Rystad Energy’s… Diesel and gasoline markets are witnessing crack spreads in the $50-$60 per barrel range due to inventory stocks across the world being at record lows. The global oil demand recovery looks resilient as the final Covid-related restrictions are being removed around the world. Refining capacity in both Europe and the U.S. has fallen dramatically in the last decade, making the replacement of low inventories particularly difficult. Global diesel and gasoline markets are witnessing blowout crack spreads in the US$50-60 per barrel (bbl) range, reflecting a clear lag in the refining system to respond effectively and decide between supplying diesel or gasoline. The precarious situation is driven by inventory stocks across the globe being at their lowest levels historically and, therefore, unable to provide the […]