ICE Gasoil
European distillate futures benchmark; crack widened after GL X cut Brent but not NWE products.
ICE Gasoil traded against the thinnest Amsterdam-Rotterdam-Antwerp gasoil stocks in 2.5 years by mid-July 2026, a week after Russia banned all diesel exports and Europe's diesel refining margin hit a record $60.17.
Last refreshed: 28 September 2026 · Appears in 1 active topic
Will the ICE Gasoil crack hold as GL X cuts Brent and US distillates rebuild?
Timeline for ICE Gasoil
Mentioned in: Fujairah light ends hit record low
European Oil MarketsMentioned in: ARA gasoil imports halve as stocks hit a fresh low
European Oil MarketsPushed to a 2026 high
European Oil Markets: Russia's diesel ban sets a record crackHeld crack near $54/bbl as falling crude outpaced product price declines
European Oil Markets: Brent ends worst quarter since 2020Faced mild narrowing pressure as the US distillate rebuild reduced the trans-Atlantic crack tightness signal
European Oil Markets: US distillates post first build in weeksBackground
ICE Gasoil is the benchmark futures contract for European diesel and gasoil, traded on ICE Futures Europe in lots of 100 tonnes. Refiners and traders use its crack spread, the margin over Brent Crude, to gauge European refining profitability and distillate tightness. An ICE Gasoil front month priced above later months, known as backwardation, signals a physically tight market.
Because the crack prices products rather than crude, it can move against Brent. When OFAC's General License X authorised Iranian crude sales on 22 June 2026, Brent fell to about $73, but EU and UK sanctions still barred European refiners from buying Iranian crude, so the ICE Gasoil crack widened.
With US refineries at a 95.3% utilisation ceiling in early June 2026, the United States could not export its way out of its own distillate deficit, which kept the crack near $54 whatever Brent did.
Physical shortage props up the crack
ICE Gasoil's crack spread has tracked a physical shortage at the Amsterdam-Rotterdam-Antwerp hub. BP ran both crude units at its Rotterdam refinery, the largest crude processor in Northwest Europe, offline through May 2026, and ARA gasoil stocks fell to their lowest since July 2025. In The Week to 28 May the hub's product stocks hit their lowest since November 2014, in a season when they normally build. EU-wide diesel imports fell 38% in April to 695,000 barrels a day, and the ICE gasoil crack held near $54 into mid-May as Brent fell.
BP restarted only one of its two Rotterdam units on 4 June. By mid-July ARA gasoil stocks had slipped to a 2.5-year low, and gasoil imports into the ARA hub halved between June and mid-July.
Why did the ICE Gasoil crack reach a 2026 high in July 2026?
How does US distillate stock data affect the ICE Gasoil crack?
Why did the ICE Gasoil crack widen when OFAC issued GL X?
What is the ARA gasoil stock level in June 2026?
Why did the ICE Gasoil crack spread stay high even as Brent fell in May 2026?
Why are European gasoil prices rising in 2026?
What does ICE Gasoil backwardation tell you about distillate supply?
How is ICE Gasoil connected to Brent crude prices?
What is ICE Gasoil futures and why does it matter?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 28 September 2026. Editorial standards.