XOM · 10-Q · 2026Q3 · Full report

Global Energy Market Conditions

ExxonMobil Holdings Corp · 2026-11-02 · Importance 27 · Surprise 24

During the third quarter, global supply disruptions affected commodity and product markets, while restrictions on supply through the Strait of Hormuz coincided with lower global refining capacity availability. Average crude oil prices remained within the 2010–2019 historical range, while international natural gas prices rose above that range because of limited Middle East supply. Global refining margins rose above the 10-year range amid unavailable capacity, while chemical margins declined—particularly in Europe and Asia—on higher product availability and sustained higher feed costs.

Key facts

• In the third quarter, global supply disruptions continued to affect commodity and product markets; lower global refining capacity availability contributed to average crude oil prices remaining within the 2010–2019 10-year historical range despite supply restrictions through the Strait of Hormuz. source
• International natural gas prices increased above the 10-year range on limited Middle East supply. source
• Global refining margins increased to historically high levels above the 10-year range amid unavailable capacity. source
• Global chemical margins declined, particularly in Europe and Asia, as product availability and feed costs remained high, pushing margins further below the bottom of the 10-year range. source
• ExxonMobil identifies changes in oil, natural-gas, petrochemical, and feedstock supply and demand as factors that could affect its results. source
• ExxonMobil identifies economic conditions and seasonal fluctuations affecting prices, differentials, margins, and product volume and mix as factors that could affect its results. source
• ExxonMobil identifies changes in laws, regulations, taxes, trade sanctions, tariffs, and policies as factors that could affect its business. source
• ExxonMobil identifies geopolitical and security disturbances, including disruption of land or sea transportation routes and distribution or shipping channels, as risks to its business. source