In August, refinery margins declined across regions with abundant product output. In the USGC, jet/kerosene inventories rose further from the multi-year record highs already seen at the end of July. Moreover, subdued domestic gasoil demand, elevated refinery runs in the country and weak upside from other key products added to the downside in USGC refining economics, despite firm gasoil exports.
In Northwest Europe, apart from the considerable middle distillate weakness, low gasoline exports and weak high-sulphur fuel oil crack spread performance further contributed to the m-o-m margin decline.
In Singapore, all products showed a decline in crack spreads, m-o-m, with the exception of naphtha. A regional product oversupply and challenging inter-regional export opportunities, particularly for gasoil, weighed on the regional refining economics. Robust naphtha performance owed to strong naphtha requirements following the end of cracker maintenance season within the region likely prevented steeper loss in the Southeast Asian refining margins.
Global refinery intake extended its upward trajectory to add 724 tb/d, m-o-m, and reached an average of 83.1 mb/d in August, which was up 450 tb/d, y-o-y. Going forward, run rates are expected to start to subside, particularly in the Atlantic Basin, as refiners enter the upcoming heavy refinery maintenance season, which should support refining margins in the coming month.
| Â | Refinery throughput, mb/d | Â Refinery utilization, % | ||||||
|  |  | Change |  |  Change | ||||
| Jun 24 | Jul 24 | Aug 24 | Aug/Jul | Jun 24 | Jul 24 | Aug 24 | Aug/Jul | |
| US | 17.19 | 16.89 | 16.95 | 0.06 | 93.67 | 92.31 | 92.53 | 0.2 pp |
| Euro-14, plus UK and Norway | 9.54 | 9.89 | 10.13 | 0.23 | 81.15 | 84.19 | 86.18 | 2.0 pp |
| France | 1.00 | 0.98 | 1.01 | 0.03 | 86.45 | 85.47 | 87.84 | 2.4 pp |
| Germany | 1.67 | 1.75 | 1.76 | 0.01 | 81.16 | 85.34 | 85.68 | 0.3 pp |
| Italy | 1.19 | 1.28 | 1.32 | 0.04 | 62.79 | 67.45 | 69.59 | 2.1 pp |
| UK | 1.01 | 1.03 | 1.07 | 0.04 | 86.27 | 87.79 | 90.85 | 3.1 pp |
| Selected Asia (includes Japan, China, India, Singapore and South Korea) | 25.96 | 25.78 | 25.93 | 0.15 | 91.06 | 90.43 | 90.94 | 0.5 pp |
| Refinery crude throughput | Â 2021 | 2022 | 2023 | 3Q23 | 4Q23 | 1Q24 | 2Q24 | 3Q24 |
| OECD Americas | 17.79 | 18.68 | 18.71 | 19.27 | 18.47 | 18.19 | 19.11 | 19.14 |
| of which US | 15.66 | 16.48 | 16.50 | 17.02 | 16.47 | 15.78 | 16.89 | 16.77 |
| OECD Europe | 10.93 | 11.44 | 11.38 | 11.72 | 11.40 | 11.44 | 10.95 | 11.49 |
| of which: | ||||||||
| France | 0.69 | 0.84 | 0.93 | 1.06 | 0.95 | 0.83 | 0.89 | 0.99 |
| Germany | 1.72 | 1.83 | 1.62 | 1.67 | 1.59 | 1.76 | 1.74 | 1.78 |
| Italy | 1.23 | 1.32 | 1.30 | 1.32 | 1.32 | 1.30 | 1.18 | 1.35 |
| UK | 0.92 | 1.04 | 0.97 | 0.96 | 0.89 | 0.97 | 0.98 | 0.90 |
| OECD Asia Pacific | 5.79 | 6.08 | 5.83 | 5.69 | 5.89 | 5.90 | 5.60 | 5.54 |
| of which Japan | 2.49 | 2.71 | 2.56 | 2.54 | 2.54 | 2.55 | 2.27 | 2.27 |
| Total OECD | 34.51 | 36.21 | 35.92 | 36.68 | 35.76 | 35.54 | 35.66 | 36.17 |
| Latin America | 3.50 | 3.37 | 3.48 | 3.45 | 3.53 | 3.40 | 3.60 | 3.64 |
| Middle East | 6.80 | 7.28 | 7.61 | 7.92 | 7.43 | 7.80 | 8.21 | 8.26 |
| Africa | 1.77 | 1.73 | 1.70 | 1.69 | 1.70 | 1.78 | 1.73 | 1.86 |
| India | 4.73 | 5.00 | 5.18 | 5.03 | 5.10 | 5.30 | 5.31 | 5.26 |
| China | 14.07 | 13.49 | 14.78 | 15.19 | 14.57 | 14.64 | 14.25 | 14.29 |
| Other Asia | 4.72 | 4.94 | 5.02 | 4.90 | 5.14 | 5.18 | 5.03 | 5.10 |
| Russia | 5.61 | 5.46 | 5.50 | 5.49 | 5.43 | 5.33 | 5.39 | 5.52 |
| Other Eurasia | 1.23 | 1.15 | 1.14 | 1.05 | 1.19 | 1.15 | 1.11 | 1.13 |
| Other Europe | 0.44 | 0.50 | 0.47 | 0.52 | 0.47 | 0.43 | 0.44 | 0.45 |
| Total Non-OECD | 42.88 | 42.91 | 44.87 | 45.24 | 44.54 | 45.01 | 45.07 | 45.50 |
| Total world | 77.38 | 79.12 | 80.79 | 81.92 | 80.30 | 80.55 | 80.73 | 81.67 |
| Â | Â | Â Change | Â Annual avg. | Year-to-date | ||
| Â | Jul 24 | Aug 24 | Aug/Jul | 2023 | 2024 | |
| US Gulf (Cargoes FOB) | ||||||
| Naphtha* | 81.45 | 76.22 | -5.23 | 72.51 | 76.60 | |
| Premium gasoline | (unleaded 93) | 114.48 | 109.64 | -4.84 | 117.23 | 113.70 |
| Regular gasoline | (unleaded 87) | 100.26 | 95.57 | -4.69 | 104.59 | 99.94 |
| Jet/Kerosene | 102.10 | 92.09 | -10.01 | 113.51 | 104.73 | |
| Gasoil | (0.2% S) | 94.80 | 87.94 | -6.86 | 78.57 | 84.08 |
| Fuel oil | (3.0% S) | 73.66 | 69.68 | -3.98 | 68.14 | 70.49 |
| Rotterdam (Barges FOB) | ||||||
| Naphtha | 75.92 | 72.69 | -3.23 | 71.06 | 74.19 | |
| Premium gasoline | (unleaded 98) | 107.60 | 100.50 | -7.10 | 125.96 | 114.68 |
| Jet/Kerosene | 103.78 | 96.18 | -7.60 | 111.74 | 105.94 | |
| Gasoil/Diesel | (10 ppm) | 103.06 | 95.52 | -7.54 | 111.19 | 105.80 |
| Fuel oil | (1.0% S) | 76.11 | 72.14 | -3.97 | 74.29 | 74.69 |
| Fuel oil | (3.5% S) | 77.04 | 70.60 | -6.44 | 72.79 | 72.87 |
| Mediterranean (Cargoes FOB) | ||||||
| Naphtha | 73.92 | 71.40 | -2.52 | 68.45 | 71.67 | |
| Premium gasoline** | 99.98 | 93.05 | -6.93 | 101.80 | 100.50 | |
| Jet/Kerosene | 100.73 | 93.55 | -7.18 | 107.77 | 102.20 | |
| Diesel | 102.92 | 94.91 | -8.01 | 109.08 | 104.39 | |
| Fuel oil | (1.0% S) | 80.33 | 75.85 | -4.48 | 78.85 | 79.53 |
| Fuel oil | (3.5% S) | 74.62 | 68.54 | -6.08 | 66.47 | 70.03 |
| Singapore (Cargoes FOB) | ||||||
| Naphtha | 74.77 | 72.78 | -1.99 | 69.53 | 73.74 | |
| Premium gasoline | (unleaded 95) | 96.42 | 88.95 | -7.47 | 98.62 | 97.20 |
| Regular gasoline | (unleaded 92) | 92.16 | 84.61 | -7.55 | 94.00 | 92.71 |
| Jet/Kerosene | 98.36 | 91.54 | -6.82 | 104.68 | 99.11 | |
| Gasoil/Diesel | (50 ppm) | 99.07 | 92.01 | -7.06 | 105.99 | 100.26 |
| Fuel oil | (180 cst) | 98.61 | 90.26 | -8.35 | 102.35 | 98.41 |
| Fuel oil | (380 cst 3.5% S) | 77.61 | 69.83 | -7.78 | 69.23 | 72.99 |
| Note: * Barges. ** Cost, insurance and freight (CIF). | ||||||