Refining Margin Squeeze

Planned turnarounds at major US refineries have coincided with the Middle East crisis, leading to record crack spreads. Refiners are outbidding chemical users for high-octane aromatics to meet gasoline specs.

Diesel Supply Crisis

While gasoline is elevated, diesel remains particularly tight, with prices peaking above $5.80 this month. U.S. diesel inventories remain well below the five-year average, impacting commercial transport costs.