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OPEC's monthly report shows July refining margins at the three major hubs (US Gulf, Rotterdam, Singapore) rose sharply to multi-year highs. Rotterdam margins surged $17.88/bbl MoM to $42.13/bbl, the largest monthly rise; US Gulf margins reached $45.7

2026-08-12

OPEC's monthly report shows July refining margins at the three major hubs (US Gulf, Rotterdam, Singapore) rose sharply to multi-year highs. Rotterdam margins surged $17.88/bbl MoM to $42.13/bbl, the largest monthly rise; US Gulf margins reached $45.70/bbl, the highest since Oct 2022. The report attributes the margin expansion to a rebound in middle-distillate (diesel) cracks after East European refinery outages, Russia's diesel export ban and Middle East geopolitical tensions tightened global diesel supply.

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2026-08-12

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