Crude Maybe Available Now, Refined Fuel Is Not Despite Record Runs
The 3:2:1 crack reached $67.27/bbl and the heat crack $84.50/bbl against WTI near $79.31/bbl, placing the heat crack above the value of crude itself. Gulf refinery outages, reduced Russian diesel output and restrained Chinese product exports have removed refined fuel from the global market even as crude remains available near $80/bbl. US distillate exports fell by 133,000 bpd and gasoline exports by 59,000 bpd last week, while refinery utilization already stood at 96.2%. One weekly decline does not establish a structural US export retreat, but it shows how little spare refining capacity remains to replace lost Gulf, Russian and Chinese supply.
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