OPEC week

ICE Brent prompt contract remained elevated, at 76.3 $/b at the prompt, as we approached expiry for the August contract. On the refined product side, diesel inventory builds in Europe maintained the ICE gasoil crack below 6 $/b, as continued export from the Middle East and Asia slowed the normalization of European product markets. Physical differentials in the Med and West Africa continued to trade higher, boosted by rising prices in the North Sea. With refined products prices at sustained low levels, refiners’ profitability in Europe and Asia continues to be at multi-year lows.