Crude Oil Prices Recover as the Crack Spread Soars
Crude oil prices recovered today, rising 0.33% to $70.23 per barrel, as the crack spread hit a four-year high, encouraging refiners to boost crude purchases. Gasoline prices jumped 3.46% to a three-week high amid tight global supplies due to Ukrainian attacks on Russian refineries. Earlier pressure followed Saudi Arabia's $11 per barrel cut to Asian customers, but OPEC+ raised production targets and increased exports from Saudi Arabia and the UAE added to supply concerns.
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The crack spread surge to a four-year high aligns with India’s SPR fill targets, but refiners’ margin-driven purchases face risk if April crude import data (due next week) disappoints on volume.
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