Monthly Europe 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 Europe for the month of May.
Oil Narratives
Crude
Diesel
Light Ends
Freight
Europe Chart Pack: May
Introduction
The May 2026 Europe Chart Pack shows Iran-US deal chatter pushing Ice Gasoil spreads near pre-war levels, flagging the sell-off as a tactical entry point. US diesel stocks are at a multiyear low below 101m bbls, WTI is competitive into NWE on weaker TD25, and RBOB spike risk is rising. Without a deal in place, Hormuz transits have also became more difficult as Iran's PGSA is now OFAC-sanctioned.
"Workarounds (stock releases, supply redirections, sanctions waivers) are only delaying, not reversing market tightness."
Jay MarooHead of Product Experts
Jay Maroo is the Head of Product Experts at Sparta, covering cross-barrel global analysis. Having previously held senior roles at Brevan Howard and Vortexa, Jay is experienced in oil & shipping markets research and building analytics capabilities across global teams.
Market Structure vs Geopolitics
US gasoline primed for upside
WTI looking good in NWE, China’s restraint
HO spreads look cheap
Weak MR CPP supports USGC exports
