Behind the Markets Podcast · Friday, July 24, 2026
Samir Rains notes that rising oil prices have "destroyed" crack spreads, leading to a narrowing of the spread between crude oil and gasoline prices. He anticipates this trend to continue, which may bring gasoline prices closer to a norm, though not necessarily for the better.
“Um, and you know, the the ten year, two and a half and PE ratios at 20, that's a two and a half percent premium.”
“The major thing that's interesting and Professor Siegel and I have talked about it previously is this is the first time you've seen crack spreads get absolutely destroyed.”
“Is this rip higher in oil prices did actually break the crack spread down a little bit.”
“I would actually expect that to continue to happen. Um, crack spreads narrowing up a little bit.”