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Crack spreads stay elevated, adding pressure to gasoline prices
Refining profitability, tracked by crack spreads, has been higher since May, lifting expectations for pump prices.
EIA said crack spreads are a key signal of how profitable it is for refiners to turn crude oil into products like gasoline and diesel, and that the metric has remained elevated alongside crude oil prices.
One common measure compares the spot price of crude oil to the wholesale price of refined product, and EIA noted that the gasoline crack spread in New York Harbor has averaged higher levels since May.
The agency linked these stronger crack spreads to upward pressure on the prices consumers pay at the pump, as refiners respond to improved margins.
Latest closeWTI crude $90.70 ▲0.5%|Gasoline (RBOB) $3.096 ▼1.2%