In this episode, George Maher-Bonnett (Deputy Editor — European Products Report) speaks with Josh Michalowski (Reporter — European Diesel & Gasoil) and Gabriella Twining (Global Editor — Base Oils and Waxes) about the refining tug-of-war between diesel and base oils. They discuss how record diesel cracks have been driving refiners’ decisions, how supply resilience is masking structural risks, and why the summer driving season could deepen a squeeze across the lubricants chain. Key themes: Diesel cracks: $46/bbl in June, more than double seasonal normsRefiners prioritise middle distillates over base oils despite upliftGroup 3 imports collapse after Gulf supply halts, pushing prices to recordsSummer demand risk: strong diesel runs vs tightening base oil availability