As summer driving reaches its seasonal peak, European gasoline production faces challenging chokepoints amid broader macro trends reshaping supply and demand fundamentals. In this episode, S&P Global Energy's Emma Kettley is joined by Friedrich Gutsche and Rebeka Foley to discuss how restrictive domestic flows have weighed on gasoline blending economics, adding pressure on the regional supply balance, amid historically low Rhine water levels. Tune in to find out how these trends will play out ahead of the market's transition from summer to winter, and uncover how global dynamics are shaping regional consumer demand.

North American oil companies delivered a striking second-quarter earnings season. Upstream producers raised output guidance while maintaining capital discipline, arguing that efficiency gains, not higher spending, are driving growth. Meanwhile, refiners benefited from some of the strongest margins since 2022, fueled by robust diesel and jet fuel demand, lower Chinese exports, refinery outages in Russia, and Middle East-related disruptions. Jeff Mower is joined by Janet McGurty and Ashok Dutta to unpack the key earnings themes shaping oil markets.

The Rhine River is one of Europe's most important trade arteries, carrying diesel, gasoil, and other refined products from the Amsterdam-Rotterdam-Antwerp hub to consumers across Germany, Switzerland, and beyond. As water levels fall toward historic lows, barges are carrying reduced loads, freight costs are surging, and supply chains are coming under increasing pressure. With Rhine water levels approaching record lows, Europe's energy industry faces mounting logistical challenges that threaten to disrupt the inland movement of fuel. In this episode, Emma Kettley, price reporting associate director, EMEA crude and fuel oil, joins Middle Distillate Price Reporters David Neef and Sophia Aung to explore how declining water levels are driving up freight costs, tightening supply chains, and adding fresh pressure to an already constrained diesel market.