Middle East escalation reinforces our view of higher prices for longer

October 23, 2026

In this Energy Market Drivers edition:

 

  • Crude oil and geopolitics:  Saudi Arabia and Hormuz keep escalation risks high
  • Diesel gasoil and MGO:  US measures offer limited relief from the supply shortage
  • Bunker markets:  Singapore HSFO remains tight despite inventory rebound
  • European gas:  Our EUR 100 per MWh upside target remains in place
  • Hedging views (all products): Risk that market prices out more backwardation. Consider
    options as a hedging instrument
  • GRM Forecasts: Oil, Gas, and EUA prices

 

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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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