Monthly APAC Chart Pack
April 2026
Take a step back with our monthly chart pack, where analysts highlight the most important trends and visuals shaping the oil market.
Oil Narrative
Crude
Kero and Diesel
Light Ends
Fuel Oil
APAC Chart Pack: April
Introduction
The April 2026 APAC Oil Markets Chart Pack shows geopolitics reshaping crude demand. US-Iran tensions are forcing Asian refineries off their medium sour diet, with WTI now competing as a replacement. Diesel and jet fuel face structural shortfalls, naphtha cracks have surged on petrochemical demand, and fuel oil supply imbalances into Singapore are creating curve opportunities. Recovery takes 3-6 months minimum if Hormuz reopens unconditionally.
Asian oil markets will never be the same. Geopolitics has forced a structural shift in crude preferences, and traders optimizing for a new crude diet cannot fully replicate the refining yields they're designed for.
June GohSenior Oil Market Analyst
June Goh is a seasoned oil professional, with roles spanning Refining, Trading & Supply and Strategy over her 18 years at Shell. She has done refinery scheduling, crude and feedstock optimisation and market analysis for both short term and long term price forecasting.
Recovery timeline
Petchem woes, mogas octane premium
Strength vs crude oil is not misplaced
Replacing medium sour demand is not simple
Demand destruction and the workhorse of the barrel
