Three factors are driving extreme crack spreads (refining margins) globally: Russia and Ukraine bombing refineries regularly; six major Gulf refineries taken out (including second-largest in Bahrain); China stopped exporting refined products domestically and prevented their export to India and Australia, as refining capacity globally is constrained.
causalpending
Speaker
Louis GavelkalEvidence Quote
“First, Russia and Ukraine keep bombing each other's refineries...Number two, during this Iran war, you had six major refineries in in the Gulf that were taken out...the third, China saying, you know what, we're going to keep our refined products for ourselves.”
Created: 8/12/2026, 6:20:13 PM
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