Refining Bottlenecks Drive High Crack Spreads and Long-Term Oil Floor

“refinery capacity is running full bore. The global refinery utilization capacity, really cannot be any higher. And it is so high. It's running at risk of you know, damage and it's been skipping maintenance cycles, like the fall and the spring.”

“These high crack spreads, more so than they do drive an immediate spike like a complete shutoff of the Strader Hormuz would, they create a more structurally persistent bid and floor in the price of crude.”