Reminder: Analyst Access: Global refining trends - navigating 2026

Research evidence excerpt

Reminder: Analyst Access: Global refining trends - navigating 2026

They will delve into the key developments shaping the sector, including the evolution of

refining margins, the crude feedstock situation, Middle East scenarios, products demand,

the growing role of biofuels, and the broader equity implications.

Relevant Research

European Integrated Energy: Crude prices vs refining margin - a tug of war, 8 May 2026

Global Energy - Biofuel: recent news flow and read-across, 14 May 2026

Valero Energy: Poised to capture the upside, 30 April 2026

Repsol: Momentum builds into Q2 and beyond, 30 April 2026

Phillips 66: Supportive supply backdrop, 29 April 2026

Neste: RP margin strength dominates, 29 April 2026

North America Refining: Messy 1Q capture, FY upside hinges on demand, 16 April 2026

European Energy: Raising the anchor, 17 March 2026

North America Refining - Macro shifts abound, 21 January 2026

Meet the Analysts

Lydia Rainforth is a senior research analyst at Barclays,

responsible for coverage of European Integrated Energy

companies. Key areas of focus include energy transition

and how the oil and gas industry adapts to providing

clean, reliable and affordable energy in an increasingly

capital constrained world. The team has delivered

industry-leading work across the opportunities in

decarbonisation and is working to develop the modelling

of low carbon finance further. Lydia holds the CFA

certificate in ESG investing, is a CFA charterholder and

graduated with an MA from the University of Cambridge.

View Analyst Page

Theresa Chen, CFA, is a Managing Director and equity

research analyst covering North American Midstream

Energy and Refining. She joined Barclays in 2008 and has

consistently been part of top-ranked teams in Extel’s

annual "All-America Research Team" survey.