Refining Margin Explosion

Gasoline crack spreads have reached multi-year highs. Refiners are outbidding chemical users for high-octane aromatics to meet the summer fuel specs, leading to an 'octane war' in the midstream.

Summer Blending Impact

Refiners are currently prioritizing summer-grade RBOB production. With national inventories falling for the 11th straight week, retail prices are expected to test $4.00 by late May.