Goldman Sachs Group Inc. says gasoline prices may continue to rise as strains across global fuel markets intensify. Bloomberg reported that the bank has revised its trading view and now favors gasoline over diesel.
According to the bank’s analysts, the shift is tied to refinery behavior. When refiners move output away from gasoline and toward diesel, conditions in gasoline markets tighten quickly, they said.
Bloomberg noted that global fuel markets have faced shortages in 2026 because of the combined impact of the conflict between the US and Iran and the war between Russia and Ukraine. Against that backdrop, US diesel futures closed at a record level, while average retail prices at filling stations climbed to an all-time high. The report said refined product prices have risen much faster than crude oil prices.
While diesel prices may still move higher, Goldman’s analysts argue that gasoline now offers “greater upside potential.” They cite firmer demand and relative shifts in fuel inventories as the main reasons.
As a result, the bank has closed its previous recommendation, which aimed to profit from price differences between diesel contracts by betting on changes in time spreads. In its place, Goldman recommended taking a long position in European gasoline, targeting a payoff by mid-2027.
The report’s headline, as cited by Bloomberg, sums up the view this way: “High diesel prices lead to high gasoline prices.”
