Monthly EMEA 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 in the Americas for the month of February.
Oil Narratives
Crude
Middle Distillates
Light Ends
Fuel Oil
EMEA Chart Pack: April
Introduction
Sparta's April 2026 EMEA Chart Pack shows Hormuz disruption is reshaping crude flows globally, creating structural opportunities across spreads. WTI is the barrel of last resort while Asia steals crude from Europe. Spreads are mispriced on hope, not reality. Deferred supply cuts in diesel, gasoline, and naphtha haven't materialized yet. Fuel oil resid is critically undersupplied with Asian refineries facing imminent molecule shortages.
We've said, as have many others, that it will be months and weeks before normal supply chain is re-established, even were SoH to sustainably re-open with a low risk of re-escalation.
Neil CrosbyHead of Research
Inventory fundamentals tell different story.
Deferred mogas and naphtha. Supply cuts lag demand.
Resid critically undersupplied. Hedges facing imminent unwind.
WTI/Brent compression trade. Spreads narrow as inventories draw.
Diesel E/W long. Asian run cuts accelerating.
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