MacroVoices #373 Ole Hansen: Commodities Update
Macro Voices
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The Rise of Crack Spreads in the Oil Market
Crack spreads are a measure of the profit that's made from refining crude oil into refined products and selling them. President Biden has criticized the industry pretty sharply for setting its prices. And it seems like maybe they're listening now and the prices are coming down. But I think the canary in the coal mine is fact that it's diesel that has let the slump.
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