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FreightWaves reports that lost US refining capacity and slow foreign response have pushed product prices up sharply relative to crude. The 3:2:1 crack spread for WTI has hovered just under $60 a barrel, far above pre-pandemic levels.
Wide product cracks mean diesel and gasoline stay expensive even if crude is steady, lifting trucking and farm operating costs.
freightwaves.comJohn KingstonJun 14, 2022After 105 past bullish macro events, ULSD / Diesel moved a median -0.4% over 5 sessions (45% higher; middle half -3.4% to +1.8%), and +1.2% over 20.
After 102 past neutral macro events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -3.3% to +2.5%), and +1.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
