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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.