The Officials Benchmarks | Who are the winners and losers? Skip to main content

Who are the winners and losers?

Who has won this war see the result of our survey, why US shale is not picking up the slack.
Published: 7 May 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
,
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
and
Spyridon Kokas

Spyridon Kokas

Research Analyst, The Officials
Spyridon Kokas
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Euro EditionVolume: 3Issue: 87
Share

Who has won this war see the result of our survey, why US shale is not picking up the slack.

There is an increasing sense (or perhaps hope) that we are approaching the final act of the war, as the two sides squabble over details. We sent out a poll to assess the market’s view of the war’s outcomes: 80% of respondents judged that the US has lost! See the distribution on page 3. The economic pain inflicted globally means, really, everybody has lost.

Premium Content

To continue reading this page, please login or subscribe now.

The Officials publish outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.

We invite you to read our reports, which are published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST). For any comments, please reach out to us through the emails provided in the signed documents.

About Euro Edition

Benchmark reports published at the close of the trading day in London.

More News

Call an ambulance!

Edition: Euro EditionVolume: 3Issue: 89
The ceasefire is on life support, Trump is getting desperate
11 May 2026

China tightens its belt

Edition: Asia EditionVolume: 3Issue: 88
China's appetite has diminished, lowest Saudi allocations since we began tracking them
11 May 2026

Schrödinger’s ship

Edition: Euro EditionVolume: 3Issue: 88
There's calm in the North Sea, there's reasons to be hopeful for European fliers
8 May 2026