Alkagesta's half-year update for 2026 reports higher traded volumes across refined products, with growth concentrated in middle distillates and naphtha rather than a broad increase across every book.
The company frames the period as one of selective expansion. New activity in EU allowances and participation in physical assessment processes are presented as capability additions that support the existing product desks.
Margins reflect a market where structure, not flat price, generated returns. Backwardated middle distillate curves rewarded prompt physical positions and penalised carry, favouring desks with storage flexibility.
Counterparty and credit discipline is highlighted as the constraint on further growth, with the company noting that documentary and compliance workload has risen faster than volume.
Guidance for the remainder of the year is cautious, citing choke point risk and inland logistics as the main variables.
