

Unit: US dollars per euroPublished: dailyCalculatedOfficial
T0−30T0+30+60+901.1081.0442023-01-06: 1.050 US dollars per euro, used for offsets −302023-01-20: 1.083 US dollars per euro, used for offsets −142023-01-27: 1.087 US dollars per euro, used for offsets −72023-02-02: 1.099 US dollars per euro, used for offsets −3same print as T0 — 2023-02-03, 1.094 US dollars per euro, used for offsets −1, T02023-02-06: 1.078 US dollars per euro, used for offsets +12023-02-08: 1.074 US dollars per euro, used for offsets +32023-02-10: 1.069 US dollars per euro, used for offsets +72023-02-17: 1.063 US dollars per euro, used for offsets +142023-03-07: 1.067 US dollars per euro, used for offsets +302023-04-06: 1.092 US dollars per euro, used for offsets +602023-05-05: 1.101 US dollars per euro, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for ECB euro foreign exchange reference rate: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-061.050-0.044-4.00%-7.81
−142023-01-201.083-0.011-1.01%-1.98
−72023-01-271.087-0.007-0.66%-1.29
−32023-02-021.099+0.005+0.47%+0.91
−12023-02-03same print as T01.0940.0000.00%0.00
T02023-02-03same print as T01.0940.0000.00%0.00
+12023-02-061.078-0.016-1.47%-2.88
+32023-02-081.074-0.020-1.85%-3.61
+72023-02-101.069-0.025-2.26%-4.41
+142023-02-171.063-0.031-2.85%-5.57
+302023-03-071.067-0.027-2.49%-4.86
+602023-04-061.092-0.002-0.20%-0.39
+902023-05-051.101+0.008+0.70%+1.38

One volatility unit for this series is 0.51%, the standard deviation of its own day-on-day percentage changes over the three years before the event (772 changes). It is not a significance test.

direct crude Hormuz exposure D1

Unit: % of imported tonnesPublished: monthlyCalculatedLow
T0−30T0+30+60+901.0000.0002023-01-01: 0 % of imported tonnes, used for offsets −30, −14, −7same print as T0 — 2023-02-01, 0 % of imported tonnes, used for offsets −3, −1, T0, +1, +3, +7, +142023-03-01: 0 % of imported tonnes, used for offsets +302023-04-01: 0 % of imported tonnes, used for offsets +602023-05-01: 0 % of imported tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for direct crude Hormuz exposure D1: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0100.000not publishednot published
−142023-01-0100.000not publishednot published
−72023-01-0100.000not publishednot published
−32023-02-01same print as T000.000not publishednot published
−12023-02-01same print as T000.000not publishednot published
T02023-02-01same print as T000.000not publishednot published
+12023-02-01same print as T000.000not publishednot published
+32023-02-01same print as T000.000not publishednot published
+72023-02-01same print as T000.000not publishednot published
+142023-02-01same print as T000.000not publishednot published
+302023-03-0100.000not publishednot published
+602023-04-0100.000not publishednot published
+902023-05-0100.000not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

direct refined-product Hormuz exposure D2

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30T0+30+60+901.7330.0002023-01-01: 0 % of imported tonnes, used for offsets −30, −14, −72023-03-01: 0 % of imported tonnes, used for offsets +302023-02-01: 0 to 1.547 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2023-04-01: 0 to 0.5773 % of imported tonnes. No point estimate is published, so no midpoint is drawn.2023-05-01: 0 to 0.8075 % of imported tonnes. No point estimate is published, so no midpoint is drawn.

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits. The shaded band is the admissible range. No midpoint is drawn, because no point estimate is published.

Window table for direct refined-product Hormuz exposure D2: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-010not publishednot publishednot published
−142023-01-010not publishednot publishednot published
−72023-01-010not publishednot publishednot published
−32023-02-010–1.547not publishednot publishednot published
−12023-02-010–1.547not publishednot publishednot published
T02023-02-010–1.547not publishednot publishednot published
+12023-02-010–1.547not publishednot publishednot published
+32023-02-010–1.547not publishednot publishednot published
+72023-02-010–1.547not publishednot publishednot published
+142023-02-010–1.547not publishednot publishednot published
+302023-03-010not publishednot publishednot published
+602023-04-010–0.5773not publishednot publishednot published
+902023-05-010–0.8075not publishednot publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

inventory exposure D7: published days of emergency stock cover, carried through

Unit: days of coverPublished: monthlyCalculatedOfficial
T0−30T0+30+60+9096.4891.522023-01-01: 96.00 days of cover, used for offsets −30, −14, −7same print as T0 — 2023-02-01, 96.00 days of cover, used for offsets −3, −1, T0, +1, +3, +7, +142023-03-01: 92.00 days of cover, used for offsets +302023-04-01: 96.00 days of cover, used for offsets +602023-05-01: 94.00 days of cover, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for inventory exposure D7: published days of emergency stock cover, carried through: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0196.000.0000.00%0.00
−142023-01-0196.000.0000.00%0.00
−72023-01-0196.000.0000.00%0.00
−32023-02-01same print as T096.000.0000.00%0.00
−12023-02-01same print as T096.000.0000.00%0.00
T02023-02-01same print as T096.000.0000.00%0.00
+12023-02-01same print as T096.000.0000.00%0.00
+32023-02-01same print as T096.000.0000.00%0.00
+72023-02-01same print as T096.000.0000.00%0.00
+142023-02-01same print as T096.000.0000.00%0.00
+302023-03-0192.00-4.000-4.17%-2.03
+602023-04-0196.000.0000.00%0.00
+902023-05-0194.00-2.000-2.08%-1.01

One volatility unit for this series is 2.06%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled)

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+900.5050.4172023-01-02: 0.4598 € per litre, used for offsets −302023-01-16: 0.4913 € per litre, used for offsets −142023-01-23: 0.4969 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.4720 € per litre, used for offsets −3, −1, T02023-02-06: 0.4881 € per litre, used for offsets +1, +3, +72023-02-13: 0.4951 € per litre, used for offsets +142023-03-06: 0.4922 € per litre, used for offsets +302023-04-03: 0.4959 € per litre, used for offsets +602023-05-01: 0.4258 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled): value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.4598-0.012-2.58%-0.32
−142023-01-160.4913+0.019+4.09%+0.51
−72023-01-230.4969+0.025+5.28%+0.65
−32023-01-30same print as T00.47200.0000.00%0.00
−12023-01-30same print as T00.47200.0000.00%0.00
T02023-01-30same print as T00.47200.0000.00%0.00
+12023-02-060.4881+0.016+3.41%+0.42
+32023-02-060.4881+0.016+3.41%+0.42
+72023-02-060.4881+0.016+3.41%+0.42
+142023-02-130.4951+0.023+4.89%+0.61
+302023-03-060.4922+0.020+4.28%+0.53
+602023-04-030.4959+0.024+5.07%+0.63
+902023-05-010.4258-0.046-9.79%-1.21

One volatility unit for this series is 8.07%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled)

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+900.5050.4172023-01-02: 0.4598 € per litre, used for offsets −302023-01-16: 0.4913 € per litre, used for offsets −142023-01-23: 0.4969 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.4720 € per litre, used for offsets −3, −1, T02023-02-06: 0.4881 € per litre, used for offsets +1, +3, +72023-02-13: 0.4951 € per litre, used for offsets +142023-03-06: 0.4922 € per litre, used for offsets +302023-04-03: 0.4959 € per litre, used for offsets +602023-05-01: 0.4258 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for crude cost per litre: Brent in EUR/L averaged over the bulletin week (refinery yield not modelled): value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.4598-0.012-2.58%-0.32
−142023-01-160.4913+0.019+4.09%+0.51
−72023-01-230.4969+0.025+5.28%+0.65
−32023-01-30same print as T00.47200.0000.00%0.00
−12023-01-30same print as T00.47200.0000.00%0.00
T02023-01-30same print as T00.47200.0000.00%0.00
+12023-02-060.4881+0.016+3.41%+0.42
+32023-02-060.4881+0.016+3.41%+0.42
+72023-02-060.4881+0.016+3.41%+0.42
+142023-02-130.4951+0.023+4.89%+0.61
+302023-03-060.4922+0.020+4.28%+0.53
+602023-04-030.4959+0.024+5.07%+0.63
+902023-05-010.4258-0.046-9.79%-1.21

One volatility unit for this series is 8.07%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside

Unit: tonnesPublished: monthlyCalculatedOfficial
T0−30T0+30+60+902,983,7142,734,9082023-01-01: 2,883,318 tonnes, used for offsets −30, −14, −7same print as T0 — 2023-02-01, 2,848,935 tonnes, used for offsets −3, −1, T0, +1, +3, +7, +142023-03-01: 2,807,491 tonnes, used for offsets +302023-04-01: 2,959,636 tonnes, used for offsets +602023-05-01: 2,758,986 tonnes, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for national total oil stocks (Eurostat, commercial holders), with the published days of cover alongside: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-012,883,318+34,383+1.21%+0.20
−142023-01-012,883,318+34,383+1.21%+0.20
−72023-01-012,883,318+34,383+1.21%+0.20
−32023-02-01same print as T02,848,9350.0000.00%0.00
−12023-02-01same print as T02,848,9350.0000.00%0.00
T02023-02-01same print as T02,848,9350.0000.00%0.00
+12023-02-01same print as T02,848,9350.0000.00%0.00
+32023-02-01same print as T02,848,9350.0000.00%0.00
+72023-02-01same print as T02,848,9350.0000.00%0.00
+142023-02-01same print as T02,848,9350.0000.00%0.00
+302023-03-012,807,491-41,444-1.45%-0.25
+602023-04-012,959,636+110,701+3.89%+0.66
+902023-05-012,758,986-89,949-3.16%-0.53

One volatility unit for this series is 5.91%, the standard deviation of its own month-on-month percentage changes over the three years before the event (35 changes). It is not a significance test.

not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+900.058-0.3042023-01-02: 0.0233 € per litre, used for offsets −302023-01-16: 0.0041 € per litre, used for offsets −142023-01-23: 0.0000 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0 € per litre, used for offsets −3, −1, T02023-02-06: -0.0465 € per litre, used for offsets +1, +3, +72023-02-13: -0.0978 € per litre, used for offsets +142023-03-06: -0.1057 € per litre, used for offsets +302023-04-03: -0.1546 € per litre, used for offsets +602023-05-01: -0.2688 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.0233+0.023not publishednot published
−142023-01-160.0041+0.004not publishednot published
−72023-01-230.0000+0.000not publishednot published
−32023-01-30same print as T000.000not publishednot published
−12023-01-30same print as T000.000not publishednot published
T02023-01-30same print as T000.000not publishednot published
+12023-02-06-0.0465-0.047not publishednot published
+32023-02-06-0.0465-0.047not publishednot published
+72023-02-06-0.0465-0.047not publishednot published
+142023-02-13-0.0978-0.098not publishednot published
+302023-03-06-0.1057-0.106not publishednot published
+602023-04-03-0.1546-0.155not publishednot published
+902023-05-01-0.2688-0.269not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed

Unit: € per litrePublished: weeklyCalculatedMedium
T0−30T0+30+60+900.009-0.0752023-01-02: -0.0402 € per litre, used for offsets −302023-01-16: -0.0314 € per litre, used for offsets −142023-01-23: -0.0199 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0 € per litre, used for offsets −3, −1, T02023-02-06: -0.0106 € per litre, used for offsets +1, +3, +72023-02-13: -0.0323 € per litre, used for offsets +142023-03-06: -0.0360 € per litre, used for offsets +302023-04-03: 0.0011 € per litre, used for offsets +602023-05-01: -0.0671 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for not explained by crude: actual pre-tax change since T0 minus the crude-only expected change. Never attributed: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-02-0.0402-0.040not publishednot published
−142023-01-16-0.0314-0.031not publishednot published
−72023-01-23-0.0199-0.020not publishednot published
−32023-01-30same print as T000.000not publishednot published
−12023-01-30same print as T000.000not publishednot published
T02023-01-30same print as T000.000not publishednot published
+12023-02-06-0.0106-0.011not publishednot published
+32023-02-06-0.0106-0.011not publishednot published
+72023-02-06-0.0106-0.011not publishednot published
+142023-02-13-0.0323-0.032not publishednot published
+302023-03-06-0.0360-0.036not publishednot published
+602023-04-030.0011+0.001not publishednot published
+902023-05-01-0.0671-0.067not publishednot published

No normal volatility is published for this series, so no change is expressed in volatility units. That is a missing input, not a zero.

Weekly Oil Bulletin price with taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+901.6741.4302023-01-02: 1.634 € per litre, used for offsets −302023-01-16: 1.611 € per litre, used for offsets −142023-01-23: 1.634 € per litre, used for offsets −7same print as T0 — 2023-01-30, 1.650 € per litre, used for offsets −3, −1, T02023-02-06: 1.580 € per litre, used for offsets +1, +3, +72023-02-13: 1.533 € per litre, used for offsets +142023-03-06: 1.566 € per litre, used for offsets +302023-04-03: 1.494 € per litre, used for offsets +602023-05-01: 1.454 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price with taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-021.634-0.016-0.97%-0.40
−142023-01-161.611-0.039-2.36%-0.98
−72023-01-231.634-0.016-0.97%-0.40
−32023-01-30same print as T01.6500.0000.00%0.00
−12023-01-30same print as T01.6500.0000.00%0.00
T02023-01-30same print as T01.6500.0000.00%0.00
+12023-02-061.580-0.070-4.24%-1.76
+32023-02-061.580-0.070-4.24%-1.76
+72023-02-061.580-0.070-4.24%-1.76
+142023-02-131.533-0.117-7.09%-2.93
+302023-03-061.566-0.084-5.09%-2.11
+602023-04-031.494-0.156-9.45%-3.91
+902023-05-011.454-0.196-11.88%-4.91

One volatility unit for this series is 2.42%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

Weekly Oil Bulletin price with taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+901.7491.6492023-01-02: 1.670 € per litre, used for offsets −302023-01-16: 1.672 € per litre, used for offsets −142023-01-23: 1.705 € per litre, used for offsets −7same print as T0 — 2023-01-30, 1.739 € per litre, used for offsets −3, −1, T02023-02-06: 1.689 € per litre, used for offsets +1, +3, +72023-02-13: 1.668 € per litre, used for offsets +142023-03-06: 1.683 € per litre, used for offsets +302023-04-03: 1.693 € per litre, used for offsets +602023-05-01: 1.659 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price with taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-021.670-0.069-3.97%-2.01
−142023-01-161.672-0.067-3.85%-1.95
−72023-01-231.705-0.034-1.96%-0.99
−32023-01-30same print as T01.7390.0000.00%0.00
−12023-01-30same print as T01.7390.0000.00%0.00
T02023-01-30same print as T01.7390.0000.00%0.00
+12023-02-061.689-0.050-2.88%-1.45
+32023-02-061.689-0.050-2.88%-1.45
+72023-02-061.689-0.050-2.88%-1.45
+142023-02-131.668-0.071-4.08%-2.06
+302023-03-061.683-0.056-3.22%-1.63
+602023-04-031.693-0.046-2.65%-1.34
+902023-05-011.659-0.080-4.60%-2.33

One volatility unit for this series is 1.98%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+901.0110.7552023-01-02: 0.9733 € per litre, used for offsets −302023-01-16: 0.9546 € per litre, used for offsets −142023-01-23: 0.9733 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.9863 € per litre, used for offsets −3, −1, T02023-02-06: 0.9294 € per litre, used for offsets +1, +3, +72023-02-13: 0.8912 € per litre, used for offsets +142023-03-06: 0.9025 € per litre, used for offsets +302023-04-03: 0.8440 € per litre, used for offsets +602023-05-01: 0.7794 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.9733-0.013-1.32%-0.36
−142023-01-160.9546-0.032-3.21%-0.87
−72023-01-230.9733-0.013-1.32%-0.36
−32023-01-30same print as T00.98630.0000.00%0.00
−12023-01-30same print as T00.98630.0000.00%0.00
T02023-01-30same print as T00.98630.0000.00%0.00
+12023-02-060.9294-0.057-5.77%-1.56
+32023-02-060.9294-0.057-5.77%-1.56
+72023-02-060.9294-0.057-5.77%-1.56
+142023-02-130.8912-0.095-9.64%-2.60
+302023-03-060.9025-0.084-8.49%-2.29
+602023-04-030.8440-0.142-14.43%-3.90
+902023-05-010.7794-0.207-20.98%-5.67

One volatility unit for this series is 3.70%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+900.8960.8072023-01-02: 0.8317 € per litre, used for offsets −302023-01-16: 0.8334 € per litre, used for offsets −142023-01-23: 0.8602 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.8878 € per litre, used for offsets −3, −1, T02023-02-06: 0.8663 € per litre, used for offsets +1, +3, +72023-02-13: 0.8492 € per litre, used for offsets +142023-03-06: 0.8541 € per litre, used for offsets +302023-04-03: 0.8623 € per litre, used for offsets +602023-05-01: 0.8157 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for Weekly Oil Bulletin price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.8317-0.056-6.32%-1.74
−142023-01-160.8334-0.054-6.14%-1.69
−72023-01-230.8602-0.028-3.11%-0.86
−32023-01-30same print as T00.88780.0000.00%0.00
−12023-01-30same print as T00.88780.0000.00%0.00
T02023-01-30same print as T00.88780.0000.00%0.00
+12023-02-060.8663-0.022-2.43%-0.67
+32023-02-060.8663-0.022-2.43%-0.67
+72023-02-060.8663-0.022-2.43%-0.67
+142023-02-130.8492-0.039-4.35%-1.20
+302023-03-060.8541-0.034-3.80%-1.05
+602023-04-030.8623-0.026-2.88%-0.80
+902023-05-010.8157-0.072-8.12%-2.24

One volatility unit for this series is 3.62%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

total tax per litre: price with taxes minus price without taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+900.6790.6382023-01-02: 0.6607 € per litre, used for offsets −302023-01-16: 0.6564 € per litre, used for offsets −142023-01-23: 0.6607 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.6637 € per litre, used for offsets −3, −1, T02023-02-06: 0.6506 € per litre, used for offsets +1, +3, +72023-02-13: 0.6418 € per litre, used for offsets +142023-03-06: 0.6635 € per litre, used for offsets +302023-04-03: 0.6500 € per litre, used for offsets +602023-05-01: 0.6746 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for total tax per litre: price with taxes minus price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.6607-0.003-0.45%-0.25
−142023-01-160.6564-0.007-1.10%-0.60
−72023-01-230.6607-0.003-0.45%-0.25
−32023-01-30same print as T00.66370.0000.00%0.00
−12023-01-30same print as T00.66370.0000.00%0.00
T02023-01-30same print as T00.66370.0000.00%0.00
+12023-02-060.6506-0.013-1.97%-1.07
+32023-02-060.6506-0.013-1.97%-1.07
+72023-02-060.6506-0.013-1.97%-1.07
+142023-02-130.6418-0.022-3.30%-1.79
+302023-03-060.6635-0.000-0.03%-0.02
+602023-04-030.6500-0.014-2.06%-1.12
+902023-05-010.6746+0.011+1.64%+0.89

One volatility unit for this series is 1.84%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

total tax per litre: price with taxes minus price without taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30T0+30+60+900.8550.8152023-01-02: 0.8383 € per litre, used for offsets −302023-01-16: 0.8386 € per litre, used for offsets −142023-01-23: 0.8448 € per litre, used for offsets −7same print as T0 — 2023-01-30, 0.8512 € per litre, used for offsets −3, −1, T02023-02-06: 0.8227 € per litre, used for offsets +1, +3, +72023-02-13: 0.8188 € per litre, used for offsets +142023-03-06: 0.8289 € per litre, used for offsets +302023-04-03: 0.8308 € per litre, used for offsets +602023-05-01: 0.8433 € per litre, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset. At least one print used was published outside the −30 to +90 window; the axis is extended to show where it actually sits.

Window table for total tax per litre: price with taxes minus price without taxes: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-020.8383-0.013-1.52%-0.99
−142023-01-160.8386-0.013-1.47%-0.96
−72023-01-230.8448-0.006-0.75%-0.49
−32023-01-30same print as T00.85120.0000.00%0.00
−12023-01-30same print as T00.85120.0000.00%0.00
T02023-01-30same print as T00.85120.0000.00%0.00
+12023-02-060.8227-0.028-3.34%-2.18
+32023-02-060.8227-0.028-3.34%-2.18
+72023-02-060.8227-0.028-3.34%-2.18
+142023-02-130.8188-0.032-3.80%-2.48
+302023-03-060.8289-0.022-2.62%-1.71
+602023-04-030.8308-0.020-2.40%-1.57
+902023-05-010.8433-0.008-0.93%-0.60

One volatility unit for this series is 1.53%, the standard deviation of its own week-on-week percentage changes over the three years before the event (149 changes). It is not a significance test.

US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9064.8217.192023-01-06: 52.91 $ per barrel, used for offsets −302023-01-20: 60.21 $ per barrel, used for offsets −142023-01-27: 51.77 $ per barrel, used for offsets −72023-02-02: 42.91 $ per barrel, used for offsets −3same print as T0 — 2023-02-03, 39.25 $ per barrel, used for offsets −1, T02023-02-06: 37.12 $ per barrel, used for offsets +12023-02-08: 38.01 $ per barrel, used for offsets +32023-02-10: 35.25 $ per barrel, used for offsets +72023-02-17: 32.10 $ per barrel, used for offsets +142023-03-06: 36.23 $ per barrel, used for offsets +302023-04-06: 26.92 $ per barrel, used for offsets +602023-05-05: 21.80 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US diesel spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0652.91+13.654+34.78%+3.54
−142023-01-2060.21+20.954+53.38%+5.43
−72023-01-2751.77+12.516+31.88%+3.24
−32023-02-0242.91+3.656+9.31%+0.95
−12023-02-03same print as T039.250.0000.00%0.00
T02023-02-03same print as T039.250.0000.00%0.00
+12023-02-0637.12-2.134-5.44%-0.55
+32023-02-0838.01-1.246-3.17%-0.32
+72023-02-1035.25-4.006-10.21%-1.04
+142023-02-1732.10-7.152-18.22%-1.85
+302023-03-0636.23-3.020-7.69%-0.78
+602023-04-0626.92-12.330-31.41%-3.19
+902023-05-0521.80-17.454-44.46%-4.52

One volatility unit for this series is 9.83%, the standard deviation of its own day-on-day percentage changes over the three years before the event (735 changes). It is not a significance test.

US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9035.3121.572023-01-06: 23.63 $ per barrel, used for offsets −302023-01-20: 27.78 $ per barrel, used for offsets −142023-01-27: 27.70 $ per barrel, used for offsets −72023-02-02: 26.70 $ per barrel, used for offsets −3same print as T0 — 2023-02-03, 24.34 $ per barrel, used for offsets −1, T02023-02-06: 25.32 $ per barrel, used for offsets +12023-02-08: 25.07 $ per barrel, used for offsets +32023-02-10: 25.04 $ per barrel, used for offsets +72023-02-17: 22.90 $ per barrel, used for offsets +142023-03-06: 25.19 $ per barrel, used for offsets +302023-04-06: 33.98 $ per barrel, used for offsets +602023-05-05: 27.39 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US gasoline spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0623.63-0.710-2.92%-0.02
−142023-01-2027.78+3.440+14.13%+0.08
−72023-01-2727.70+3.360+13.80%+0.08
−32023-02-0226.70+2.354+9.67%+0.05
−12023-02-03same print as T024.340.0000.00%0.00
T02023-02-03same print as T024.340.0000.00%0.00
+12023-02-0625.32+0.974+4.00%+0.02
+32023-02-0825.07+0.728+2.99%+0.02
+72023-02-1025.04+0.698+2.87%+0.02
+142023-02-1722.90-1.440-5.92%-0.03
+302023-03-0625.19+0.844+3.47%+0.02
+602023-04-0633.98+9.636+39.58%+0.22
+902023-05-0527.39+3.042+12.50%+0.07

One volatility unit for this series is 182.66%, the standard deviation of its own day-on-day percentage changes over the three years before the event (735 changes). It is not a significance test.

US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).

Unit: $ per barrelPublished: dailyCalculatedLow
T0−30T0+30+60+9085.086.882023-01-06: 57.61 $ per barrel, used for offsets −302023-01-20: 77.51 $ per barrel, used for offsets −142023-01-27: 73.74 $ per barrel, used for offsets −72023-02-02: 35.06 $ per barrel, used for offsets −3same print as T0 — 2023-02-03, 29.38 $ per barrel, used for offsets −1, T02023-02-06: 32.50 $ per barrel, used for offsets +12023-02-08: 37.04 $ per barrel, used for offsets +32023-02-10: 31.97 $ per barrel, used for offsets +72023-02-17: 24.75 $ per barrel, used for offsets +142023-03-06: 37.16 $ per barrel, used for offsets +302023-04-06: 19.15 $ per barrel, used for offsets +602023-05-05: 14.45 $ per barrel, used for offsets +90

x: days from the event date. Each mark sits at the date the figure was published, which is how the as-of rule answers an offset.

Window table for US proxy - not a European price: US jet spot minus Brent spot, USD per barrel. A proxy for the Atlantic-basin product market, NOT a measure of European refining margins (§H).: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302023-01-0657.61+28.228+96.07%+0.54
−142023-01-2077.51+48.128+163.79%+0.93
−72023-01-2773.74+44.352+150.94%+0.85
−32023-02-0235.06+5.672+19.30%+0.11
−12023-02-03same print as T029.380.0000.00%0.00
T02023-02-03same print as T029.380.0000.00%0.00
+12023-02-0632.50+3.116+10.60%+0.06
+32023-02-0837.04+7.658+26.06%+0.15
+72023-02-1031.97+2.588+8.81%+0.05
+142023-02-1724.75-4.632-15.76%-0.09
+302023-03-0637.16+7.774+26.46%+0.15
+602023-04-0619.15-10.230-34.81%-0.20
+902023-05-0514.45-14.934-50.82%-0.29

One volatility unit for this series is 176.64%, the standard deviation of its own day-on-day percentage changes over the three years before the event (735 changes). It is not a significance test.

Not available: licence-blocked

A source exists and its licence does not permit us to republish it. These channels are not missing from the world, only from this page.

Arabian Gulf to north-west Europe dirty tanker rate

Tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

13 offsets in the window are affected.

EU refined-product benchmark

EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

13 offsets in the window are affected.

EU refined-product benchmark

EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

13 offsets in the window are affected.

north-west Europe refining margin / crack spread

No published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

13 offsets in the window are affected.

north-west Europe refining margin / crack spread

No published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

13 offsets in the window are affected.

wholesale / rack price

Wholesale / rack price series are proprietary with no redistribution grant.

13 offsets in the window are affected.

wholesale / rack price

Wholesale / rack price series are proprietary with no redistribution grant.

13 offsets in the window are affected.

Source
European Commission, Directorate-General for Energy (DG ENER)Unknown
Period 2023-01Updated 2026-09-25 14:09 UTCConfidenceUnknownMethodologyDownload CSV

T0 is 2023-02-05. The baseline window is -90 to -31 days. Offsets materialised: -30, -14, -7, -3, -1, 0, 1, 3, 7, 14, 30, 60, 90. Method 1.0, calculation event_study-1.0, computed 2026-09-25 14:09 UTC.

Is EU import ban on Russian refined petroleum products (in force 5 February 2023) really the reason?

The question splits into dimensions that are measured separately and never added into one number. Each row says whether we can see that dimension at all, and gives one published figure where we can.

Of the eight price-transmission channels this site reports, 4 have data in this run Calculated - a count of the rows below, not a measurement.

Methodology §11.1 publishes the thresholds the sentences below use: all eight channels present for the full comparison, at least three for the claim to be testable here at all, and 2.0 volatility units for a move to be described as outside a series' normal variation. Those are published wording choices, not statistical tests.

Dimensions of exposure to EU import ban on Russian refined petroleum products (in force 5 February 2023), each with its status and one published figure.
DimensionStatusPublished figure, or why there is none
Direct crude exposure (D1)Share of imported crude whose route requires the Strait of Hormuz.Observed
0 % of imported tonnes at +30 d (published 2023-03-01)
Direct product exposure (D2)Share of imported refined product whose route requires the Strait of Hormuz.Observed
0 % of imported tonnes at +30 d (published 2023-03-01)
Emergency stock cover (D7)Days of cover the published emergency stocks amount to. A buffer against a supply disruption, not a share of imports, and not a price channel.Observed
92.00 days of cover at +30 d (published 2023-03-01)-4.17% from the level at T0 = -2.03 volatility units
Crude benchmarkThe quoted crude price European cargoes are priced against.Observed
85.86 $ per barrel at +30 d (published 2023-03-06)+8.89% from the level at T0 = +1.96 volatility units
Refined-product benchmarkThe quoted product price refineries and wholesalers price against.UnavailableEU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.
Refining marginWhat refining a barrel into this product earned.UnavailableNo published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.
Freight ratesWhat it cost to ship the cargo.UnavailableTanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.
InventoriesStocks held, which absorb or amplify a supply change.Observed
2,807,491 tonnes at +30 d (published 2023-03-01)-1.45% from the level at T0 = -0.25 volatility units
Wholesale pricesThe price between the refinery gate and the forecourt.UnavailableWholesale / rack price series are proprietary with no redistribution grant.
Pump price before taxThe pump price with excise, VAT and other fuel taxes stripped out.Observed
0.9025 € per litre at +30 d (published 2023-03-06)-8.49% from the level at T0 = -2.29 volatility units
Pump price with taxWhat a driver actually paid.Observed
1.566 € per litre at +30 d (published 2023-03-06)-5.09% from the level at T0 = -2.11 volatility units

Physical exposure to the Strait of Hormuz and price exposure are different questions. A country with almost no direct physical exposure can still see its pump price move, because crude is priced globally - and a series that moved in this window may have moved for other reasons.

What the pump price did around this date

The decomposition page can be pinned to the weeks around the event date, so the pump move can be split into tax, input cost and the part the input cost does not account for.

Price decomposition, 2023-01-29 to 2023-03-07 →

The window is the published event date minus 7 days to plus 30 days. It is a window for looking, not a claim that the event caused what is inside it.

Actual vs crude-only: Portugal, petrol (euro-super 95)

What the pre-tax price did from four weeks before to thirteen weeks after the event week, next to what it would have done had it followed only the crude input cost at the speed the stored pass-through estimate measures. The shaded difference is not explained by crude; it is not attributed to the event or to anything else. No fuel is selected, so petrol is shown.

The crude-only comparison could not be read.

API 404 for /api/events/eu-russia-products-embargo-2023/crude-only: No stored crude-only run for 'eu-russia-products-embargo-2023' and country 'portugal'. Runs are stored for the pilot countries; available_countries lists them.

What the numbers support, sentence by sentence

Each sentence comes from a fixed template, chosen by published thresholds. Open “why this sentence” to see the numbers that selected it. None of this text is written by a language model, and none of it attributes cause.

  1. In the 7 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax petrol price moved -2.4%, which is 0.7 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.86626
    status
    OBSERVED
    country
    Portugal
    z_score
    0.14205067121170645
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -2.430618129392688
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    7
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -0.6710888113340095
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.021580000000000044
    change_pct_from_t0
    -2.430618129392688
    observation_gap_days
    6
    normal_volatility_pct
    3.62190232997781
    change_in_volatility_units
    -0.6710888113340095
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.86626
    status
    OBSERVED
    country
    Portugal
    z_score
    0.14205067121170645
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -2.430618129392688
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -0.6710888113340095
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.021580000000000044
    change_pct_from_t0
    -2.430618129392688
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    6
    normal_volatility_pct
    3.62190232997781
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -0.6710888113340095

    Template event.price_move.within_normal v1.1 · Fingerprint 6d5d0be99628add61470b5afae5287b97d80c0ea226df1c0fa8b679a90d405e6 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  2. In the 30 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax petrol price moved -3.8%, which is 1.0 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.85412
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.012044407586854326
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -3.7979816183096142
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    30
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -1.048615139860186
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.03372000000000008
    change_pct_from_t0
    -3.7979816183096142
    observation_gap_days
    1
    normal_volatility_pct
    3.62190232997781
    change_in_volatility_units
    -1.048615139860186
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.85412
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.012044407586854326
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -3.7979816183096142
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -1.048615139860186
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.03372000000000008
    change_pct_from_t0
    -3.7979816183096142
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    3.62190232997781
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -1.048615139860186

    Template event.price_move.within_normal v1.1 · Fingerprint eb75ad7903f9a0091798a589d3d28f814ee2914efad214c103af1db45a1719ae · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  3. In the 90 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax petrol price moved -8.1%, which is 2.2 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.81572
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.4994621197668142
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -8.123085240583896
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    90
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -2.2427676122988283
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.07212000000000007
    change_pct_from_t0
    -8.123085240583896
    observation_gap_days
    5
    normal_volatility_pct
    3.62190232997781
    change_in_volatility_units
    -2.2427676122988283
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.81572
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.4994621197668142
    t0_value
    0.8878400000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    -8.123085240583896
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_PT_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -2.2427676122988283
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.07212000000000007
    change_pct_from_t0
    -8.123085240583896
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    3.62190232997781
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -2.2427676122988283

    Template event.price_move.outside_normal v1.1 · Fingerprint 91606cfe7d59d8e677a6330d56ef77c1176b302c373b56a7a857bf450b45b383 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  4. In the 7 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive petrol price moved -2.9%, which is 1.5 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.689
    status
    OBSERVED
    country
    Portugal
    z_score
    0.19081962199815067
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -2.8752156411730905
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.4537484908318794
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.050000000000000044
    change_pct_from_t0
    -2.8752156411730905
    observation_gap_days
    6
    normal_volatility_pct
    1.9777944116920831
    change_in_volatility_units
    -1.4537484908318794
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.689
    status
    OBSERVED
    country
    Portugal
    z_score
    0.19081962199815067
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -2.8752156411730905
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.4537484908318794
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.050000000000000044
    change_pct_from_t0
    -2.8752156411730905
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    6
    normal_volatility_pct
    1.9777944116920831
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -1.4537484908318794

    Template event.price_move.within_normal v1.1 · Fingerprint 5874831231479bd409a5b46e80955ce5209a6674c755712d490723defcd003fb · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  5. In the 30 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive petrol price moved -3.2%, which is 1.6 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.683
    status
    OBSERVED
    country
    Portugal
    z_score
    0.11975576277125248
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -3.2202415181138613
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -1.6281983097317048
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.05600000000000005
    change_pct_from_t0
    -3.2202415181138613
    observation_gap_days
    1
    normal_volatility_pct
    1.9777944116920831
    change_in_volatility_units
    -1.6281983097317048
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.683
    status
    OBSERVED
    country
    Portugal
    z_score
    0.11975576277125248
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -3.2202415181138613
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -1.6281983097317048
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.05600000000000005
    change_pct_from_t0
    -3.2202415181138613
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    1.9777944116920831
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -1.6281983097317048

    Template event.price_move.within_normal v1.1 · Fingerprint ed0c44f77ddbf9114d9445428b40b7e957448cb2ac97ef74a4d8918a74ac0210 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  6. In the 90 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive petrol price moved -4.6%, which is 2.3 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.659
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.16449967413634034
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -4.600345025876945
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -2.325997585331007
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08000000000000007
    change_pct_from_t0
    -4.600345025876945
    observation_gap_days
    5
    normal_volatility_pct
    1.9777944116920831
    change_in_volatility_units
    -2.325997585331007
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.659
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.16449967413634034
    t0_value
    1.739
    fuel_type
    EURO_SUPER_95
    change_pct
    -4.600345025876945
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PT_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -2.325997585331007
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08000000000000007
    change_pct_from_t0
    -4.600345025876945
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.9777944116920831
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -2.325997585331007

    Template event.price_move.outside_normal v1.1 · Fingerprint 87ab146f789dc85566da58d286fa243ff2086441606bc024cd78f176df84e7fe · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  7. In the 7 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax diesel price moved -5.8%, which is 1.6 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.92937
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.0641920172554549
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -5.7701666869448855
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    7
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.5581589698790486
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.056910000000000016
    change_pct_from_t0
    -5.7701666869448855
    observation_gap_days
    6
    normal_volatility_pct
    3.7031951158313405
    change_in_volatility_units
    -1.5581589698790486
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.92937
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.0641920172554549
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -5.7701666869448855
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.5581589698790486
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.056910000000000016
    change_pct_from_t0
    -5.7701666869448855
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    6
    normal_volatility_pct
    3.7031951158313405
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -1.5581589698790486

    Template event.price_move.within_normal v1.1 · Fingerprint 69c2543ef2fa4f81e2350ad65eae7f9f5bdd3a44bdf5df8287d8c60a4fe0501e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  8. In the 30 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax diesel price moved -8.5%, which is 2.3 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.9025
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.3329377023808062
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -8.494545159589576
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    30
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -2.2938421805740075
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08378000000000008
    change_pct_from_t0
    -8.494545159589576
    observation_gap_days
    1
    normal_volatility_pct
    3.7031951158313405
    change_in_volatility_units
    -2.2938421805740075
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.9025
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.3329377023808062
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -8.494545159589576
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -2.2938421805740075
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08378000000000008
    change_pct_from_t0
    -8.494545159589576
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    3.7031951158313405
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -2.2938421805740075

    Template event.price_move.outside_normal v1.1 · Fingerprint fc332868420b81647a40cdfad5d2cd6f38ffdade5e23dd74c3979e898aeac189 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  9. In the 90 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's pre-tax diesel price moved -21.0%, which is 5.7 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.77937
    status
    OBSERVED
    country
    Portugal
    z_score
    -2.5644470514498208
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -20.97882954130673
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    90
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -5.665061895232364
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.20691000000000004
    change_pct_from_t0
    -20.97882954130673
    observation_gap_days
    5
    normal_volatility_pct
    3.7031951158313405
    change_in_volatility_units
    -5.665061895232364
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    0.77937
    status
    OBSERVED
    country
    Portugal
    z_score
    -2.5644470514498208
    t0_value
    0.98628
    fuel_type
    DIESEL
    change_pct
    -20.97882954130673
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_PRETAX_PT_DIESEL
    series_kind
    pre-tax
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -5.665061895232364
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.20691000000000004
    change_pct_from_t0
    -20.97882954130673
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    3.7031951158313405
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -5.665061895232364

    Template event.price_move.outside_normal v1.1 · Fingerprint 47d11e086113fcd38027af8d8055eb73bfb6869dad4b482f1646af5064a40d7c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  10. In the 7 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive diesel price moved -4.2%, which is 1.8 times its normal week-to-week variation over the previous three years — within that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.58
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.9365957850929721
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -4.242424242424246
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.7553446245305926
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.07000000000000006
    change_pct_from_t0
    -4.242424242424246
    observation_gap_days
    6
    normal_volatility_pct
    2.4168611582803794
    change_in_volatility_units
    -1.7553446245305926
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.58
    status
    OBSERVED
    country
    Portugal
    z_score
    -0.9365957850929721
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -4.242424242424246
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-02-06
    same_observation
    false
    volatility_units
    -1.7553446245305926
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.07000000000000006
    change_pct_from_t0
    -4.242424242424246
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    6
    normal_volatility_pct
    2.4168611582803794
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -1.7553446245305926

    Template event.price_move.within_normal v1.1 · Fingerprint 8febf3326867e752ebb6739db0855bc6c04a23118fc9446ba91235cb88d7c20f · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  11. In the 30 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive diesel price moved -5.1%, which is 2.1 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.566
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.074459183366003
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -5.090909090909095
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -2.106413549436711
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08400000000000007
    change_pct_from_t0
    -5.090909090909095
    observation_gap_days
    1
    normal_volatility_pct
    2.4168611582803794
    change_in_volatility_units
    -2.106413549436711
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.566
    status
    OBSERVED
    country
    Portugal
    z_score
    -1.074459183366003
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -5.090909090909095
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    -2.106413549436711
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.08400000000000007
    change_pct_from_t0
    -5.090909090909095
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    2.4168611582803794
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -2.106413549436711

    Template event.price_move.outside_normal v1.1 · Fingerprint 3c7c3aab506b5558e55eea7a9e74df91f302b3b82b45738260759a88a2d8946a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  12. In the 90 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), Portugal's tax-inclusive diesel price moved -11.9%, which is 4.9 times its normal week-to-week variation over the previous three years — outside that range.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.454
    status
    OBSERVED
    country
    Portugal
    z_score
    -2.1773663695502514
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -11.878787878787888
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -4.914964948685659
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.19600000000000017
    change_pct_from_t0
    -11.878787878787888
    observation_gap_days
    5
    normal_volatility_pct
    2.4168611582803794
    change_in_volatility_units
    -4.914964948685659
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (week-to-week)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    1.454
    status
    OBSERVED
    country
    Portugal
    z_score
    -2.1773663695502514
    t0_value
    1.6500000000000001
    fuel_type
    DIESEL
    change_pct
    -11.878787878787888
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    RETAIL_INCLTAX_PT_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2023-05-01
    same_observation
    false
    volatility_units
    -4.914964948685659
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    -0.19600000000000017
    change_pct_from_t0
    -11.878787878787888
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    2.4168611582803794
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -4.914964948685659

    Template event.price_move.outside_normal v1.1 · Fingerprint b53101dd78790cd9087f38d9a0071878570ef231537e154eb5bb2776d2e696c2 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  13. Over the 4 weeks after EU import ban on Russian refined petroleum products (in force 5 February 2023), crude costs alone would have moved Portugal's pre-tax petrol price by -0.2 c/L (range -1.0–+0.5); it actually moved -3.9 c/L, leaving -3.6 c/L not explained by crude.

    about PortugalCalculatedMedium
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    4
    status
    COMPUTED
    country
    Portugal
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    series_code
    CRUDE_ONLY_EXPECTED_PT_EURO_SUPER_95
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2023-02-27
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    observation_date
    2023-02-27
    gap_eur_per_litre
    -0.03632680778596785
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    actual_eur_per_litre
    -0.03864999999999996
    expected_eur_per_litre
    -0.0023231922140321097
    proxy_volatility_units
    -0.06928868336620317
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -3.1020000000000003
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    -0.010095593435742619
    expected_high_eur_per_litre
    0.005449209007678531
    proxy_normal_volatility_pct
    182.6569381415496
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    4
    status
    COMPUTED
    country
    Portugal
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PT_EURO_SUPER_95
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2023-02-27
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    statement_topic
    event
    observation_date
    2023-02-27
    gap_eur_per_litre
    -0.03632680778596785
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    -0.03864999999999996
    expected_eur_per_litre
    -0.0023231922140321097
    proxy_volatility_units
    -0.06928868336620317
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -3.1020000000000003
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    -0.010095593435742619
    expected_high_eur_per_litre
    0.005449209007678531
    proxy_normal_volatility_pct
    182.6569381415496

    Template event.crude_only.computed v1.1 · Fingerprint e7189310386bedb6f18fea5708b5e30eb9daf0c43d5f181c5794fa91d9d1484f · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  14. Over the 13 weeks after EU import ban on Russian refined petroleum products (in force 5 February 2023), crude costs alone would have moved Portugal's pre-tax petrol price by -0.5 c/L (range -4.3–+3.3); it actually moved -7.2 c/L, leaving -6.7 c/L not explained by crude.

    about PortugalCalculatedMedium
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    13
    status
    COMPUTED
    country
    Portugal
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    series_code
    CRUDE_ONLY_EXPECTED_PT_EURO_SUPER_95
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2023-04-28
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    observation_date
    2023-05-01
    gap_eur_per_litre
    -0.06706962233482927
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    actual_eur_per_litre
    -0.07212000000000007
    expected_eur_per_litre
    -0.005050377665170802
    proxy_volatility_units
    0.11373887030970548
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    5.091999999999999
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    -0.04296549145374879
    expected_high_eur_per_litre
    0.03286473612340743
    proxy_normal_volatility_pct
    182.6569381415496
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    petrol
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    13
    status
    COMPUTED
    country
    Portugal
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PT_EURO_SUPER_95
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2023-04-28
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    statement_topic
    event
    observation_date
    2023-05-01
    gap_eur_per_litre
    -0.06706962233482927
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    -0.07212000000000007
    expected_eur_per_litre
    -0.005050377665170802
    proxy_volatility_units
    0.11373887030970548
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    5.091999999999999
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    -0.04296549145374879
    expected_high_eur_per_litre
    0.03286473612340743
    proxy_normal_volatility_pct
    182.6569381415496

    Template event.crude_only.computed v1.1 · Fingerprint 7737e4f1152c286df89ac11d122d6e9f8d30a1dbc93b3aaf90868f69574ad317 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  15. Over the 4 weeks after EU import ban on Russian refined petroleum products (in force 5 February 2023), crude costs alone would have moved Portugal's pre-tax diesel price by +1.2 c/L (range +0.2–+2.2); it actually moved -10.5 c/L, leaving -11.7 c/L not explained by crude.

    about PortugalCalculatedMedium
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    4
    status
    COMPUTED
    country
    Portugal
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    series_code
    CRUDE_ONLY_EXPECTED_PT_DIESEL
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2023-02-27
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    observation_date
    2023-02-27
    gap_eur_per_litre
    -0.11697370901963211
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    actual_eur_per_litre
    -0.10487000000000002
    expected_eur_per_litre
    0.012103709019632088
    proxy_volatility_units
    -1.9939207000691863
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -8.939999999999998
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    0.001965956968612785
    expected_high_eur_per_litre
    0.022241461070651572
    proxy_normal_volatility_pct
    9.833812917722621
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    4
    status
    COMPUTED
    country
    Portugal
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PT_DIESEL
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2023-02-27
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    statement_topic
    event
    observation_date
    2023-02-27
    gap_eur_per_litre
    -0.11697370901963211
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    -0.10487000000000002
    expected_eur_per_litre
    0.012103709019632088
    proxy_volatility_units
    -1.9939207000691863
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -8.939999999999998
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.001965956968612785
    expected_high_eur_per_litre
    0.022241461070651572
    proxy_normal_volatility_pct
    9.833812917722621

    Template event.crude_only.computed v1.1 · Fingerprint d16f788e53de1d26707b9ba5c1ea9738ed6c2c216138501a4c48f3e07ae4b74a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  16. Over the 13 weeks after EU import ban on Russian refined petroleum products (in force 5 February 2023), crude costs alone would have moved Portugal's pre-tax diesel price by +6.2 c/L (range +1.3–+11.1); it actually moved -20.7 c/L, leaving -26.9 c/L not explained by crude. Over the same period the US diesel crack spread, a proxy for the Atlantic product market and not a European margin, narrowed by 27.3 $/bbl.

    about PortugalCalculatedMedium
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    13
    status
    COMPUTED
    country
    Portugal
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    series_code
    CRUDE_ONLY_EXPECTED_PT_DIESEL
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2023-04-28
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    observation_date
    2023-05-01
    gap_eur_per_litre
    -0.26880510767393306
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    actual_eur_per_litre
    -0.20691000000000004
    expected_eur_per_litre
    0.06189510767393304
    proxy_volatility_units
    -6.086587908824174
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -27.290000000000003
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    expected_low_eur_per_litre
    0.013081113614136514
    expected_high_eur_per_litre
    0.11070910173372928
    proxy_normal_volatility_pct
    9.833812917722621
    Thresholds
    source
    docs/PRICE_MODEL.md §7.7; horizons are a v1 choice of this module
    proxy_rule
    the proxy sentence is added only when the US crack spread proxy moved by at least UNUSUAL_MOVE_VOLATILITY_UNITS of its normal day-to-day variation over the same weeks
    confidence_cap
    MEDIUM (docs/PRICE_MODEL.md §7.5)
    statement_weeks
    [4,13]
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    fuel
    diesel
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    weeks
    13
    status
    COMPUTED
    country
    Portugal
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    series_code
    CRUDE_ONLY_EXPECTED_PT_DIESEL
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2023-04-28
    pass_through_k
    2
    proxy_from_date
    2023-01-30
    statement_topic
    event
    observation_date
    2023-05-01
    gap_eur_per_litre
    -0.26880510767393306
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2023-01-30
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    -0.20691000000000004
    expected_eur_per_litre
    0.06189510767393304
    proxy_volatility_units
    -6.086587908824174
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -27.290000000000003
    pass_through_sample_start
    2005-01-03
    pass_through_window_label
    FULL_SAMPLE
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.013081113614136514
    expected_high_eur_per_litre
    0.11070910173372928
    proxy_normal_volatility_pct
    9.833812917722621

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint e5a7d89f4409776e2422a7c37d8b8c3072f35f6f99c00acdb9a23234d774b35e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  17. Direct physical dependence on Hormuz-linked crude was limited (0%) for Portugal in 2023-02.

    about PortugalCalculatedLow
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2023-02
    status
    OBSERVED
    country
    Portugal
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    value_point_pct
    0
    observation_date
    2023-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2023-02
    status
    OBSERVED
    country
    Portugal
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    statement_topic
    hormuz
    value_point_pct
    0
    observation_date
    2023-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.point v1.1 · Fingerprint 56f779f643729023dc82d04e821dc39f29ce770bd6780940174c363d946e0ba9 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  18. Direct physical dependence on Hormuz-linked refined product was limited (0%–2%) for Portugal in 2023-02. No point estimate is published: the origins concerned export from both inside and outside the Persian Gulf and the split per period is not public.

    about PortugalCalculatedMedium
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2023-02
    status
    NO_OBSERVATION
    country
    Portugal
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    value_max_pct
    1.5474286893279
    value_min_pct
    0
    exposure_status
    RANGE_ONLY
    value_point_pct
    null
    observation_date
    2023-02-01
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md §9 publishes no bands
    band_applied_to
    upper bound of the range (docs/HORMUZ_METHOD.md §3.2: a range has no meaningful midpoint)
    dependence_limited_max_pct
    10
    dependence_moderate_max_pct
    33
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2023-02
    status
    NO_OBSERVATION
    country
    Portugal
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    value_max_pct
    1.5474286893279
    value_min_pct
    0
    exposure_status
    RANGE_ONLY
    statement_topic
    hormuz
    value_point_pct
    null
    observation_date
    2023-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.range v1.1 · Fingerprint 25b613d8beb431efe62a566ab97f31ef4b90abd82a81550ca31e9f2969929c12 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  19. Available evidence does show a physical supply reduction: Portugal's reported crude imports in 2023-02 were -10.1% against the mean of the previous 12 months.

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    unit
    tonnes
    month
    2023-02
    country
    Portugal
    change_pct
    -10.139611221631519
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    partner_role
    ORIGIN
    value_tonnes
    758297
    baseline_months
    12
    observation_date
    2023-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    baseline_mean_tonnes
    843861.25
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no cut-off
    min_baseline_months
    6
    baseline_months_used
    12
    supply_reduction_pct
    -10
    supply_baseline_months
    12
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    unit
    tonnes
    month
    2023-02
    country
    Portugal
    change_pct
    -10.139611221631519
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    partner_role
    ORIGIN
    value_tonnes
    758297
    baseline_months
    12
    statement_topic
    event
    observation_date
    2023-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    baseline_mean_tonnes
    843861.25
    study_calculation_version
    event_study-1.0

    Template event.supply.reduction v1.1 · Fingerprint f9c6ac7c2163e77343fb03a68d3b554952704ad8c2d6e9e4be871937b82a2d42 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  20. In 2023-02, Portugal's oil stocks stood 7.0% below their trailing 12-month mean, with 96.0 days of cover (as published).

    about PortugalCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    unit
    tonnes
    month
    2023-02
    status
    OBSERVED
    country
    Portugal
    direction
    below
    siec_code
    O4000
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    holder_type
    STK_CL
    series_code
    INVENTORY_PT
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    days_of_cover
    96
    metric_status
    COMPUTED
    mom_change_pct
    -1.1924803299531999
    observation_date
    2023-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    2848935
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    observation_gap_days
    4
    trailing_12m_mean_tonnes
    3063206.8333333335
    level_vs_trailing_12m_pct
    -6.995016823600061
    trailing_12m_observations
    12
    Thresholds
    source
    v1 choice of this module; docs/METHODOLOGY.md publishes no band
    band_applied_to
    the rounded figure printed in the sentence
    days_of_cover_basis
    as published (Eurostat nrg_stk_oem, STK_EUE_DIR); never stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    trailing_window_months
    12
    level_vs_trailing_12m_pct_raw
    -6.995016823600061
    level_vs_trailing_12m_pct_shown
    -7
    inventory_material_deviation_pct
    5
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    unit
    tonnes
    month
    2023-02
    status
    OBSERVED
    country
    Portugal
    direction
    below
    siec_code
    O4000
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    holder_type
    STK_CL
    series_code
    INVENTORY_PT
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    days_of_cover
    96
    metric_status
    COMPUTED
    mom_change_pct
    -1.1924803299531999
    statement_topic
    event
    observation_date
    2023-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    2848935
    calculation_version
    event_statements-1.0
    days_of_cover_basis
    as published by Eurostat (nrg_stk_oem, STK_EUE_DIR); not stocks divided by consumption (docs/HORMUZ_METHOD.md D7)
    methodology_version
    1.0
    observation_gap_days
    4
    trailing_12m_mean_tonnes
    3063206.8333333335
    level_vs_trailing_12m_pct
    -6.995016823600061
    study_calculation_version
    event_study-1.0
    trailing_12m_observations
    12

    Template event.inventory_level.below v1.1 · Fingerprint 96219aed9ceb100a65d90fc0ca96435d21872b464f4985bd93d1eb98aebbcce3 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  21. Summary of what can be checked here

    Only part of the chain can be checked for Portugal around EU import ban on Russian refined petroleum products (in force 5 February 2023): 4 of the 8 series the method compares are available (crude benchmark, inventories, pre-tax pump price and pump price with tax), while refined-product benchmark, refining margin, freight rates and wholesale prices are not. Any claim that rests on the missing links cannot be tested here. Direct physical dependence on Hormuz-linked crude was limited (0–0%) over the period covered. This page describes what each series did around the event date. It is not a finding about cause: no causal design is published for this site, and a series that moved in the same window may have moved for other reasons.

    about PortugalUnknownUnknown
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    country
    Portugal
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    dependence_band
    limited
    dependence_range
    0–0%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.reduction
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    Thresholds
    source
    v1 choice of this module; the channel list is docs/PRICE_MODEL.md §2.3
    channels_total
    8
    channels_available
    4
    verdict_partial_min_channels
    3
    verdict_assessable_min_channels
    8
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    country
    Portugal
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    country_iso2
    PT
    country_name
    Portugal
    country_slug
    portugal
    dependence_band
    limited
    statement_topic
    event
    dependence_range
    0–0%
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.reduction
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    channels_unavailable
    ["refined-product benchmark","refining margin","freight rates","wholesale prices"]
    study_calculation_version
    event_study-1.0

    Template event.verdict.partial v1.1 · Fingerprint 21d81f7aa00ba5090dfef89c901d352777a6ecad88ffd8b3e24168a81730e5ec · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  22. In the 7 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), the Brent crude benchmark moved +8.4%, which is 1.8 times its normal day-to-day variation over the previous three years — within that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    85.46
    status
    OBSERVED
    z_score
    0.08812991325524933
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    8.383005707038683
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    7
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2023-02-10
    same_observation
    false
    volatility_units
    1.8495435613044966
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    6.609999999999999
    change_pct_from_t0
    8.383005707038683
    observation_gap_days
    2
    normal_volatility_pct
    4.532472704306617
    change_in_volatility_units
    1.8495435613044966
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    85.46
    status
    OBSERVED
    z_score
    0.08812991325524933
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    8.383005707038683
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    7
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2023-02-10
    same_observation
    false
    volatility_units
    1.8495435613044966
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    6.609999999999999
    change_pct_from_t0
    8.383005707038683
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    2
    normal_volatility_pct
    4.532472704306617
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.8495435613044966

    Template event.benchmark_move.within_normal v1.1 · Fingerprint 38adc5dea4321bbd49653a24f7c0174373d8aa5326085a6d6dbe425d5975e73b · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  23. In the 30 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), the Brent crude benchmark moved +8.9%, which is 2.0 times its normal day-to-day variation over the previous three years — within that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    85.86
    status
    OBSERVED
    z_score
    0.1507166248435324
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    8.890298034242239
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    30
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    1.9614675287056775
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    7.010000000000005
    change_pct_from_t0
    8.890298034242239
    observation_gap_days
    1
    normal_volatility_pct
    4.532472704306617
    change_in_volatility_units
    1.9614675287056775
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    85.86
    status
    OBSERVED
    z_score
    0.1507166248435324
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    8.890298034242239
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    30
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2023-03-06
    same_observation
    false
    volatility_units
    1.9614675287056775
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    7.010000000000005
    change_pct_from_t0
    8.890298034242239
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    4.532472704306617
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.9614675287056775

    Template event.benchmark_move.within_normal v1.1 · Fingerprint 0da9031a475f48ba9492ce0f26d02ef4b075756fb5a3ed508e2b5f1ea86c489b · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  24. In the 90 days after EU import ban on Russian refined petroleum products (in force 5 February 2023), the Brent crude benchmark moved -3.8%, which is 0.8 times its normal day-to-day variation over the previous three years — within that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    75.85
    status
    OBSERVED
    z_score
    -1.4155158326532304
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    -3.804692454026633
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    offset_days
    90
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2023-05-05
    same_observation
    false
    volatility_units
    -0.8394297555088486
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    -3
    change_pct_from_t0
    -3.804692454026633
    observation_gap_days
    1
    normal_volatility_pct
    4.532472704306617
    change_in_volatility_units
    -0.8394297555088486
    Thresholds
    source
    v1 choice of this module; docs/PRICE_MODEL.md §2.2 requires the comparison but publishes no cut-off
    volatility_definition
    sample sd of period-over-period % changes over the 3 years before T0, at the series' own frequency (day-to-day)
    unusual_move_volatility_units
    2
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    unit
    $/BBL
    event
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    value
    75.85
    status
    OBSERVED
    z_score
    -1.4155158326532304
    t0_value
    78.85
    benchmark
    Brent crude
    change_pct
    -3.804692454026633
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    offset_days
    90
    series_code
    BRENT
    statement_topic
    event
    variation_label
    day-to-day
    observation_date
    2023-05-05
    same_observation
    false
    volatility_units
    -0.8394297555088486
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    -3
    change_pct_from_t0
    -3.804692454026633
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    4.532472704306617
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    -0.8394297555088486

    Template event.benchmark_move.within_normal v1.1 · Fingerprint 956c15054a5318a99cfc9c833555e8d3f8ac980a1c014dbf655e5357d300335e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  25. Freight rates reaction cannot be assessed: tanker freight rates are licensed such that public display, onward passing and derived data are all expressly prohibited, verified verbatim, and no open institution publishes a tanker rate.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_FREIGHT_SOURCE
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint 298ab38a71e7fa1e827846158174e16f115ed958766d0a18618b16aa877096e8 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  26. Refined-product benchmark reaction cannot be assessed: EU refined-product benchmarks (Platts / Argus) are proprietary with no redistribution grant. US crack spreads are not a valid EU proxy and are not substituted.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_PRODUCT_BENCHMARK
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint 0a3ee8f8627510915169cd9a2eaa4452fa0806bd90c55f8208323cb6b271bea9 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  27. Wholesale prices reaction cannot be assessed: wholesale / rack price series are proprietary with no redistribution grant.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_LICENSED_WHOLESALE_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint b5b761de3451d820e679168f99a9b0a6cadccd3d87b852d57da6f18bc2de3e6c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  28. Refining margin reaction cannot be assessed: no published refining-margin series is held, and computing a margin ourselves would need the licensed EU product benchmarks, which may not be republished.

    about the event as a wholeUnknownUnknown
    Why this sentence
    Variables
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    reason_code
    NO_REFINERY_MARGIN_SERIES
    Thresholds
    source
    CLAUDE.md §1; docs/PRICE_MODEL.md §2.1 (a series with no licensed source is visible as a gap)
    any_missing_channel_is_disclosed
    true
    Inputs
    t0
    2023-02-05T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    EU import ban on Russian refined petroleum products (in force 5 February 2023)
    event_slug
    eu-russia-products-embargo-2023
    event_type
    EMBARGO
    source_ids
    ["ec_weekly_oil_bulletin","ecb_exr_reference_rates","eia_brent_rbrte","eia_us_product_spot","eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm","eurostat_nrg_ti_oilm","reference_hormuz_v1"]
    reason_code
    NO_REFINERY_MARGIN_SERIES
    statement_topic
    event
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.channel.unavailable v1.1 · Fingerprint e9796ff5d8838330a75be8298f9f4cd8c4fea863574dbd933141d0a1f568d3c6 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

What this does not show

  • It does not show that the event caused anything. No causal design is published for this site, and a series that moved in this window may have moved for other reasons.
  • A change in volatility units is not a significance test, and neither is a z-score. They measure different things and are not interchangeable.
  • Channels with no licensed or loaded source are shown as empty panels, not as flat lines. “We cannot see this” is not “this did not move”.
  • Nothing is interpolated. Where several offsets resolve to one published figure, that is what the publisher printed, and the change against the event date is zero because it is the same number.

Portugal: supply, refineries and pump prices →

How to read the labels

  • OfficialReported directly by an official authority.
  • VerifiedReported by a third party we have verified against a primary record.
  • CalculatedComputed by us from reported inputs. The method is published on the methodology page.
  • Inferred · highNot reported. Inferred from at least two independent physical records.
  • Inferred · mediumNot reported. Inferred from strong indirect evidence, with no explicit confirmation.
  • Inferred · lowNot reported. Plausible from infrastructure or movement data only. Do not read as fact.
  • UnknownNo defensible public evidence establishes this. We are not guessing, and this is not a measurement of zero.