Positive release, with refining margins and oil prices moving in opposite directions. While it seems like a predictable outcome, the global slowdown weighed on both crude oil and refined products in H1. Nonetheless, middle distillates cracks were up sharply this quarter (perhaps more due to a restrained supply in Europe), as well as gasoline due to seasonal demand. Q4 seems to be strong as well, as proven by the higher margin witnessed in October.
