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 di

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.