Energy
Oil refining
Crude grades, refinery utilization, and middle distillate balances.
⚠ Complex conversion capacity & sour crude
Key chokepoints
- Complex refinery conversion unitsRefining
Western refinery closures tightened diesel yield; outages move crack spreads sharply.
Related tickers: VLO
- Middle distillate logisticsProducts
Distillate inventory draws during harvest or winter spike regional price spreads.