# Heating Oil vs WTI crack spread November 20,2025

> The Heating Oil versus WTI crack spread rose above $53/bbl after the December WTI contract expired, driven by sanctions-related concerns over Russian diesel exports. Morgan Stanley estimates 150 to 200 thousand barrels per day of diesel supply could be curtailed if Turkey and Brazil cut Russian imports, and Asian gasoil cracks hit a two-year high.

- Date: 2025-11-20 · published 2025-11-20T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/11485-heating-oil-vs-wti-crack-spread-november-20-2025
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A wider distillate crack shows diesel tightness outpacing crude, supporting diesel prices and refinery run incentives while crude faces relatively less support.

## Read by commodity

- WTI: bearish ▼
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2022-02-28 | [Oil Prices for Mar. 01, 2022: Brent Crude, WTI - Bloomberg](https://feedsoft.ai/events/42854-oil-prices-for-mar-01-2022-brent-crude-wti-bloomberg.md) | +34.3% | +46.0% |
| DIESEL | 2026-04-02 | [WTI Crude Oil Jumps 51% in a Month on Iran War Supply Shock \| Investing.com](https://feedsoft.ai/events/12731-wti-crude-oil-jumps-51-in-a-month-on-iran-war-supply-shock-investing-com.md) | -2.9% | +2.5% |
| DIESEL | 2026-04-30 | [Oil retreats after hitting four-year high on concern of US-Iran war escalation \| Reuters](https://feedsoft.ai/events/19881-oil-retreats-after-hitting-four-year-high-on-concern-of-us-iran-war-escalation.md) | -9.9% | -14.5% |
| DIESEL | 2025-06-13 | [WTI crude surges after Israel attack on Iran \| Latest Market News](https://feedsoft.ai/events/11155-wti-crude-surges-after-israel-attack-on-iran-latest-market-news.md) | +15.6% | +11.6% |
| DIESEL | 2023-09-25 | [MYR ENDS HIGHER vs USD AS OIL PRICE RISES   – Alpha Southeast Asia](https://feedsoft.ai/events/34370-myr-ends-higher-vs-usd-as-oil-price-rises-alpha-southeast-asia.md) | +1.1% | -4.0% |
| WTI | 2022-11-28 | [Ahead of the Open \| November 28, 2022 - Pro Farmer](https://feedsoft.ai/events/12216-ahead-of-the-open-november-28-2022-pro-farmer.md) | +4.6% | +4.2% |
| WTI | 2021-11-01 | [Market Summary: November 7, 2021 \| news.cqg.com](https://feedsoft.ai/events/44222-market-summary-november-7-2021-news-cqg-com.md) | -2.7% | -16.3% |
| WTI | 2024-09-06 | [Crude oil prices today: WTI lowest since June 2023](https://feedsoft.ai/events/12387-crude-oil-prices-today-wti-lowest-since-june-2023.md) | -0.3% | +6.2% |

## Sources

- dailyupdate.liquidityenergy.com: https://dailyupdate.liquidityenergy.com/p/heating-oil-vs-wti-crack-spread-november-20-2025

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.