In the week ending 08 August, refinery margins rebounded down the forward curve, with M1 Asian Refinery Margins up to $8.79/bbl and M1 European margins to $8.84/bbl.
The strength in margins was reflected down the curve also, with Q4-25 and Q1-26 margins supported, although the majority of the move was in the front.
- Weakness across crude contracts was the primary driver of margin strength, with M1 Dubai swaps down $1.98/bbl in the week to Friday and Dated down $3.14/bbl.