Launches Spring Oil Outlooks

Company Suggests Refining Margins Remain Structurally Supported into 2030s

DALLAS, Texas – May 4, 2026 – Texas-based consultancy Turner, Mason & Company today announced its Spring 2026 Outlook reports are now available to clients. Since 2006, the company has issued research-based reports in spring and fall annually, outlining key drivers for global crude supply, product demand and refining margins.

The Spring 2026 report indicates that global refining margins, driven by current Middle East disruptions and underlying supply-demand dynamics, are expected to remain structurally strong, with U.S. Gulf Coast crack spreads averaging $28 per barrel (excluding Renewable Identification Numbers) in 2026. While margins peaking in the near term are expected to ease, trade flows rebalancing, structural project delays and continued demand growth — particularly in distillates — are expected to tighten global product markets over time and provide strength to refining margins through the early 2030s.

“Crude oil markets are being shaped by geopolitical disruptions and trade dislocations, but our team at Turner, Mason & Company expects the market itself to gradually rebalance as flows adjust,” said Sandeep S. Sayal, vice president of research and consulting. “Our Spring 2026 Outlook details evolving supply dynamics, from Canadian expansion via the TMX pipeline, to potential upside of Venezuelan production, as well as discusses the pressures on heavy crude markets, pricing relationships and long-term refining economics.”

Research-based analysis by Turner, Mason & Company is available for purchase by companies looking for supply, demand and pricing forecasts regarding the evolving energy markets. For more information about the company’s reports, please visit the Data & Reports section at turnermason.com.