June 2 (Reuters) - Refined fuel margins are set to remain sharply elevated through 2026 after disruptions around the Strait of Hormuz tightened product markets more than crude, Goldman Sachs said in a note on Monday.

• Goldman expects refined margins to stay 2–3 times higher for the rest of 2026 than 2013–2019 averages with diesel margins exceeding pre-war forecasts by $19–26 per barrel.

• Global refined product exports were down 4 million barrels per day (bpd) year-on-year, led by a lack of Persian Gulf product exports and reduced Asian refinery output.

• "We expect gasoline and especially diesel stocks to decline further in the initial Hormuz reopening stage as demand likely recovers more quickly than refined product supply," the bank said.

• Goldman sees U.S. and European diesel margins at $50 and $37 per barrel, respectively, in the fourth quarter of 2026 and respective gasoline margins at $22 and $14.

• The global refining system faces increasing challenges, including about 2.5 million bpd of war-related refinery outages in the Middle East, a sub-optimal crude slate and continued attacks on Russian refining infrastructure.

• Goldman sees global utilisation rates climbing toward an all-time high by the end of 2026 as demand ramps up but operating capacity falls behind.

• The bank sees U.S. and EU diesel margins in 2027 averaging $41 and $29 per barrel respectively.