Core Viewpoint - Goldman Sachs indicates that despite a slight decline in diesel refining profits from current high levels, prices are expected to remain above historical averages due to tight global refining capacity [1] Group 1: Diesel Market Dynamics - Diesel has shown strong performance recently, with global inventories continuing to decline and financial demand surging [1] - Unexpected shutdowns in European refineries, along with supply shortages of crude oil from Venezuela, Canada, and OPEC+, have exacerbated market tightness [1] Group 2: Future Projections - Analysts expect diesel profits to moderately decline from current elevated levels, but structural tightness in refining capacity will keep prices above pre-pandemic averages [1]

Group 1 - The global oil market is entering a new period of increased volatility due to unpredictable supply changes, misleading demand signals, geopolitical uncertainties, and deteriorating economic sentiment [1] - Recent abnormal fluctuations in diesel price spreads indicate that traders need a more comprehensive analytical framework to understand the market [1] - The traditional indicators, such as the diesel price spread, are failing to accurately reflect mid-term demand due to extreme weather conditions in Europe and North America [1] Group 2 - The refining industry is facing a capacity crisis, with global refining margins remaining at historically high levels despite concerns over an economic recession [2] - A total of 400,000 barrels per day of refining capacity in Europe is confirmed to be closing, including facilities in Grangemouth and several German refineries [2] - The impact of these closures has not yet fully reflected in current prices, indicating potential future price increases [2] Group 3 - The key observation point is whether the arbitrage trade from the Middle East and India to Europe will restart, serving as an early warning signal for regional supply tightness [3] - The phenomenon of "disappearing barrels" continues to perplex analysts, as the actual tightness in physical inventories far exceeds official supply-demand forecasts [3] - If U.S. sanctions on Iran and Venezuela lead to further reductions in crude oil exports, it could trigger significant market disruptions this year [3]