Monthly Americas Chart Pack
May 2026
Take a step back with our monthly chart pack, where analysts highlight the most important trends and visuals shaping the oil market in the Americas for the month of May.
Oil Narratives
Crude
Light Ends
Middle Distillates
Freight
Americas Chart Pack: May
Introduction
The May 2026 Americas Chart Pack shows US refined product inventories 11,900 mbbl below seasonal norms, locking in the USGC as the world's barrel of last resort. The RBOB/HO spread is narrowing as summer gasoline demand accelerates, diesel is approaching minimum workable levels, and USGC arbs to NWE, MED, WAF, and LATAM remain open. But a US export ban on refined products looms as the summer's defining tail risk.
"US total refined product inventories sit approximately 11,900 mbbl below seasonal norms year-on-year, as the US continues to serve as the global 'barrel of last resort.'"
Nikolas PlonskiOil Market Analyst
Nikolas PlonskiOil Market Analyst - Americas
Nikolas Plonski is an Oil Analyst for Sparta Commodities focused on cross-barrel analysis of the Americas. Having been a distillates trader at Gent Commodity trading and analysing markets, Nikolas is an accomplished analyst in the oil markets.
Speculative crowding creates de-risking room as the widowmaker narrows into summer.
Diesel draws toward minimum levels while jet exports hold at records.
WTI holds its Far East edge as medium sours re-emerge globally.
June TA arb flips negative as Houston builds its LATAM case.
Prompt tonnage oversupplied on dirty and clean routes, arb support building.
