Churning Oil Has Never Been So Profitable for U.S. Refiners
- Robust domestic and overseas demand keeps U.S. stockpiles low
- Fuel consumption is expected to exceed 2021 levels this summer
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High fuel prices are not bad news for everyone. Just look at U.S. refiners.
The 3-2-1 futures crack spread -- a measure of the profitability of turning crude into gasoline and diesel -- shot up to as much as $44.406 on Wednesday, the highest level in records going back to 1986, exceeding the one-day blip in April 2020 when West Texas Intermediate futures briefly dipped below zero.