01 Nov, 23

U.S. Gasoline Refining Profits Tumble As Demand Weakens

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The U.S. gasoline crack spread – a leading refining profitability indicator – slumped in October to the lowest level in nearly three years amid seasonally weaker American gasoline demand and the switch to the cheaper winter-grade gasoline, the Energy Information Administration said on Wednesday. In October, the crack spread, or the difference between the price of a wholesale petroleum product and the crude oil price, averaged 16 cents per gallon, the lowest monthly average since December 2020. The crack spread between New York Harbor…

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