While crude markets are gradually recovering, refined products face a more complex path forward.
Supply constraints, refinery disruptions, inventory depletion and shifting trade flows continue to reshape the refined products markets. Product balances are expected to remain tighter than crude balances through much of the remainder of 2026, with implications for pricing, trade flows and refining margins.
In this insight paper, you'll gain a forward-looking view of the key forces expected to influence refined products markets through year-end and beyond, including:
- Why refined products are likely to lag crude market recovery
- The impact of Middle East supply uncertainty and changing export flows
- How Russian refinery disruptions and export restrictions are affecting diesel markets
- Why low inventories are masking underlying market tightness
- How refinery economics and yield optimisation are evolving
- What these developments could mean for cracks and refining margins through 2027
