Refining Margin Squeeze

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

Summer Blending Impact

The early transition to summer-grade gasoline is adding further pressure. If naval tensions persist, analysts expect national pump averages to remain above $4.00 through the Memorial Day holiday.