Today, we look at why high crack spreads don’t necessarily increase a refinery’s output, how market disruptions elsewhere can drain U.S. inventories, and the indicators that will help tell us whether the diesel squeeze is easing (or worsening).
Venezuela’s oil industry spent more than a decade moving in the wrong direction, but 2026 has brought a notable change. Today, we look at the improvements in production and exports in light of Venezuela’s sweeping new deal with the U.S. and also address the prospects for the refining sector.
For many, 2026 will be remembered as the year that diesel cracks topped the century mark ($100/bbl) for the first time, surpassing even the post-COVID boom year of 2022. Today, we examine the various factors driving this run-up and what they reveal about the broader physical refined products market.
Global prices for refined products have remained elevated for a number of reasons, with the state of Russia’s refining sector a major, if sometimes overlooked, factor. Today, we look at the conditions in Russia, how trade flows have shifted, and what a post-war recovery might look like.
Cenovus saw record oil sands production of 784 Mb/d in the second quarter, up 9 Mb/d compared to the first quarter, despite some planned downtime in Q2, according to the company’s quarterly report and conference call on July 29th.
Crude oil — often mistakenly described as a single, standardized commodity — is anything but uniform. Every stream has its own chemical fingerprint, including differences in density and sulfur content. Today, we’ll dig into why crude quality matters and how it can make a real difference to the bottom line.
The U.S. energy industry is continuously evolving. Unlike the previous era of unconventional supply growth, demand is increasingly determining where capital will be deployed, reshaping investment priorities. That’s today’s subject and the focus of our upcoming School of Energy: Foundations.
The early signs of a rebound can be seen in Venezuela, where crude oil production and exports are on the rise, although plenty of unknowns remain. Today, we look at how much Venezuelan crude is reaching the U.S., how the U.S. import slate has changed, and preview our latest Drill Down Report.
U.S. crude oil production averaged a record 13.6 MMb/d in 2025, up nearly 1.6 MMb/d from 2023, but crude export volumes remained remarkably stable — at or very near 4.1 MMb/d — until a recent Iran-related surge. A key reason: “capacity creep” expansion projects at several Gulf Coast refineries.
The U.S. is seeing softer domestic demand for traditional fuels, but pockets of the country remain highly dependent on imported gasoline, jet fuel and diesel. Today, we’ll zero in on which PADDs are at the highest risk for shortages and price spikes if the Iran war drags on for an extended period.
