Goldman: Gulf Refined Oil Products at 40% of 2025 Average

The striking element is the framing: a comparison against a full-year 2025 average implies the benchmark is forward-looking, so the 40% figure describes current weakness relative to a level the market has not yet reached. That matters for Gulf refiners and for anyone using regional product prices as a read on global refined-product tightness. Goldman's silence on cause and timeframe is the real gap — without it, the number is a signal without a diagnosis. Whether the discount reflects crude spreads, seasonal demand or regional capacity is the open question.