WTI is under the weekly high and the crack stays firm. Refiners hold the spread versus pure E&P. A softer commodity price is not automatically a softer downstream.
The desk therefore reads two lines: the prompt and the refining margin. Trading only the future sees half of it.
Levels on the page are delayed. No target for the crack.
What the desk is watching
- WTI under the weekly high
- The crack stays firm
- Do not mix refining and E&P