After outlier record high global diesel cracks in 2022, margins plunge
Russia’s invasion of Ukraine in February last year pushed diesel and petrol cracks to record in the following quarter, giving oil refiners globally unprecedented profits but they have crashed this year, denting refiners’ profits.
A crash in global cracks in April-June this year will shrink profits of refiners when compared with the outlier period of last year, an analysis of data and industry experts said.
Rising demand, low inventories and oil market disruption centered around Russia’s invasion of Ukraine pushed cracks — the differential between a barrel of crude oil (raw material) and the petroleum products refined from it — upwards starting March last year.
