The falling EBITDA contrasts with Moody's positive outlook for the global R&M sector, with the global outlook reflecting projected EBITDA growth, helped by lower crude prices and strong distillate spreads in North America.

Distillate fuel inventories increased by 1.23 million barrels, 15.1 percent below the levels of the same week last year.

Distillate fuel supplied over the last four-week period averaged 3.98 million barrels per day, down by 8.3 percent from the same period last year.