Updated on February 6, 2026
This State of the National Oil & Gas Industry report aims to provide a comprehensive analysis of transportation and logistics for the oil & gas industry, shedding light on its key drivers, trends, and emerging technologies. By examining the current landscape and forecasting future developments, we seek to equip executives, industry managers, and stakeholders with valuable insights to navigate the ever-evolving logistics landscape.
Highlights for the oil & gas report include:
- Late-January price action disrupted the narrative that oil markets are headed for a steady decline in 2026, highlighting continued vulnerability to supply and demand shocks.
- A severe U.S. cold snap drove a sharp rally in ultra low sulfur diesel (ULSD), which reached its second-highest level since April 2024.
- Physical diesel markets also tightened, with U.S. prices exceeding European levels and diesel widening its premium over crude by more than $1 per gallon.
- Cold weather boosted both demand and supply concerns, as refiners shifted output toward heating oil while weather disruptions affected refinery operations and crude production.
- Despite this volatility, the International Energy Agency maintains a broadly bearish outlook, projecting 2026 oil supply to significantly exceed demand.
- Rising OPEC+ output is a key driver of projected imbalances, which are unlikely to be sustainable without renewed supply restraint..
- With OPEC+ less inclined to balance the market, early signs suggest U.S. producers may absorb the adjustment.
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