Localization of commutative rings is a left exact left adjoint, so it behaves nicely with plenty of things. Local-to-global principles are also abundant in commutative algebra, and I thought some of them might actually be reflecting limits in disguise - that some types of limits in localizations must arise from limits in the original ring. Looking at localization as the tensor product of a symmetric monoidal category does not tell me much.
I did not give this much thought and I don't know much commutative algebra, so I hope it's not too stupid/basic to ask here. What inspired it was Nagata's lemma which says an element is prime iff it's either a unit or a prime in some localization. (Thought along the line of prime ideals as regular epis into integral domains.)
So, what kind of (co)limits does localization of commutative rings reflect?