Apr. 4 at 2:44 PM
RBOB Crack Spreads have widen by
$22/barrel since Gaza War - well above historical levels - thanks to disruptions in the Red Sea, Ukraine bombing of Russian refineries, Russia inability to repair said refiners due to sanctions, limited refining capacity world-wide - all happening ahead of driving season in Northern hemisphere.
Additionally, longer shipping time (Red Sea disruptions, piracy, & low waters in Panama Canal) for all cargoes has boosted sales of bunker fuel, used as ship fuel, helping refiners that sell the product
American refiners have distinct advantage sourcing crude domestically & from Canada/Mexico via pipeline and super cheap Nat Gas
In the week ended March 29, motor gasoline inventories were about -3% below the 5-yr avg for this time of year, while distillate fuel inventories were -7% below
$CRAK $VLO $PSX $MPC $XOM