politics
U.S. Refining Margins Hit Near-Record Highs After Ceasefire With Iran Collapses and Ukraine Strikes Russian Refineries
Global refining margins have approached record levels after the U.S.-Iran ceasefire broke down and Ukraine struck Russian oil facilities. The U.S. 3-2-1 crack spread reached its second-highest inflation-adjusted level on record.
Jul 13, 5:22 AM·1m read1 source
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Global refining margins are nearing record highs after the ceasefire between the United States and Iran broke down and Ukraine attacked Russia’s oil refineries, @JKempEnergy reported. In the United States the crack spread for turning three barrels of WTI crude into two barrels of gasoline and one barrel of diesel averaged $61 per barrel so far in July.
After adjusting for inflation, the benchmark 3-2-1 crack spread stands as the second-highest on record.
The prior peak reached $64 in June 2022, shortly after Russia’s full-scale invasion of Ukraine and the imposition of sanctions by the United States and Europe.
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