Global Oil Data Deck (June 2026)
Oil markets remained in deep supply deficit through April as the ongoing Middle Eastern production shut-ins were only partially offset by the pullback in Asian petrochemical feedstock demand.
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Overview
The global petroleum liquids market remained in steep deficit through April as ongoing shut-ins across the Middle East hit their full-month impact and were only partially offset by contractions in Asian petrochemical feedstock demand. Global onshore stocks—both commercial and strategic—continued to draw aggressively, offset somewhat by the rebound in oil-on-water driven by higher Western exports to Asia.
Global crude markets have weakened notably over the past couple of weeks, with prompt crude timespreads dipping into contango for the first time since February, as the rising number of tankers exiting Hormuz runs into an Asian market still largely shaped by China’s ongoing buyer’s strike. Meanwhile, refined product markets continue to tighten in a sign that the world is increasingly short of refining capacity, further hampering crude demand.