Refining Margin Prioritization

Global refiners are currently prioritizing distillates (jet fuel and diesel) to cover international shortages. This has reduced the output of motor gasoline, leading to consecutive inventory draws in the US.

Octane Blending War

Refiners are outbidding petrochemical users for high-octane aromatic components like toluene to meet summer gasoline specs, creating a cost-push environment for finished fuel.