OPEC's monthly report shows that refining margins across the world's three major refining hubs (the US Gulf Coast, Rotterdam, and Singapore) surged in July. Rotterdam's refining margin jumped $17.88 per barrel month-on-month to $42.13 per barrel, marking its largest monthly increase. The report indicates that the profit expansion was primarily driven by a strong rebound in middle distillate (diesel) crack spreads, due to refinery shutdowns in Eastern Europe, a Russian diesel export ban, and geopolitical tensions in the Middle East, all of which tightened global diesel supply. US Gulf Coast refining margins reached their highest level since October 2022, at $45.70 per barrel.