Refiners face numerous challenges in 2022
Tide turns for middle distillates
Strong prices for middle distillates might persist due to a range of supply and demand factors
Dated Brent reached $100/bl in mid-February, exposing refiners to a new set of challenges for the year ahead, including crude procurement, managing high operating costs—due to high natural gas and carbon prices—and the need to address growing product demand. At the same time, jet fuel margins show strong signs of recovery and gasoil/diesel balances appear set to tighten even further. The key themes in product markets last year were the strength of gasoline and refiners opting to blend surplus jet fuel into the diesel pool, while 2022 has ushered in a new set of challenges and opportunities for refiners. The most notable of these has been the rally in middle distillates. Several factors have
Also in this section
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
