The Refining Advantage: Why Fuel Markets, Not Crude Oil, Are Driving Energy Profits
​Refining margins drive energy profits amid tight markets, limited capacity, and geopolitical disruptions, with outsized profits expected to...
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The Two-Speed Fuel Market: Why One Fuel Is Tighter Than the Other
Diesel inventories sit at their lowest for this time of year since 1996, and the ULSD-WTI crack spread has shattered every prior record — this is a...
95 Views
Big Oil Gained in Q3 as Sanctions and Strikes on Russia Drove Refining Margins Higher
​Western oil giants saw healthy profits in Q3 due to high refining margins and trading gains, driven by Ukrainian strikes and sanctions on Russia....
419 Views
The Refiner's Edge: How the War in Iran Aids U.S. Refining
​The Hormuz blockade led to a product crisis, with U.S. refiners capitalizing on global disruption while facing near-term EPS pressure due to crude...
460 Views
Diesel Tightness Isn’t Done Yet: Refining Margins Look Set to Stay Elevated
​Diesel shortages and sanctions drive surge in refining margins, with U.S. crack spread hitting 2025 high in November. Europe's tightness to keep...
423 Views