The data shows that due to soaring freight rates, the gross refining profit used to produce fuel such as diesel and gasoline in northwest Europe declined this month and has now stabilized. Due to the reduction in supply in the Middle East and Russia, supply in the diesel market is tight, and refining gross profit is currently receiving close attention. Emily Ashford, head of energy research at Standard Chartered Bank, said in the research report: “Although the intermediate distillate market is still extremely tight, the rise in spot crude oil combined with record freight costs has eroded the profitability of the refining industry in Europe and Asia.” “High raw material costs, limited refining capacity combined with blocked trade flows are a combination of factors. There is a risk that fuel prices will remain high even if the economy weakens.” According to the data, a refinery in the region's refining center that uses North Sea crude oil had a refining profit of about $39 per barrel on October 14.

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