Crude Oil, Maritime & Shipping, Refined Products, Upstream
November 05, 2026
No way out: Trapped European crude sinks differentials
Featuring Emma Kettley, Ernest Puey, and Jan Kedzior
HIGHLIGHTS
European crude supply glut balloons in 2026
High freight costs trap regional barrels
Refineries reach maximum feedstock capacity
The European crude oil market is entering the final stretch of 2026 with a ballooning supply glut. Elevated freight is limiting the economics of moving barrels out of the region, while refineries are unable to absorb more feedstock. S&P Global Energy's Emma Kettley, associate director, price reporting, and reporters Ernest Puey and Jan Kedzior discuss the outlook for the regional market and the factors shaping the closing weeks of the year.
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