Americas Chart Pack February 2026
Sparta’s Chart Packs are ready-made collections of charts that highlight key commodity market moves, giving traders a fast, visual snapshot of what matters without building charts themselves.
This month’s February 2026 Americas Chart Pack examines the clash between geopolitics and physical balances, the outsized impact of extreme clean freight volatility, and the pressure on heavy-sour crude following the return of Venezuelan Merey.
Key takeaways
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Oil narratives: US-Iran tensions and Venezuelan flows are overpowering glut fears. Extreme clean freight has effectively shut gasoline and distillate arbs into Latin America and Europe.
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Crude: WTI is winning in Europe as North Sea premiums fade, but VLCC rates price it out of Asia. Incoming heavy-sour barrels are widening regional margin spreads.
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Light ends: The RBOB Trans-Atlantic arb is closed for Q1, with early signs of a Q2 reopening. Naphtha spreads are at historic highs on Mediterranean disruptions and Middle East risk.
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Middle distillates: Diesel cracks are softening as record TC14 rates choke exports. PADD 5 jet arb stays structurally open into rising seasonal demand and refinery outages.
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Residual fuel oil: USGC HSFO cracks are sliding as refinery slates get heavier, amplified by weaker Canadian and LatAm heavy grades.
Click to read Americas Chart Pack February 2026 – prospect facing
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