SAF Joins the Crack Squeeze as ULSD Trades at 100% of WTI
Today’s market is less about crude flat price and more about the refined product barrel. WTI is still close to $69.80/bbl, but the ULSD screen crack is near $69.89/bbl, effectively 100% of WTI, while the US 3:2:1 crack is near $62.23/bbl, roughly 89% of WTI. I would not call this a confirmed all-time ratio record without a full historical ratio chart, but it is clearly historic extreme territory. That distinction matters. Crude looks contained, while gasoline and diesel screens are pricing scarcity. Add ICE gasoil Jul/Aug near +20 and Jul/Dec near +123.50, and the middle-distillate signal remains tight even as crude headlines lean toward restored Gulf flows and easier supply.
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