Replying to @Ole_S_Hansen
As the charts highlight, crack spreads across the US, Europe and Asia have surged to multi-year highs, signalling that refiners - not crude producers - are currently capturing the bulk of the value. Refining margins are now approaching historic levels, creating a major windfall for operators at a time when global middle-distillate inventories remain critically low and supply chains continue to face disruption. Until refined product stocks begin to rebuild or demand eases seasonally, these elevated margins are likely to keep the energy complex well supported, even if crude supply itself remains relatively comfortable.
