@nicholas_crown: The crack spread is the refiner's margin: buy crude, sell gasoline and diesel. The 3-2-1 benchmark traded near $70 last month. Normal is $15 to $25, so refiners are earning triple. Crude is off its highs but product is tight, so pump prices stay high even as crude falls. That feeds inflation. When crude and gasoline disagree, watch the spread, not the barrel. Click the link in my profile to get our breakdown on refining margins and how to trade it.

Nicholas Crown

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Wednesday 12 August 2026 19:00:12 GMT