Market Outlook
EMEA Chart Pack January 2026
Published13 JAN 26 - 13:29
Reading time
minutes
This month’s January 2026 EMEA Chart Pack focuses on the search for the “oil glut” amidst mounting geopolitical risks, the overvaluation of dated-linked crudes as WTI Midland capitalises on attractive arbitrage opportunities into Europe, and the re-opening of product outlets to the Americas and WAF.
- Oil narratives: Glut concerns and China policy signals are outweighing geopolitical risk and keeping prices rangebound.
- Crude: Cheaper freight and higher term coverage are limiting Asian crude upside and re-opening WTI arbitrage.
- Light ends: Gasoline and naphtha are losing support as outages fade and petrochemical demand weakens.
- Middle disillates: Diesel cracks are softening as supply improves, even as jet arbitrage remains structurally strong.
- Residual fuel oil: Supply tightness is being overstated as Dangote volumes pressure VLSFO and distort blending economics.
Click to read EMEA Chart Pack January 2026 – Prospect Facing
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