Uploaded August 2026 | Updated September 2026, 2 weeks ago
Rhine low water levels are throttling refined product deliveries into Germany and Switzerland, leaving distributors with almost no fuel to sell.
Marco Saggese, StoneX VP of Clearing & Execution Sales, breaks down how the Rhine squeeze is reshaping Europe's energy supply and refined product spreads.
He explains why Switzerland can fall back on a domestic refinery while lower Germany feels the squeeze, and how unusually warm weather has softened European heating oil demand just as the disruption bites. He also walks through why refined product spreads have widened so sharply, with product piling up at the ARA refining hub because it cannot move down the river.
Discover Actionable Energy Insights with StoneX Market Intelligence: shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_marco_saggese&utm_content=share
Backwardation Set the Trap Before Low Water on the Rhine Sprang It: stonex.com/en-us/insights/backwardation-set-the-trap-before-low-water-on-the-rhine-sprang-it
Watch the full conversation: youtube.com/watch?v=k4gHiHYq7yU
0:00 Rhine Disruption Hits Germany
0:29 Switzerland Taps a Refinery
0:54 A Warm Weather Reprieve Lands
1:05 Spreads Spike as ARA Backs Up
Like and subscribe for more financial market insights.
#StoneX #MarcoSaggese #CrudeOil
Rhine low water levels are throttling refined product deliveries into Germany and Switzerland, leaving distributors with almost no fuel to sell.
Marco Saggese, StoneX VP of Clearing & Execution Sales, breaks down how the Rhine squeeze is reshaping Europe's energy supply and refined product spreads.
He explains why Switzerland can fall back on a domestic refinery while lower Germany feels the squeeze, and how unusually warm weather has softened European heating oil demand just as the disruption bites. He also walks through why refined product spreads have widened so sharply, with product piling up at the ARA refining hub because it cannot move down the river.
Discover Actionable Energy Insights with StoneX Market Intelligence: shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_marco_saggese&utm_content=share
Backwardation Set the Trap Before Low Water on the Rhine Sprang It: stonex.com/en-us/insights/backwardation-set-the-trap-before-low-water-on-the-rhine-sprang-it
Watch the full conversation: youtube.com/watch?v=k4gHiHYq7yU
0:00 Rhine Disruption Hits Germany
0:29 Switzerland Taps a Refinery
0:54 A Warm Weather Reprieve Lands
1:05 Spreads Spike as ARA Backs Up
Like and subscribe for more financial market insights.
#StoneX #MarcoSaggese #CrudeOil
