Fuel Origin

Events / War

Russian invasion of Ukraine (24 February 2022)

Dates
2022-02-24 → no end date recorded
Dated to
the day
Status
Ongoing
Scope
Ukraine

What the sources said

European Council, special meeting of 24 February 2022, document EUCO 18/22: "European Council conclusions on Russia's unprovoked and unjustified military aggression against Ukraine"; "The European Council condemns in the strongest possible terms the Russian Federation's unprovoked and unjustified military aggression against Ukraine." The conclusions are dated and headed 24 February 2022, which is the date recorded here. 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 2026-09-23 07:22 UTCRevision 1
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.

Latvia, Petrol (Euro-super 95). 15 series can be drawn; 4 cannot be seen at all and are shown as labelled empty panels below.

182 published readings, 13 offsets with nothing published within one period, and 52 offsets on series we cannot see at all. Every one of them is on this page.

Europe Brent spot FOB

Unit: $ per barrelPublished: dailyCalculatedOfficial
T0−30−14T0+14+30+60+90126.785.52022-01-25: 89.49 $ per barrel, used for offsets −302022-02-10: 96.37 $ per barrel, used for offsets −142022-02-17: 95.28 $ per barrel, used for offsets −72022-02-21: 98.95 $ per barrel, used for offsets −32022-02-23: 99.29 $ per barrel, used for offsets −1same print as T0 — 2022-02-24, 101.3 $ per barrel, used for offsets T02022-02-25: 98.56 $ per barrel, used for offsets +1, +32022-03-03: 115.4 $ per barrel, used for offsets +72022-03-10: 114.5 $ per barrel, used for offsets +142022-03-25: 122.7 $ per barrel, used for offsets +302022-04-25: 99.27 $ per barrel, used for offsets +602022-05-25: 116.4 $ 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
−302022-01-2589.49-11.800-11.65%-2.69
−142022-02-1096.37-4.920-4.86%-1.12
−72022-02-1795.28-6.010-5.93%-1.37
−32022-02-2198.95-2.340-2.31%-0.53
−12022-02-2399.29-2.000-1.97%-0.46
T02022-02-24same print as T0101.30.0000.00%0.00
+12022-02-2598.56-2.730-2.70%-0.62
+32022-02-2598.56-2.730-2.70%-0.62
+72022-03-03115.4+14.070+13.89%+3.20
+142022-03-10114.5+13.250+13.08%+3.02
+302022-03-25122.7+21.380+21.11%+4.87
+602022-04-2599.27-2.020-1.99%-0.46
+902022-05-25116.4+15.120+14.93%+3.44

One volatility unit for this series is 4.34%, the standard deviation of its own day-on-day percentage changes over the three years before the event (767 changes). It is not a significance test.

reported crude oil imports, all origins

Unit: tonnesPublished: monthlyCalculatedOfficial
T0−30−14T0+14+30+60+901.0000.0002022-01-01: 0 tonnes, used for offsets −30same print as T0 — 2022-02-01, 0 tonnes, used for offsets −14, −7, −3, −1, T0, +1, +32022-03-01: 0 tonnes, used for offsets +7, +14, +302022-04-01: 0 tonnes, used for offsets +602022-05-01: 0 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
−302022-01-0100.000not publishednot published
−142022-02-01same print as T000.000not publishednot published
−72022-02-01same print as T000.000not publishednot published
−32022-02-01same print as T000.000not publishednot published
−12022-02-01same print as T000.000not publishednot published
T02022-02-01same print as T000.000not publishednot published
+12022-02-01same print as T000.000not publishednot published
+32022-02-01same print as T000.000not publishednot published
+72022-03-0100.000not publishednot published
+142022-03-0100.000not publishednot published
+302022-03-0100.000not publishednot published
+602022-04-0100.000not publishednot published
+902022-05-0100.000not 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.

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
T0−30−14T0+14+30+60+900.8920.7502022-01-24: 0.7637 € per litre, used for offsets −302022-02-07: 0.7744 € per litre, used for offsets −142022-02-14: 0.7790 € per litre, used for offsets −7same print as T0 — 2022-02-21, 0.7841 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: 0.8233 € per litre, used for offsets +72022-03-07: 0.8448 € per litre, used for offsets +142022-03-21: 0.8607 € per litre, used for offsets +302022-04-25: 0.8442 € per litre, used for offsets +602022-05-23: 0.8779 € 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
−302022-01-240.7637-0.020-2.59%-3.14
−142022-02-070.7744-0.010-1.23%-1.49
−72022-02-140.7790-0.005-0.64%-0.78
−32022-02-21same print as T00.78410.0000.00%0.00
−12022-02-21same print as T00.78410.0000.00%0.00
T02022-02-21same print as T00.78410.0000.00%0.00
+12022-02-21same print as T00.78410.0000.00%0.00
+32022-02-21same print as T00.78410.0000.00%0.00
+72022-02-280.8233+0.039+5.00%+6.06
+142022-03-070.8448+0.061+7.75%+9.39
+302022-03-210.8607+0.077+9.77%+11.84
+602022-04-250.8442+0.060+7.67%+9.30
+902022-05-230.8779+0.094+11.97%+14.51

One volatility unit for this series is 0.83%, the standard deviation of its own week-on-week percentage changes over the three years before the event (148 changes). It is not a significance test.

ECB euro foreign exchange reference rate

Unit: US dollars per euroPublished: dailyCalculatedOfficial
T0−30−14T0+14+30+60+901.1531.0562022-01-25: 1.127 US dollars per euro, used for offsets −302022-02-10: 1.144 US dollars per euro, used for offsets −142022-02-17: 1.137 US dollars per euro, used for offsets −72022-02-21: 1.134 US dollars per euro, used for offsets −32022-02-23: 1.134 US dollars per euro, used for offsets −1same print as T0 — 2022-02-24, 1.116 US dollars per euro, used for offsets T02022-02-25: 1.122 US dollars per euro, used for offsets +1, +32022-03-03: 1.108 US dollars per euro, used for offsets +72022-03-10: 1.108 US dollars per euro, used for offsets +142022-03-25: 1.100 US dollars per euro, used for offsets +302022-04-25: 1.075 US dollars per euro, used for offsets +602022-05-25: 1.066 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
−302022-01-251.127+0.011+0.94%+2.37
−142022-02-101.144+0.028+2.47%+6.23
−72022-02-171.137+0.021+1.85%+4.67
−32022-02-211.134+0.017+1.57%+3.95
−12022-02-231.134+0.018+1.62%+4.09
T02022-02-24same print as T01.1160.0000.00%0.00
+12022-02-251.122+0.005+0.47%+1.20
+32022-02-251.122+0.005+0.47%+1.20
+72022-03-031.108-0.009-0.78%-1.96
+142022-03-101.108-0.008-0.71%-1.78
+302022-03-251.100-0.016-1.44%-3.64
+602022-04-251.075-0.042-3.74%-9.42
+902022-05-251.066-0.051-4.54%-11.45

One volatility unit for this series is 0.40%, the standard deviation of its own day-on-day percentage changes over the three years before the event (770 changes). It is not a significance test.

direct crude Hormuz exposure D1

Unit: % of imported tonnesPublished: monthlyUnknownUnknown
T0−30−14T0+14+30+60+901.120-0.120

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. The line stops at −30, −14, −7, −3, −1, T0, +1, +3, +7, +14, +30, +60, +90 where no figure was published within one period of the offset.

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
−302022-01-01not publishednot publishednot publishednot published
−142022-02-01not publishednot publishednot publishednot published
−72022-02-01not publishednot publishednot publishednot published
−32022-02-01not publishednot publishednot publishednot published
−12022-02-01not publishednot publishednot publishednot published
T02022-02-01not publishednot publishednot publishednot published
+12022-02-01not publishednot publishednot publishednot published
+32022-02-01not publishednot publishednot publishednot published
+72022-03-01not publishednot publishednot publishednot published
+142022-03-01not publishednot publishednot publishednot published
+302022-03-01not publishednot publishednot publishednot published
+602022-04-01not publishednot publishednot publishednot published
+902022-05-01not publishednot 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.

direct refined-product Hormuz exposure D2

Unit: % of imported tonnesPublished: monthlyCalculatedLow
T0−30−14T0+14+30+60+901.0000.0002022-01-01: 0 % of imported tonnes, used for offsets −30same print as T0 — 2022-02-01, 0 % of imported tonnes, used for offsets −14, −7, −3, −1, T0, +1, +32022-03-01: 0 % of imported tonnes, used for offsets +7, +14, +302022-04-01: 0 % of imported tonnes, used for offsets +602022-05-01: 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 refined-product Hormuz exposure D2: value, change from the event date and change in volatility units at each offset.
OffsetPrint usedValueΔ absΔ %Volatility units
−302022-01-0100.000not publishednot published
−142022-02-01same print as T000.000not publishednot published
−72022-02-01same print as T000.000not publishednot published
−32022-02-01same print as T000.000not publishednot published
−12022-02-01same print as T000.000not publishednot published
T02022-02-01same print as T000.000not publishednot published
+12022-02-01same print as T000.000not publishednot published
+32022-02-01same print as T000.000not publishednot published
+72022-03-0100.000not publishednot published
+142022-03-0100.000not publishednot published
+302022-03-0100.000not publishednot published
+602022-04-0100.000not publishednot published
+902022-05-0100.000not 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.

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

Unit: days of coverPublished: monthlyCalculatedOfficial
T0−30−14T0+14+30+60+9089.3244.682022-01-01: 85.00 days of cover, used for offsets −30same print as T0 — 2022-02-01, 49.00 days of cover, used for offsets −14, −7, −3, −1, T0, +1, +32022-03-01: 85.00 days of cover, used for offsets +7, +14, +302022-04-01: 81.00 days of cover, used for offsets +602022-05-01: 81.00 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
−302022-01-0185.00+36.000+73.47%+9.35
−142022-02-01same print as T049.000.0000.00%0.00
−72022-02-01same print as T049.000.0000.00%0.00
−32022-02-01same print as T049.000.0000.00%0.00
−12022-02-01same print as T049.000.0000.00%0.00
T02022-02-01same print as T049.000.0000.00%0.00
+12022-02-01same print as T049.000.0000.00%0.00
+32022-02-01same print as T049.000.0000.00%0.00
+72022-03-0185.00+36.000+73.47%+9.35
+142022-03-0185.00+36.000+73.47%+9.35
+302022-03-0185.00+36.000+73.47%+9.35
+602022-04-0181.00+32.000+65.31%+8.31
+902022-05-0181.00+32.000+65.31%+8.31

One volatility unit for this series is 7.85%, 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
T0−30−14T0+14+30+60+900.7310.4812022-01-24: 0.5049 € per litre, used for offsets −302022-02-07: 0.5307 € per litre, used for offsets −142022-02-14: 0.5419 € per litre, used for offsets −7same print as T0 — 2022-02-21, 0.5541 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: 0.6491 € per litre, used for offsets +72022-03-07: 0.7014 € per litre, used for offsets +142022-03-21: 0.7064 € per litre, used for offsets +302022-04-25: 0.6165 € per litre, used for offsets +602022-05-23: 0.6922 € 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
−302022-01-240.5049-0.049-8.88%-1.15
−142022-02-070.5307-0.023-4.22%-0.55
−72022-02-140.5419-0.012-2.19%-0.29
−32022-02-21same print as T00.55410.0000.00%0.00
−12022-02-21same print as T00.55410.0000.00%0.00
T02022-02-21same print as T00.55410.0000.00%0.00
+12022-02-21same print as T00.55410.0000.00%0.00
+32022-02-21same print as T00.55410.0000.00%0.00
+72022-02-280.6491+0.095+17.15%+2.23
+142022-03-070.7014+0.147+26.58%+3.45
+302022-03-210.7064+0.152+27.49%+3.57
+602022-04-250.6165+0.062+11.26%+1.46
+902022-05-230.6922+0.138+24.93%+3.24

One volatility unit for this series is 7.69%, the standard deviation of its own week-on-week percentage changes over the three years before the event (148 changes). It is not a significance test.

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

Unit: tonnesPublished: monthlyCalculatedOfficial
T0−30−14T0+14+30+60+90446,394280,1002022-01-01: 429,533 tonnes, used for offsets −30same print as T0 — 2022-02-01, 296,193 tonnes, used for offsets −14, −7, −3, −1, T0, +1, +32022-03-01: 430,301 tonnes, used for offsets +7, +14, +302022-04-01: 429,873 tonnes, used for offsets +602022-05-01: 428,455 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
−302022-01-01429,533+133,340+45.02%+7.20
−142022-02-01same print as T0296,1930.0000.00%0.00
−72022-02-01same print as T0296,1930.0000.00%0.00
−32022-02-01same print as T0296,1930.0000.00%0.00
−12022-02-01same print as T0296,1930.0000.00%0.00
T02022-02-01same print as T0296,1930.0000.00%0.00
+12022-02-01same print as T0296,1930.0000.00%0.00
+32022-02-01same print as T0296,1930.0000.00%0.00
+72022-03-01430,301+134,108+45.28%+7.24
+142022-03-01430,301+134,108+45.28%+7.24
+302022-03-01430,301+134,108+45.28%+7.24
+602022-04-01429,873+133,680+45.13%+7.22
+902022-05-01428,455+132,262+44.65%+7.14

One volatility unit for this series is 6.25%, 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
T0−30−14T0+14+30+60+900.211-0.0722022-01-24: -0.0446 € per litre, used for offsets −302022-02-07: -0.0223 € per litre, used for offsets −142022-02-14: -0.0141 € per litre, used for offsets −7same print as T0 — 2022-02-21, 0 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: -0.0238 € per litre, used for offsets +72022-03-07: 0.0273 € per litre, used for offsets +142022-03-21: 0.1233 € per litre, used for offsets +302022-04-25: 0.1021 € per litre, used for offsets +602022-05-23: 0.1834 € 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
−302022-01-24-0.0446-0.045not publishednot published
−142022-02-07-0.0223-0.022not publishednot published
−72022-02-14-0.0141-0.014not publishednot published
−32022-02-21same print as T000.000not publishednot published
−12022-02-21same print as T000.000not publishednot published
T02022-02-21same print as T000.000not publishednot published
+12022-02-21same print as T000.000not publishednot published
+32022-02-21same print as T000.000not publishednot published
+72022-02-28-0.0238-0.024not publishednot published
+142022-03-070.0273+0.027not publishednot published
+302022-03-210.1233+0.123not publishednot published
+602022-04-250.1021+0.102not publishednot published
+902022-05-230.1834+0.183not 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
T0−30−14T0+14+30+60+901.9681.4542022-01-24: 1.504 € per litre, used for offsets −302022-02-07: 1.544 € per litre, used for offsets −142022-02-14: 1.559 € per litre, used for offsets −7same print as T0 — 2022-02-21, 1.582 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: 1.601 € per litre, used for offsets +72022-03-07: 1.689 € per litre, used for offsets +142022-03-21: 1.824 € per litre, used for offsets +302022-04-25: 1.779 € per litre, used for offsets +602022-05-23: 1.918 € 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
−302022-01-241.504-0.079-4.96%-3.19
−142022-02-071.544-0.039-2.44%-1.57
−72022-02-141.559-0.023-1.46%-0.94
−32022-02-21same print as T01.5820.0000.00%0.00
−12022-02-21same print as T01.5820.0000.00%0.00
T02022-02-21same print as T01.5820.0000.00%0.00
+12022-02-21same print as T01.5820.0000.00%0.00
+32022-02-21same print as T01.5820.0000.00%0.00
+72022-02-281.601+0.019+1.18%+0.76
+142022-03-071.689+0.107+6.73%+4.33
+302022-03-211.824+0.242+15.29%+9.83
+602022-04-251.779+0.196+12.41%+7.98
+902022-05-231.918+0.336+21.20%+13.64

One volatility unit for this series is 1.55%, the standard deviation of its own week-on-week percentage changes over the three years before the event (148 changes). It is not a significance test.

Weekly Oil Bulletin price without taxes

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30−14T0+14+30+60+901.1020.6782022-01-24: 0.7192 € per litre, used for offsets −302022-02-07: 0.7521 € per litre, used for offsets −142022-02-14: 0.7649 € per litre, used for offsets −7same print as T0 — 2022-02-21, 0.7841 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: 0.7995 € per litre, used for offsets +72022-03-07: 0.8721 € per litre, used for offsets +142022-03-21: 0.9840 € per litre, used for offsets +302022-04-25: 0.9464 € per litre, used for offsets +602022-05-23: 1.061 € 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
−302022-01-240.7192-0.065-8.27%-2.46
−142022-02-070.7521-0.032-4.08%-1.21
−72022-02-140.7649-0.019-2.44%-0.72
−32022-02-21same print as T00.78410.0000.00%0.00
−12022-02-21same print as T00.78410.0000.00%0.00
T02022-02-21same print as T00.78410.0000.00%0.00
+12022-02-21same print as T00.78410.0000.00%0.00
+32022-02-21same print as T00.78410.0000.00%0.00
+72022-02-280.7995+0.015+1.97%+0.58
+142022-03-070.8721+0.088+11.23%+3.33
+302022-03-210.9840+0.200+25.50%+7.57
+602022-04-250.9464+0.162+20.70%+6.14
+902022-05-231.061+0.277+35.37%+10.50

One volatility unit for this series is 3.37%, the standard deviation of its own week-on-week percentage changes over the three years before the event (148 changes). It is not a significance test.

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

Unit: € per litrePublished: weeklyCalculatedOfficial
T0−30−14T0+14+30+60+900.8650.7762022-01-24: 0.7848 € per litre, used for offsets −302022-02-07: 0.7917 € per litre, used for offsets −142022-02-14: 0.7944 € per litre, used for offsets −7same print as T0 — 2022-02-21, 0.7984 € per litre, used for offsets −3, −1, T0, +1, +32022-02-28: 0.8016 € per litre, used for offsets +72022-03-07: 0.8169 € per litre, used for offsets +142022-03-21: 0.8404 € per litre, used for offsets +302022-04-25: 0.8325 € per litre, used for offsets +602022-05-23: 0.8566 € 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
−302022-01-240.7848-0.014-1.71%-2.63
−142022-02-070.7917-0.007-0.84%-1.29
−72022-02-140.7944-0.004-0.50%-0.78
−32022-02-21same print as T00.79840.0000.00%0.00
−12022-02-21same print as T00.79840.0000.00%0.00
T02022-02-21same print as T00.79840.0000.00%0.00
+12022-02-21same print as T00.79840.0000.00%0.00
+32022-02-21same print as T00.79840.0000.00%0.00
+72022-02-280.8016+0.003+0.41%+0.62
+142022-03-070.8169+0.018+2.31%+3.56
+302022-03-210.8404+0.042+5.26%+8.10
+602022-04-250.8325+0.034+4.27%+6.57
+902022-05-230.8566+0.058+7.29%+11.23

One volatility unit for this series is 0.65%, the standard deviation of its own week-on-week percentage changes over the three years before the event (148 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
T0−30−14T0+14+30+60+9051.418.992022-01-25: 15.43 $ per barrel, used for offsets −302022-02-10: 17.95 $ per barrel, used for offsets −142022-02-17: 18.67 $ per barrel, used for offsets −72022-02-18: 19.03 $ per barrel, used for offsets −32022-02-23: 17.39 $ per barrel, used for offsets −1same print as T0 — 2022-02-24, 17.36 $ per barrel, used for offsets T02022-02-25: 18.28 $ per barrel, used for offsets +1, +32022-03-03: 18.33 $ per barrel, used for offsets +72022-03-10: 13.10 $ per barrel, used for offsets +142022-03-25: 16.69 $ per barrel, used for offsets +302022-04-25: 36.43 $ per barrel, used for offsets +602022-05-25: 47.31 $ 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
−302022-01-2515.43-1.934-11.14%-0.06
−142022-02-1017.95+0.594+3.42%+0.02
−72022-02-1718.67+1.306+7.52%+0.04
−32022-02-1819.03+1.666+9.60%+0.05
−12022-02-2317.39+0.026+0.15%+0.00
T02022-02-24same print as T017.360.0000.00%0.00
+12022-02-2518.28+0.924+5.32%+0.03
+32022-02-2518.28+0.924+5.32%+0.03
+72022-03-0318.33+0.966+5.56%+0.03
+142022-03-1013.10-4.262-24.55%-0.14
+302022-03-2516.69-0.674-3.88%-0.02
+602022-04-2536.43+19.072+109.86%+0.61
+902022-05-2547.31+29.946+172.50%+0.95

One volatility unit for this series is 180.80%, the standard deviation of its own day-on-day percentage changes over the three years before the event (751 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
T0−30−14T0+14+30+60+9086.115.052022-01-25: 13.79 $ per barrel, used for offsets −302022-02-10: 16.48 $ per barrel, used for offsets −142022-02-17: 13.25 $ per barrel, used for offsets −72022-02-18: 12.98 $ per barrel, used for offsets −32022-02-23: 12.89 $ per barrel, used for offsets −1same print as T0 — 2022-02-24, 12.99 $ per barrel, used for offsets T02022-02-25: 14.50 $ per barrel, used for offsets +1, +32022-03-03: 23.95 $ per barrel, used for offsets +72022-03-10: 16.37 $ per barrel, used for offsets +142022-03-25: 37.98 $ per barrel, used for offsets +302022-04-25: 78.26 $ per barrel, used for offsets +602022-05-25: 40.71 $ 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
−302022-01-2513.79+0.796+6.13%+0.04
−142022-02-1016.48+3.492+26.88%+0.15
−72022-02-1713.25+0.256+1.97%+0.01
−32022-02-1812.98-0.014-0.11%-0.00
−12022-02-2312.89-0.100-0.77%-0.00
T02022-02-24same print as T012.990.0000.00%0.00
+12022-02-2514.50+1.512+11.64%+0.07
+32022-02-2514.50+1.512+11.64%+0.07
+72022-03-0323.95+10.962+84.38%+0.48
+142022-03-1016.37+3.382+26.03%+0.15
+302022-03-2537.98+24.988+192.33%+1.10
+602022-04-2578.26+65.272+502.40%+2.88
+902022-05-2540.71+27.720+213.36%+1.22

One volatility unit for this series is 174.63%, the standard deviation of its own day-on-day percentage changes over the three years before the event (751 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.

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.

Source
European Commission, Directorate-General for Energy (DG ENER)Unknown
Period 2022-01Updated 2026-09-25 14:09 UTCConfidenceUnknownMethodologyDownload CSV

T0 is 2022-02-24. 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 Russian invasion of Ukraine (24 February 2022) 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 Russian invasion of Ukraine (24 February 2022), 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.Nothing published in the windownot published
Direct product exposure (D2)Share of imported refined product whose route requires the Strait of Hormuz.Observed0 % of imported tonnes at +30 d (published 2022-03-01)
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.Observed85.00 days of cover at +30 d (published 2022-03-01)+73.47% from the level at T0 = +9.35 volatility units
Crude benchmarkThe quoted crude price European cargoes are priced against.Observed122.7 $ per barrel at +30 d (published 2022-03-25)+21.11% from the level at T0 = +4.87 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.Observed430,301 tonnes at +30 d (published 2022-03-01)+45.28% from the level at T0 = +7.24 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.Observed0.9840 € per litre at +30 d (published 2022-03-21)+25.50% from the level at T0 = +7.57 volatility units
Pump price with taxWhat a driver actually paid.Observed1.824 € per litre at +30 d (published 2022-03-21)+15.29% from the level at T0 = +9.83 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, 2022-02-17 to 2022-03-26 →

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: Latvia, 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.

The crude-only comparison could not be read.

API 404 for /api/events/ru-invasion-ukraine-2022/crude-only: No stored crude-only run for 'ru-invasion-ukraine-2022' and country 'latvia'. 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 Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax petrol price moved +2.0%, which is 0.6 times its normal week-to-week variation over the previous three years — within that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.7994800000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    4.534881936186788
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    1.9679867355398322
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    7
    series_code
    RETAIL_PRETAX_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    0.5841366841931397
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.015430000000000055
    change_pct_from_t0
    1.9679867355398322
    observation_gap_days
    3
    normal_volatility_pct
    3.369051779821338
    change_in_volatility_units
    0.5841366841931397
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.7994800000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    4.534881936186788
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    1.9679867355398322
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    0.5841366841931397
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.015430000000000055
    change_pct_from_t0
    1.9679867355398322
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    3
    normal_volatility_pct
    3.369051779821338
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    0.5841366841931397

    Template event.price_move.within_normal v1.1 · Fingerprint 4e4e0109869c3a253455ded112e8eabbdb60cc16b869ce778236d9927d7bb5fa · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  2. In the 30 days after Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax petrol price moved +25.5%, which is 7.6 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.9839500000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    13.601205451612996
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    25.49582297047383
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    30
    series_code
    RETAIL_PRETAX_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    7.567655422566965
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.19990000000000008
    change_pct_from_t0
    25.49582297047383
    observation_gap_days
    5
    normal_volatility_pct
    3.369051779821338
    change_in_volatility_units
    7.567655422566965
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.9839500000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    13.601205451612996
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    25.49582297047383
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    7.567655422566965
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.19990000000000008
    change_pct_from_t0
    25.49582297047383
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    3.369051779821338
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    7.567655422566965

    Template event.price_move.outside_normal v1.1 · Fingerprint 6d71cefd6d92af48d6b039d042ad5971342c1a7dce4cfb4525f06dfe7de1c4b8 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  3. In the 90 days after Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax petrol price moved +35.4%, which is 10.5 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.0613599999999999
    status
    OBSERVED
    country
    Latvia
    z_score
    17.405748755831244
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    35.36891779860976
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    90
    series_code
    RETAIL_PRETAX_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    10.498181717018722
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.27730999999999983
    change_pct_from_t0
    35.36891779860976
    observation_gap_days
    2
    normal_volatility_pct
    3.369051779821338
    change_in_volatility_units
    10.498181717018722
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.0613599999999999
    status
    OBSERVED
    country
    Latvia
    z_score
    17.405748755831244
    t0_value
    0.78405
    fuel_type
    EURO_SUPER_95
    change_pct
    35.36891779860976
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    10.498181717018722
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.27730999999999983
    change_pct_from_t0
    35.36891779860976
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    2
    normal_volatility_pct
    3.369051779821338
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    10.498181717018722

    Template event.price_move.outside_normal v1.1 · Fingerprint 16fd77fdb4ebd4933d4c5fe4c0fdd9d99cef78a00c505375fd65266e3445177a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  4. In the 7 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive petrol price moved +1.2%, which is 0.8 times its normal week-to-week variation over the previous three years — within that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.6011199999999999
    status
    OBSERVED
    country
    Latvia
    z_score
    4.87843803711336
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    1.1798161079338836
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    7
    series_code
    RETAIL_INCLTAX_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    0.7591258802780455
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.018669999999999742
    change_pct_from_t0
    1.1798161079338836
    observation_gap_days
    3
    normal_volatility_pct
    1.5541771642691877
    change_in_volatility_units
    0.7591258802780455
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.6011199999999999
    status
    OBSERVED
    country
    Latvia
    z_score
    4.87843803711336
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    1.1798161079338836
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    0.7591258802780455
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.018669999999999742
    change_pct_from_t0
    1.1798161079338836
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    3
    normal_volatility_pct
    1.5541771642691877
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    0.7591258802780455

    Template event.price_move.within_normal v1.1 · Fingerprint 7227fd48c56dbb63211c3431de94a3311d119ccc4c5ae5891e5918f61c9cacea · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  5. In the 30 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive petrol price moved +15.3%, which is 9.8 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.82433
    status
    OBSERVED
    country
    Latvia
    z_score
    14.355927521112458
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    15.28515908875477
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    30
    series_code
    RETAIL_INCLTAX_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    9.834888480003004
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.24187999999999987
    change_pct_from_t0
    15.28515908875477
    observation_gap_days
    5
    normal_volatility_pct
    1.5541771642691877
    change_in_volatility_units
    9.834888480003004
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.82433
    status
    OBSERVED
    country
    Latvia
    z_score
    14.355927521112458
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    15.28515908875477
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    9.834888480003004
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.24187999999999987
    change_pct_from_t0
    15.28515908875477
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.5541771642691877
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    9.834888480003004

    Template event.price_move.outside_normal v1.1 · Fingerprint 99a359cb4757ccae9d37fdcb100245bed87490f499679cbb1004459be4d99512 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  6. In the 90 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive petrol price moved +21.2%, which is 13.6 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.9180000000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    18.33315273488512
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    21.204461436380296
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    90
    series_code
    RETAIL_INCLTAX_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    13.643529144472506
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.33555
    change_pct_from_t0
    21.204461436380296
    observation_gap_days
    2
    normal_volatility_pct
    1.5541771642691877
    change_in_volatility_units
    13.643529144472506
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.9180000000000001
    status
    OBSERVED
    country
    Latvia
    z_score
    18.33315273488512
    t0_value
    1.5824500000000001
    fuel_type
    EURO_SUPER_95
    change_pct
    21.204461436380296
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    13.643529144472506
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.33555
    change_pct_from_t0
    21.204461436380296
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    2
    normal_volatility_pct
    1.5541771642691877
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    13.643529144472506

    Template event.price_move.outside_normal v1.1 · Fingerprint 5e341cd20d2fd69470100781cc9dcd8309604c883f9717f3f7acfcf21b9b8c09 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  7. In the 7 days after Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax diesel price moved +3.7%, which is 1.2 times its normal week-to-week variation over the previous three years — within that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.78944
    status
    OBSERVED
    country
    Latvia
    z_score
    5.526953185179883
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    3.690860850605513
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    7
    series_code
    RETAIL_PRETAX_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    1.1957123227916078
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.028100000000000014
    change_pct_from_t0
    3.690860850605513
    observation_gap_days
    3
    normal_volatility_pct
    3.0867465194207644
    change_in_volatility_units
    1.1957123227916078
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    0.78944
    status
    OBSERVED
    country
    Latvia
    z_score
    5.526953185179883
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    3.690860850605513
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    1.1957123227916078
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.028100000000000014
    change_pct_from_t0
    3.690860850605513
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    3
    normal_volatility_pct
    3.0867465194207644
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.1957123227916078

    Template event.price_move.within_normal v1.1 · Fingerprint 114617d7250974b002e267e327613fc34f400aee9ef2620c63c4660ef4cfdc2c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  8. In the 30 days after Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax diesel price moved +31.7%, which is 10.3 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.00238
    status
    OBSERVED
    country
    Latvia
    z_score
    15.529051588521577
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    31.659967951243864
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    30
    series_code
    RETAIL_PRETAX_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    10.256743711234487
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.24104000000000003
    change_pct_from_t0
    31.659967951243864
    observation_gap_days
    5
    normal_volatility_pct
    3.0867465194207644
    change_in_volatility_units
    10.256743711234487
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.00238
    status
    OBSERVED
    country
    Latvia
    z_score
    15.529051588521577
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    31.659967951243864
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    10.256743711234487
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.24104000000000003
    change_pct_from_t0
    31.659967951243864
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    3.0867465194207644
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    10.256743711234487

    Template event.price_move.outside_normal v1.1 · Fingerprint 0d820ea8b233c5bd1ad78de1784b454f44fbb4f2a29ebf29b09c2c59e4294b7e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  9. In the 90 days after Russian invasion of Ukraine (24 February 2022), Latvia's pre-tax diesel price moved +47.4%, which is 15.4 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.1225
    status
    OBSERVED
    country
    Latvia
    z_score
    21.17126094425279
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    47.43741298237319
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    90
    series_code
    RETAIL_PRETAX_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    15.36809475086893
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.36116000000000004
    change_pct_from_t0
    47.43741298237319
    observation_gap_days
    2
    normal_volatility_pct
    3.0867465194207644
    change_in_volatility_units
    15.36809475086893
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.1225
    status
    OBSERVED
    country
    Latvia
    z_score
    21.17126094425279
    t0_value
    0.76134
    fuel_type
    DIESEL
    change_pct
    47.43741298237319
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    pre-tax
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    15.36809475086893
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.36116000000000004
    change_pct_from_t0
    47.43741298237319
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    2
    normal_volatility_pct
    3.0867465194207644
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    15.36809475086893

    Template event.price_move.outside_normal v1.1 · Fingerprint 2bd7f2bbb20779a93df51dda27a763f519429f17249978208c537979b051b94c · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  10. In the 7 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive diesel price moved +2.4%, which is 1.4 times its normal week-to-week variation over the previous three years — within that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.47567
    status
    OBSERVED
    country
    Latvia
    z_score
    5.86698684024415
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    2.3583760499975743
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    7
    series_code
    RETAIL_INCLTAX_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    1.417420327299168
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.03400000000000003
    change_pct_from_t0
    2.3583760499975743
    observation_gap_days
    3
    normal_volatility_pct
    1.6638508737146138
    change_in_volatility_units
    1.417420327299168
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.47567
    status
    OBSERVED
    country
    Latvia
    z_score
    5.86698684024415
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    2.3583760499975743
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-02-28
    same_observation
    false
    volatility_units
    1.417420327299168
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.03400000000000003
    change_pct_from_t0
    2.3583760499975743
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    3
    normal_volatility_pct
    1.6638508737146138
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    1.417420327299168

    Template event.price_move.within_normal v1.1 · Fingerprint 7cb14f969610c243f2a775fc2179ed069fee892d5e7f55fcc94bfaffe7f0a0c9 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  11. In the 30 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive diesel price moved +20.2%, which is 12.2 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.73333
    status
    OBSERVED
    country
    Latvia
    z_score
    16.225979708450183
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    20.23070466889094
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    30
    series_code
    RETAIL_INCLTAX_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    12.158965078237499
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.29166000000000003
    change_pct_from_t0
    20.23070466889094
    observation_gap_days
    5
    normal_volatility_pct
    1.6638508737146138
    change_in_volatility_units
    12.158965078237499
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.73333
    status
    OBSERVED
    country
    Latvia
    z_score
    16.225979708450183
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    20.23070466889094
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-03-21
    same_observation
    false
    volatility_units
    12.158965078237499
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.29166000000000003
    change_pct_from_t0
    20.23070466889094
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    5
    normal_volatility_pct
    1.6638508737146138
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    12.158965078237499

    Template event.price_move.outside_normal v1.1 · Fingerprint c2c146ec0cfac935b5f8e1094c391d80fea0184a990730b8ce7acda710334d3a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  12. In the 90 days after Russian invasion of Ukraine (24 February 2022), Latvia's tax-inclusive diesel price moved +30.3%, which is 18.2 times its normal week-to-week variation over the previous three years — outside that range.

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.87867
    status
    OBSERVED
    country
    Latvia
    z_score
    22.069246119476592
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    30.312068642615856
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    90
    series_code
    RETAIL_INCLTAX_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    18.218020089109878
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.43700000000000006
    change_pct_from_t0
    30.312068642615856
    observation_gap_days
    2
    normal_volatility_pct
    1.6638508737146138
    change_in_volatility_units
    18.218020089109878
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    unit
    EUR/L
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    1.87867
    status
    OBSERVED
    country
    Latvia
    z_score
    22.069246119476592
    t0_value
    1.44167
    fuel_type
    DIESEL
    change_pct
    30.312068642615856
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    series_kind
    tax-inclusive
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    statement_topic
    event
    variation_label
    week-to-week
    observation_date
    2022-05-23
    same_observation
    false
    volatility_units
    18.218020089109878
    series_source_ids
    ["ec_weekly_oil_bulletin"]
    change_abs_from_t0
    0.43700000000000006
    change_pct_from_t0
    30.312068642615856
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    2
    normal_volatility_pct
    1.6638508737146138
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    18.218020089109878

    Template event.price_move.outside_normal v1.1 · Fingerprint 902e95f0acd20855ee915ce2064356e0b37e48953ea90d57c05d22b2121b27b0 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  13. Over the 4 weeks after Russian invasion of Ukraine (24 February 2022), crude costs alone would have moved Latvia's pre-tax petrol price by +7.7 c/L (range -3.8–+19.1); it actually moved +20.0 c/L, leaving +12.3 c/L not explained by crude.

    about LatviaCalculatedMedium
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    4
    status
    COMPUTED
    country
    Latvia
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    series_code
    CRUDE_ONLY_EXPECTED_LV_EURO_SUPER_95
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2022-03-21
    pass_through_k
    0
    proxy_from_date
    2022-02-18
    observation_date
    2022-03-21
    gap_eur_per_litre
    0.12328210223593217
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    actual_eur_per_litre
    0.19990000000000008
    expected_eur_per_litre
    0.07661789776406791
    proxy_volatility_units
    -0.11680573781220037
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -4.018000000000001
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    -0.03766787636596769
    expected_high_eur_per_litre
    0.1909036718941035
    proxy_normal_volatility_pct
    180.79993207863203
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    4
    status
    COMPUTED
    country
    Latvia
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    4
    proxy_product
    GASOLINE
    proxy_to_date
    2022-03-21
    pass_through_k
    0
    proxy_from_date
    2022-02-18
    statement_topic
    event
    observation_date
    2022-03-21
    gap_eur_per_litre
    0.12328210223593217
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.19990000000000008
    expected_eur_per_litre
    0.07661789776406791
    proxy_volatility_units
    -0.11680573781220037
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    -4.018000000000001
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    -0.03766787636596769
    expected_high_eur_per_litre
    0.1909036718941035
    proxy_normal_volatility_pct
    180.79993207863203

    Template event.crude_only.computed v1.1 · Fingerprint 8239b8ba386e7faa578a2e2296708a2cc5d834179e210733f78491e99f016f8a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  14. Over the 13 weeks after Russian invasion of Ukraine (24 February 2022), crude costs alone would have moved Latvia's pre-tax petrol price by +9.4 c/L (range -11.5–+30.3); it actually moved +27.7 c/L, leaving +18.3 c/L not explained by crude.

    about LatviaCalculatedMedium
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    13
    status
    COMPUTED
    country
    Latvia
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    series_code
    CRUDE_ONLY_EXPECTED_LV_EURO_SUPER_95
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2022-05-23
    pass_through_k
    0
    proxy_from_date
    2022-02-18
    observation_date
    2022-05-23
    gap_eur_per_litre
    0.18343058852213556
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    actual_eur_per_litre
    0.27730999999999983
    expected_eur_per_litre
    0.09387941147786427
    proxy_volatility_units
    0.8092678270821386
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.837999999999997
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    -0.11506834844979918
    expected_high_eur_per_litre
    0.30282717140552773
    proxy_normal_volatility_pct
    180.79993207863203
    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
    2022-02-24T00:00:00+00:00
    fuel
    petrol
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    13
    status
    COMPUTED
    country
    Latvia
    fuel_type
    EURO_SUPER_95
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_EURO_SUPER_95
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    13
    proxy_product
    GASOLINE
    proxy_to_date
    2022-05-23
    pass_through_k
    0
    proxy_from_date
    2022-02-18
    statement_topic
    event
    observation_date
    2022-05-23
    gap_eur_per_litre
    0.18343058852213556
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.27730999999999983
    expected_eur_per_litre
    0.09387941147786427
    proxy_volatility_units
    0.8092678270821386
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    27.837999999999997
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    -0.11506834844979918
    expected_high_eur_per_litre
    0.30282717140552773
    proxy_normal_volatility_pct
    180.79993207863203

    Template event.crude_only.computed v1.1 · Fingerprint d0926d9238488282c18292754cb63970354673f1cbea8ee2952c5ec6cba2815a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  15. Over the 4 weeks after Russian invasion of Ukraine (24 February 2022), crude costs alone would have moved Latvia's pre-tax diesel price by +32.2 c/L (range +16.6–+47.7); it actually moved +24.1 c/L, leaving -8.1 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, widened by 22.2 $/bbl.

    about LatviaCalculatedMedium
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    4
    status
    COMPUTED
    country
    Latvia
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    series_code
    CRUDE_ONLY_EXPECTED_LV_DIESEL
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2022-03-21
    pass_through_k
    2
    proxy_from_date
    2022-02-18
    observation_date
    2022-03-21
    gap_eur_per_litre
    -0.08067535431011214
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    actual_eur_per_litre
    0.24104000000000003
    expected_eur_per_litre
    0.32171535431011217
    proxy_volatility_units
    12.233577860390142
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    22.231999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.1664804139973249
    expected_high_eur_per_litre
    0.47695029462289984
    proxy_normal_volatility_pct
    8.450955055544933
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    4
    status
    COMPUTED
    country
    Latvia
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    4
    proxy_product
    DIESEL
    proxy_to_date
    2022-03-21
    pass_through_k
    2
    proxy_from_date
    2022-02-18
    statement_topic
    event
    observation_date
    2022-03-21
    gap_eur_per_litre
    -0.08067535431011214
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.24104000000000003
    expected_eur_per_litre
    0.32171535431011217
    proxy_volatility_units
    12.233577860390142
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    22.231999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.1664804139973249
    expected_high_eur_per_litre
    0.47695029462289984
    proxy_normal_volatility_pct
    8.450955055544933

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint bde91417408a5039f29f5616e5e53ae9c74c85b0c98b7ce26985e9ef8960fa10 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  16. Over the 13 weeks after Russian invasion of Ukraine (24 February 2022), crude costs alone would have moved Latvia's pre-tax diesel price by +50.4 c/L (range +16.8–+84.0); it actually moved +36.1 c/L, leaving -14.2 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, widened by 29.9 $/bbl.

    about LatviaCalculatedMedium
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    13
    status
    COMPUTED
    country
    Latvia
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    series_code
    CRUDE_ONLY_EXPECTED_LV_DIESEL
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2022-05-23
    pass_through_k
    2
    proxy_from_date
    2022-02-18
    observation_date
    2022-05-23
    gap_eur_per_litre
    -0.14235752374640442
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    actual_eur_per_litre
    0.36116000000000004
    expected_eur_per_litre
    0.5035175237464045
    proxy_volatility_units
    16.427727304969743
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    29.853999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    expected_low_eur_per_litre
    0.16751137235937708
    expected_high_eur_per_litre
    0.8395236751334294
    proxy_normal_volatility_pct
    8.450955055544933
    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
    2022-02-24T00:00:00+00:00
    fuel
    diesel
    event
    Russian invasion of Ukraine (24 February 2022)
    weeks
    13
    status
    COMPUTED
    country
    Latvia
    fuel_type
    DIESEL
    gap_label
    NOT_EXPLAINED_BY_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV_DIESEL
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    offset_weeks
    13
    proxy_product
    DIESEL
    proxy_to_date
    2022-05-23
    pass_through_k
    2
    proxy_from_date
    2022-02-18
    statement_topic
    event
    observation_date
    2022-05-23
    gap_eur_per_litre
    -0.14235752374640442
    series_source_ids
    ["ec_weekly_oil_bulletin","eia_brent_rbrte"]
    anchor_period_start
    2022-02-21
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    actual_eur_per_litre
    0.36116000000000004
    expected_eur_per_litre
    0.5035175237464045
    proxy_volatility_units
    16.427727304969743
    pass_through_sample_end
    2026-09-14
    proxy_change_usd_per_bbl
    29.853999999999996
    pass_through_sample_start
    2023-09-25
    pass_through_window_label
    ROLLING_156W
    study_calculation_version
    event_study-1.0
    expected_low_eur_per_litre
    0.16751137235937708
    expected_high_eur_per_litre
    0.8395236751334294
    proxy_normal_volatility_pct
    8.450955055544933

    Template event.crude_only.computed_with_proxy v1.1 · Fingerprint 14dcb54075922abd2e2d8a66032bbaabe5bb74fed32e214681d8122ae03bdeca · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  17. Direct physical dependence on Hormuz-linked crude for Latvia in 2022-02 is UNKNOWN: the source reports zero imports for this period, so there is no volume to take a share of - this is a reported zero, not missing data.

    about LatviaUnknownUnknown
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    % of imported tonnes
    period
    2022-02
    status
    NO_OBSERVATION
    country
    Latvia
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    value_max_pct
    null
    value_min_pct
    null
    exposure_status
    UNKNOWN
    value_point_pct
    null
    observation_date
    2022-02-01
    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
    2022-02-24T00:00:00+00:00
    unit
    % of imported tonnes
    period
    2022-02
    status
    NO_OBSERVATION
    country
    Latvia
    commodity
    crude
    dimension
    DIRECT_CRUDE
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    LV
    country_name
    Latvia
    country_slug
    latvia
    value_max_pct
    null
    value_min_pct
    null
    exposure_status
    UNKNOWN
    statement_topic
    hormuz
    value_point_pct
    null
    observation_date
    2022-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.unknown v1.1 · Fingerprint 4c626366b5c3c846d373ec691fe13a322b65b18f24d61e2f63a180096944d26e · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  18. Direct physical dependence on Hormuz-linked refined product was limited (0%) for Latvia in 2022-02.

    about LatviaCalculatedLow
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2022-02
    status
    OBSERVED
    country
    Latvia
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    value_point_pct
    0
    observation_date
    2022-02-01
    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
    2022-02-24T00:00:00+00:00
    band
    limited
    unit
    % of imported tonnes
    period
    2022-02
    status
    OBSERVED
    country
    Latvia
    commodity
    refined product
    dimension
    DIRECT_PRODUCT
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    LV
    country_name
    Latvia
    country_slug
    latvia
    value_max_pct
    0
    value_min_pct
    0
    exposure_status
    COMPUTED
    statement_topic
    hormuz
    value_point_pct
    0
    observation_date
    2022-02-01
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    study_calculation_version
    event_study-1.0

    Template event.dependence.point v1.1 · Fingerprint 7afdffd5be41cedb613c27366abc1c832b32f6bc5eaf02bf1eb9d618a5fc1a17 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  19. Whether Latvia's crude supply was physically reduced in 2022-02 is UNKNOWN: only 12 month(s) of comparison data, fewer than the 6 required.

    about LatviaUnknownUnknown
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    tonnes
    month
    2022-02
    country
    Latvia
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    partner_role
    ORIGIN
    value_tonnes
    0
    baseline_months
    12
    observation_date
    2022-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    baseline_mean_tonnes
    0
    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
    2022-02-24T00:00:00+00:00
    unit
    tonnes
    month
    2022-02
    country
    Latvia
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    LV
    country_name
    Latvia
    country_slug
    latvia
    partner_role
    ORIGIN
    value_tonnes
    0
    baseline_months
    12
    statement_topic
    event
    observation_date
    2022-02-01
    series_source_ids
    ["eurostat_nrg_ti_oilm"]
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    baseline_mean_tonnes
    0
    study_calculation_version
    event_study-1.0

    Template event.supply.unknown v1.1 · Fingerprint fb2353b07bb0bf367278f07d34483862036a2fb3936402227f32bcf9104e3306 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  20. In 2022-02, Latvia's oil stocks stood 37.8% below their trailing 12-month mean, with 49.0 days of cover (as published).

    about LatviaCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    tonnes
    month
    2022-02
    status
    OBSERVED
    country
    Latvia
    direction
    below
    siec_code
    O4000
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    holder_type
    STK_CL
    series_code
    INVENTORY_LV
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    days_of_cover
    49
    metric_status
    COMPUTED
    mom_change_pct
    -31.043016485345714
    observation_date
    2022-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    296193
    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
    23
    trailing_12m_mean_tonnes
    476173.4166666667
    level_vs_trailing_12m_pct
    -37.79724158617982
    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
    -37.79724158617982
    level_vs_trailing_12m_pct_shown
    -37.8
    inventory_material_deviation_pct
    5
    Inputs
    t0
    2022-02-24T00:00:00+00:00
    unit
    tonnes
    month
    2022-02
    status
    OBSERVED
    country
    Latvia
    direction
    below
    siec_code
    O4000
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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_LV
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    days_of_cover
    49
    metric_status
    COMPUTED
    mom_change_pct
    -31.043016485345714
    statement_topic
    event
    observation_date
    2022-02-01
    series_source_ids
    ["eurostat_nrg_stk_oem","eurostat_nrg_stk_oilm"]
    total_stock_tonnes
    296193
    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
    23
    trailing_12m_mean_tonnes
    476173.4166666667
    level_vs_trailing_12m_pct
    -37.79724158617982
    study_calculation_version
    event_study-1.0
    trailing_12m_observations
    12

    Template event.inventory_level.below v1.1 · Fingerprint f186a811ec4b85cadba7be823159fdf55bb5547d2a89ca7c8957f6ed94c6db63 · 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 Latvia around Russian invasion of Ukraine (24 February 2022): 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. 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 LatviaUnknownUnknown
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    event
    Russian invasion of Ukraine (24 February 2022)
    country
    Latvia
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    country_iso2
    LV
    country_name
    Latvia
    country_slug
    latvia
    dependence_band
    null
    dependence_range
    null
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.unknown
    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
    2022-02-24T00:00:00+00:00
    event
    Russian invasion of Ukraine (24 February 2022)
    country
    Latvia
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    LV
    country_name
    Latvia
    country_slug
    latvia
    dependence_band
    null
    statement_topic
    event
    dependence_range
    null
    channels_available
    ["crude benchmark","inventories","pre-tax pump price","pump price with tax"]
    supply_template_id
    event.supply.unknown
    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 08269af70c4eafeaf33d7ed696d24a8c8d2d6c8b9793ac466721a2cbe6cb3d0a · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  22. In the 7 days after Russian invasion of Ukraine (24 February 2022), the Brent crude benchmark moved +13.9%, which is 3.2 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    115.36
    status
    OBSERVED
    z_score
    5.841150770454914
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    13.890808569454036
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    7
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2022-03-03
    same_observation
    false
    volatility_units
    3.203825480890899
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    14.069999999999993
    change_pct_from_t0
    13.890808569454036
    observation_gap_days
    0
    normal_volatility_pct
    4.335694516541323
    change_in_volatility_units
    3.203825480890899
    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
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    115.36
    status
    OBSERVED
    z_score
    5.841150770454914
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    13.890808569454036
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-03-03
    same_observation
    false
    volatility_units
    3.203825480890899
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    14.069999999999993
    change_pct_from_t0
    13.890808569454036
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    4.335694516541323
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    3.203825480890899

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 499e14f143cd15685ef1480ed3fa89cd45abe5f0647c7ec6a69249dfc87c1dd1 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  23. In the 30 days after Russian invasion of Ukraine (24 February 2022), the Brent crude benchmark moved +21.1%, which is 4.9 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    122.67
    status
    OBSERVED
    z_score
    6.996054504576924
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    21.107710534109977
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    30
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2022-03-25
    same_observation
    false
    volatility_units
    4.868357411616733
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.379999999999995
    change_pct_from_t0
    21.107710534109977
    observation_gap_days
    1
    normal_volatility_pct
    4.335694516541323
    change_in_volatility_units
    4.868357411616733
    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
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    122.67
    status
    OBSERVED
    z_score
    6.996054504576924
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    21.107710534109977
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-03-25
    same_observation
    false
    volatility_units
    4.868357411616733
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    21.379999999999995
    change_pct_from_t0
    21.107710534109977
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    1
    normal_volatility_pct
    4.335694516541323
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    4.868357411616733

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 216049ee46b7aafc7c24ef4f74d592168c4ca36a76f9b7e30eb4f402126d0f04 · calculation event_statements-1.0 · computed 2026-09-25 14:09 UTC

  24. In the 90 days after Russian invasion of Ukraine (24 February 2022), the Brent crude benchmark moved +14.9%, which is 3.4 times its normal day-to-day variation over the previous three years — outside that range.

    about the event as a wholeCalculatedOfficial
    Why this sentence
    Variables
    t0
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    116.41
    status
    OBSERVED
    z_score
    6.007039815711837
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    14.927436074637171
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    offset_days
    90
    series_code
    BRENT
    variation_label
    day-to-day
    observation_date
    2022-05-25
    same_observation
    false
    volatility_units
    3.4429169346887267
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    15.11999999999999
    change_pct_from_t0
    14.927436074637171
    observation_gap_days
    0
    normal_volatility_pct
    4.335694516541323
    change_in_volatility_units
    3.4429169346887267
    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
    2022-02-24T00:00:00+00:00
    unit
    $/BBL
    event
    Russian invasion of Ukraine (24 February 2022)
    value
    116.41
    status
    OBSERVED
    z_score
    6.007039815711837
    t0_value
    101.29
    benchmark
    Brent crude
    change_pct
    14.927436074637171
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-05-25
    same_observation
    false
    volatility_units
    3.4429169346887267
    series_source_ids
    ["eia_brent_rbrte"]
    change_abs_from_t0
    15.11999999999999
    change_pct_from_t0
    14.927436074637171
    calculation_version
    event_statements-1.0
    methodology_version
    1.0
    observation_gap_days
    0
    normal_volatility_pct
    4.335694516541323
    study_calculation_version
    event_study-1.0
    change_in_volatility_units
    3.4429169346887267

    Template event.benchmark_move.outside_normal v1.1 · Fingerprint 3c4d928f0edacc86e86f81949df4a6221c6a157e987b0435ccf81af9f53e267c · 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
    2022-02-24T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-02-24T00:00:00+00:00
    channels
    ["freight rates"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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 06b89c2e9e647323c15398c394cf050a39c9a42ef3b469967cce5fff091ed96a · 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
    2022-02-24T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-02-24T00:00:00+00:00
    channels
    ["refined-product benchmark"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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 eacf068451f42ad71340259d5f692acb03bf66b7a7d6f730ade5a819ff7d1005 · 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
    2022-02-24T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-02-24T00:00:00+00:00
    channels
    ["wholesale prices"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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 0a8ec24923eb853f8772aa729f8ec775267350a63bc1d8e64f27facfb62978a7 · 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
    2022-02-24T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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
    2022-02-24T00:00:00+00:00
    channels
    ["refining margin"]
    event_name
    Russian invasion of Ukraine (24 February 2022)
    event_slug
    ru-invasion-ukraine-2022
    event_type
    WAR
    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 92e561b810be016411f6a7bbc96381cc8ebec1f6df6e0ae2fd7fc342f4dc1c9f · 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.

Latvia: 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.