by
Tom Moore on Aug 23, 2021 8:00:00 PM
Oil is down substantially, yet diesel hasn’t declined nearly as much because refiners are making more money. Over the past year, refiners have averaged $10/barrel for processing – the so-called “crack spread”. Now the crack spread is running around $25/barrel.
Meishan terminal at China’s Ningbo port, the third largest port in the world, closed for 2 weeks because of a single COVID case.
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