The European Union has been paying $11 billion more to import oil since the Middle East crisis choked crude oil supplies and triggered a global fuel crisis, an analysis by Euronews Business showed on Thursday. The value of the EU’s petroleum imports jumped by 55.8% in the second quarter of 2026, despite the relatively stable volume of imports, according to Eurostat data. Between April and July, right after the closed Strait of Hormuz hiked oil prices, the EU spent an average of $30.7 billion (27.6 billion euros) per month on petroleum oil…
Refining & Products Context
Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.
Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.
What to Watch
Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.
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