The price of oil is artificially depressed relative to the price of refined product such as gasoline. This encourages flat out refinery production and oil demand.
Crude prices may be coming down, but refining margins remain well above the historical norm. The 3-2-1 crack spread is currently ~$54/bbl (vs. the 5-yr average of ~$33/bbl for this time of year). #OOTT pic.twitter.com/80ZRdY4BDm
— Aklan Investment Research (@AklanResearch) June 25, 2026
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