Monthly APAC 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.
Oil Narrative
Crude
Kero and Diesel
Light Ends
Fuel Oil
APAC Chart Pack: May
Introduction
The May 2026 APAC Chart Pack shows the Iran war and Hormuz closure forcing Asian refineries off their designed medium sour crude diet. Even with a clean reopening, vessel repositioning and flow normalization take 3-6 months. Reinventorising will be a key theme.
"Asian refineries are missing heavier Saudi, Iraqi and Kuwait barrels. The alternatives are lighter, producing less diesel and fuel oil yields. Prices are not valuing this yet."
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.
Inventories and reinventorising
Upside to summer
0.5% has legs to go
China holds the key
E/W weaker than expected
