More oil is moving, but the physical market is still tight. Diesel and gas oil topping international geopolitics

October 2, 2026

 

 

In this Energy Market Drivers edition:

 

  • Crude oil and geopolitics: More oil is moving, but physical supply remains expensive

  • Diesel gasoil and MGO: Some price relief as Europe weighs stock releases

  • European gas: Mild weather buys time as Germany steps up storage purchases

  • EUAs: Still a tight market, but compliance buying support behind us

  • Hedging views (all products): Hedge ratio above benchmark. Length/duration below benchmark. Consider options as a hedging instrument

  • GRM Forecasts: Oil, Gas, EUAs and FX

 

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Arne Lohmann Rasmussen
Chief Analyst, Head of Research at Global Risk Management

Phone +45 2146 2951

E-mail: Arra@global-riskmanagement.com

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