# Goldman Sachs expects elevated refined fuel margins through 2026 on Hormuz disruption | Reuters

> Goldman Sachs expects refined fuel margins to stay two to three times higher than 2013-2019 averages through 2026, with diesel margins $19-26 a barrel above pre-war forecasts. Global refined product exports fell 4 million bpd year-on-year.

- Date: 2026-06-02 · published 2026-06-02T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/19008-goldman-sachs-expects-elevated-refined-fuel-margins-through-2026-on-hormuz
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Persistently elevated diesel margins sustain higher freight and processing energy costs, a cost-side pressure on feed production.

## Read by commodity

- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2026-10-28 | [Diesel prices may stay elevated into spring 2027, fuel executives warn  - FreightWaves](https://feedsoft.ai/events/273-diesel-prices-may-stay-elevated-into-spring-2027-fuel-executives-warn.md) | -4.2% | — |
| DIESEL | 2024-12-12 | [Global diesel prices to rely on refinery closures for support in 2025](https://feedsoft.ai/events/27158-global-diesel-prices-to-rely-on-refinery-closures-for-support-in-2025.md) | +1.1% | +12.9% |
| DIESEL | 2019-12-11 | [Reaction in the diesel market to IMO 2020 is still to come: Platts - FreightWaves](https://feedsoft.ai/events/55751-reaction-in-the-diesel-market-to-imo-2020-is-still-to-come-platts-freightwaves.md) | +3.5% | -0.9% |
| DIESEL | 2026-06-26 | [US diesel refining economics remain firm despite Iran war truce \| Reuters](https://feedsoft.ai/events/19002-us-diesel-refining-economics-remain-firm-despite-iran-war-truce-reuters.md) | -3.4% | +27.5% |
| DIESEL | 2017-07-28 | [China diesel demand expected to return to growth as economy improves](https://feedsoft.ai/events/70130-china-diesel-demand-expected-to-return-to-growth-as-economy-improves.md) | +2.1% | +1.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/goldman-sachs-expects-elevated-refined-fuel-margins-through-2026-hormuz-2026-06-02/

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