Case: Distillate Tightness Cycle
A distillate inventory draw boosted middle-distillate cracks and increased demand for heavier crude barrels with diesel-friendly yield.
Key Takeaways
- Product-led tightness can pull crude differentials in specific directions.
- Inventory velocity is often more informative than level alone.
- Refinery turnarounds amplify inventory sensitivity.
References
Last reviewed: 2026-03-21