# Refining Margins Soar as Global Oil Product Markets Tighten | OilPrice.com

> Refining margins in the US, northwest Europe and Asia have reached two-year highs as gasoline and diesel markets tighten. Causes include refinery closures, maintenance, outages, and Ukrainian attacks on Russian product exports, with the EU ban on products from Russian crude due January 21.

- Date: 2025-11-20 · published 2025-11-20T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11480-refining-margins-soar-as-global-oil-product-markets-tighten-oilprice-com
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tight product markets support refinery runs and diesel prices, partly offsetting the crude glut outlook that would otherwise pressure crude benchmarks.

## Read by commodity

- WTI: neutral
- BRENT: neutral
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2025-10-28 | [Global refining margins soar as sanctions threaten Russian supplies \| Reuters](https://feedsoft.ai/events/22593-global-refining-margins-soar-as-sanctions-threaten-russian-supplies-reuters.md) | -1.4% | -1.1% |
| DIESEL | 2023-02-14 | [Product tanker market 'evolving' after start of price cap for Russian diesel: Ardmore \| S&P Global](https://feedsoft.ai/events/37503-product-tanker-market-evolving-after-start-of-price-cap-for-russian-diesel.md) | -3.8% | -5.3% |
| DIESEL | 2022-03-08 | [Global diesel prices soar as bans on Russian supplies add to tightness](https://feedsoft.ai/events/4724-global-diesel-prices-soar-as-bans-on-russian-supplies-add-to-tightness.md) | -17.0% | -7.9% |
| DIESEL | 2026-09-30 | [Market Talk \| Volatility Returns As Diesel Surges And Global Supply Chains Tighten](https://feedsoft.ai/events/17657-market-talk-volatility-returns-as-diesel-surges-and-global-supply-chains-tighten.md) | -6.2% | -4.4% |
| DIESEL | 2026-09-21 | [Global diesel disruptions ripple through US refining, biofuel markets \| S&P Global](https://feedsoft.ai/events/17564-global-diesel-disruptions-ripple-through-us-refining-biofuel-markets-s-and-p.md) | -5.7% | -2.1% |
| WTI | 2026-03-09 | [European nitrogen market rallies on gas price hike, Iran conflicts \| S&P Global](https://feedsoft.ai/events/20464-european-nitrogen-market-rallies-on-gas-price-hike-iran-conflicts-s-and-p-global.md) | +8.5% | +25.0% |
| WTI | 2026-03-09 | [Markets seesaw over oil price fears as Trump says war to be ‘ended soon’ - The Washington Post](https://feedsoft.ai/events/6634-markets-seesaw-over-oil-price-fears-as-trump-says-war-to-be-ended-soon-the.md) | +8.5% | +25.0% |
| WTI | 2020-02-06 | [U.S., global oil benchmarks split ways as Russia resists deeper OPEC+ output cuts - MarketWatch](https://feedsoft.ai/events/54750-u-s-global-oil-benchmarks-split-ways-as-russia-resists-deeper-opec-output-cuts.md) | +0.6% | -9.7% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Energy-General/Refining-Margins-Soar-as-Global-Oil-Product-Markets-Tighten.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.