European oil and gas companies have recorded some of the strongest gains in the region’s stock market this year, with shares rising between 40% and almost 90% as record diesel prices and wider refining margins boost earnings.
The rally has been driven not only by higher crude prices but also by growing shortages of refined fuels, including diesel, petrol and jet fuel. The difference between the price of crude oil and refined products, known as the crack spread, has reached record levels in parts of Europe.
Supply disruptions linked to the conflict around Iran and the Strait of Hormuz have reduced exports of diesel and jet fuel from Gulf refineries. Russia also imposed a diesel export ban during the summer after Ukrainian drone attacks damaged its refineries, adding pressure to a market on which Europe depends.
According to pricing agency OPIS, the European diesel crack spread has nearly doubled since November 2025, when it stood at about $46 per barrel.
European Central Bank President Christine Lagarde highlighted the impact of refining margins after the ECB raised interest rates on September 10. She noted that refining margins had become a widely discussed issue and described diesel as another bottleneck.
The ECB said energy inflation rose to 14.3% in August from 10.3% in July, partly because of higher refining margins on liquid fuels. ECB experts estimate that the diesel margin now accounts for about 41 cents of every litre sold, representing almost one-fifth of the pump price.
Euronews screened European oil and gas companies with market capitalisations of at least €10 billion to identify the strongest performers through September 23.
French energy giant TotalEnergies ranked 10th, with its shares up 40.6%. Adjusted net income reached $6 billion in the second quarter, compared with $3.6 billion a year earlier, while its European refining margin increased to $13.5 per barrel from $4.7.
Italy’s Eni gained 44.9%, while Austria’s OMV rose 48.7%. Portuguese energy company Galp advanced 52.1%, supported by a 45% increase in adjusted net income and a near tripling of its refining margin to $16.8 per barrel.
Romania’s Romgaz climbed 53.6%, followed by Poland’s Orlen at 55.6%. Norway’s Vår Energi rose 56.2%, while Equinor gained 67.9%.
Finland’s Neste was up 76.4%, after comparable second-quarter EBITDA reached a record €1.20 billion, helped by strong diesel and jet fuel margins.
Spain’s Repsol was the strongest performer, with shares rising 87.2%. Its industrial division, which includes refining, generated €1.68 billion in adjusted net income in the first half, compared with €235 million a year earlier.
The companies’ performances show how tight refined-fuel supplies have created significant benefits for parts of Europe’s energy industry even as higher fuel costs put pressure on consumers.
