Refining & Fuels Marketing - Q1 2026

What operators and investors need to know navigating the mid-cycle

Downstream refining is no longer living in the extraordinary post-2022 dislocation. The market is normalizing, but volatility remains constraint-driven and outcomes are increasingly dispersed. In this regime, the edge is not calling next quarter's cracks - it is converting the tape into durable advantage: reliability as a cash moat, differential and logistics leverage, disciplined capital allocation, and explicit management of policy exposure.

We take a look at some of this in our Q1 2026 brief.

Download the full brief (PDF)

Disclaimer: This material is provided for general informational purposes only and does not constitute tax, legal, regulatory, accounting, investment, or other professional advice. It reflects the author’s interpretation of publicly available proposed rules as of the publication date; those rules may change, and final guidance and application may differ materially. Nothing herein constitutes an offer or solicitation to buy or sell any security, commodity, or financial instrument.