European refining margins fell $3.80/b in Q2 and are down $7/b on 2023 levels due to a surge in runs which are set to exceed all-time highs later this year Vitol said.

• Over 80% of the 2.2m b/d of new refining capacity in the US, Middle East Gulf, and Nigeria is now operational, with working ongoing to bring the remaining 400k b/d online.
• In early July the USGC hit 9.4m b/d of crude throughput, a six year high.
• Atlantic Basin refiners have achieved utilisation rates of over 90% - back to pre-Covid levels – as refineries catch up on disrupted maintenance.

Source: Vitol