Refining Margin Explosion

Gasoline crack spreads at New York Harbor have reached multi-year highs. Refiners are outbidding petrochemical users for high-octane aromatics like toluene to meet the summer fuel specs, leading to an 'octane war' in the midstream.

Retail Price Outlook

National retail gasoline is currently averaging $3.99, but forecasts suggest a peak near $4.30 in May as the full impact of the Middle East crude shock reaches the pump.