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EMEA Chart Pack February 2026

Cross BarrelCrudeDistillateFreightFuel OilGasolineJetNaphtha
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Published25 FEB 26 - 10:48 Reading time  minutes

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.

The February 2026 EMEA Chart Pack shows geopolitics and freight driving the market. US–Iran tensions are supporting Brent and widening naphtha E/W spreads, while Venezuelan heavy-sour flows are tightening HSFO supply in Asia. High tanker rates have restricted WAF arbitrage, WTI Midland remains competitive into Europe, and product markets reflect regional imbalances with gasoline contango and middle distillate support into maintenance season.

Key takeaways

> Oil Narratives: Geopolitics are supporting flat price, but US and China stockbuilds cap rallies, while heavier crude supply and Venezuelan flows are tightening HSFO and shifting yields toward middle distillates. > Crude: Brent-linked WAF grades are uncompetitive on strong DFL and high prompt prices, WTI Midland dominates into Europe, and EFS is likely to narrow as maintenance pushes light sweet barrels East. > Light Ends: Gasoline remains in deep contango, Sing 92 presents buying interest, and naphtha is most exposed to Iran risk with potential for further E/W widening. > Middle Distillates: Diesel spreads risk turning higher into March and April on refinery turnarounds and limited USGC arb, while NWE jet looks stretched with East-to-West flows open. > Residual Fuel Oil: HSFO strength has pushed ARA into backwardation, with potential VLSFO upside as blending components tighten and Dangote reduces LSSR supply. > Freight: Crude freight lacks upside with WAF barrels struggling to clear, while TC2 remains bearish on vessel length and weak transatlantic gasoline demand.

Click to read EMEA Chart Pack February 2026 – Prospecting Facing

Topics Cross BarrelCrudeDistillateFreightFuel OilGasolineNaphtha
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