European Oil Stocks Rally Up to 87% as Refining Margins Hit Records on Fuel Shortages

European oil and gas equities have surged between 40% and 87% year-to-date as diesel, petrol and jet fuel shortages pushed refining margins to record highs, turning a consumer supply crisis into an industry windfall. The European diesel crack spread has nearly doubled since November 2025, when it stood at about $46 per barrel, according to pricing agency OPIS. The ECB said energy inflation rose to 14.3% in August from 10.3% in July, with diesel margins now accounting for roughly 41 cents of every litre sold. Repsol led 2026 gainers at +87.2%, followed by Neste (+76.4%), Equinor (+67.9%), Vår Energi (+56.2%), Orlen (+55.6%) and Romgaz (+53.6%). Galp, OMV, Eni and TotalEnergies rounded out the top ten. Disruptions from the Iran and Strait of Hormuz conflict and Russia's summer diesel export ban have tightened global refined fuel supply. ECB President Christine Lagarde, speaking after the September 10 rate raise, called diesel "yet another bottleneck."