Herein disclosed is a method for catalytic cracking or reforming of hydrocarbons comprising: supersaturating a hydrocarbonaceous liquid or slurry stream in a high shear device with a gas stream comprising one or more C1-C6 hydrocarbons and optionally hydrogen to form a supersaturated dispersion; introducing the supersaturated dispersion into a catalytic cracking or reforming reactor in the presence of a cracking or reforming catalyst to generate a product stream. In some embodiments, the catalyst is present as a slurry or a fluidized or fixed bed of catalyst. In some embodiments, the cracking or reforming catalyst is mixed with the hydrocarbonaceous liquid or slurry stream and the gas stream in the high shear device. Herein also disclosed is a system for catalytic cracking or reforming of hydrocarbons.