Holding pattern continues

Neil Crosby

21 November 2025 Time to read: minutes

Commentary summary:

• WTI remains some of the most expensive crude around.

• Fuel oil is pricing to get rid of the marginal refined barrel, clean cracks to support it.

• Shorter European gasoline market sees more arbs put at risk.

The major themes in the market remain extremely difficult. The key elements that could lead to major exacerbations or corrections in various areas of oil pricing remain very unclear to most observers.

Neil Crosby is an experienced energy market and commodity analyst, specialising in crude oil, oil products, biofuels, and carbon. With roles at OilX and JBC Energy, he has extensive expertise in global oil industry analysis, forecasting tools, bespoke research, and client communication. His focus on refining and petrochemicals underscores his specialisation.

Sparta is a live, market intelligence and forecasting platform that enables oil traders, refiners, banks, hedge funds and wholesalers to have access to real-time and global actionable insights to capture market opportunities before others.

To find out how Sparta can allow you to make smarter trading decisions, faster, contact us for a demonstration at sales@spartacommodites.com

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Holding pattern continues

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