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Diesel refining margins remain severely elevated, prompting a US diplomatic push to add alternative heavy crude supply into the refining system. If this effort to unlock Venezuelan crude succeeds, it could ease the diesel supply tightness that has driven crack spreads higher; if it stalls, elevated diesel margins and crude demand pressure are likely to persist.
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US Secretary of State Rubio traveled to India to meet Reliance Industries, seeking to activate Venezuelan heavy crude processing and US investment as diesel crack spreads surge to roughly three times pre-war levels.
Diesel refining margins remain severely elevated, prompting a US diplomatic push to add alternative heavy crude supply into the refining system. If this effort to unlock Venezuelan crude succeeds, it could ease the diesel supply tightness that has driven crack spreads higher; if it stalls, elevated diesel margins and crude demand pressure are likely to persist.
Jin10·10/21, 04:05 PM
Low impactJin10
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