Gasoline and middle distillate prices rose, reflecting a combination of refinery ran cuts and export demand. Even so, Europe continues to sit on hefty gasoil stockpiles. Fuel oil refining margins weakened as stocks rose.High demand for European gasoline in export markets lifted prices. New requirements from Iran and Saudi Arabia compensated for weaker demand from west Africa. Saudi Arabia sought Mediterranean supplies to cover shortages in the Red Sea area for late-September and October delivery, while Iran is stockpiling supplies. This added to the price support lent by a slew of planned Greek refinery maintenance shutdowns.
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