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But we saved everything 🙂.
Rory Johnston highlights that while crude oil prices remain elevated, the increase in diesel prices is being significantly driven by record-high sustained diesel crack spreads.
According to Johnston, the current diesel crack—the difference between U.S. diesel and Brent—is now as high as the flat price of crude.
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Earlier this month, Johnston noted that the U.S. diesel crack spread versus Brent was nearing $100 per barrel and approaching an all-time daily high, as reported in previous coverage. He has also commented on reports of the U.S. moving closer to a significant deal for Venezuelan oil fields, according to a separate article. Both developments add context to current movements in refined product markets.