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Topic: crack-spreads

An oil refinery at Anacortes, Washington
New Markets
Friday, 8/21, 10:02 AM

Refining is the trade of the year, and its best argument is also its biggest risk

  • The S&P 500 sub-industry covering Marathon Petroleum, Valero and Phillips 66 has roughly doubled in 2026, with each of the large independents up more than 80% against a market up around 11%.
  • The driver is a 3-2-1 crack spread near $59 a barrel, close to triple where it started the year.
  • The same geopolitics producing that margin is what could take it away.

crack-spreads — news and stories on this topic

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