Splash Extra

Tankers: the crack is mighty

The profit margin per barrel is changing dynamics dramatically.

The big news in oil refining in the last month was not the strikes in France, which shuttered three refineries for varying periods of time, nor the temporary shuttering of Permis, or of BP’s Rotterdam refinery for scheduled maintenance. The big news was the record crack spread (profit margin per barrel), stretching well over $80 per barrel by mid-October, an all-time record. This number comes from a shortage of gasoil production in Europe particularly and tight supplies globally.  


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