Global Oil Market Tracker

Global oil markets remain tight as refined product inventories, particularly diesel, face persistent supply disruptions in the Middle East and Russia. While crude prices have rebounded, capacity constraints are expected to keep diesel crack spreads elevated.

Key Takeaways

• 1.Diesel has become the tightest segment of the petroleum complex due to supply disruptions and refinery outages, particularly affecting Middle East exports.
• 2.Russian diesel supply is declining significantly following Ukrainian drone strikes on refineries, leading to a domestic export ban.
• 3.Refining margins remain elevated as product markets face competing pressures from recovering demand and the need for inventory replenishment.

Table of Contents

• Crude oil: global inventory depletion timeline
• Oil products: global inventory depletion timeline
• Insight: global diesel market to remain tight
• What has changed in the last week?
• What to watch in the next week?
• Exports from Persian Gulf producers
• Persian Gulf: oil production losses by country
• Further gains in US oil output although drilling falls
• Strait of Hormuz vessel crossings
• Exports of US crude oil slumps, while products stabilise
• Global oil inventories stable last week
• Gasoline inventories fall further, others stabile
• Crude oil at sea (global)
• Persian Gulf inventories
• US distillate and gasoline stockpiles fall, crude oil gains
• US Strategic Petroleum Reserve
• Renewed falls in Australia's petroleum inventories
• Singapore oil product inventories fall further
• Global oil refining margins record further gains
• Oil product prices continue to push higher
• Global crude oil prices rebound as oil disruptions persist
• Crude oil time spread tightens
• Crude oil spreads
• Investor positioning

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