refining

Global refining is entering a new phase. After decades of capacity growth centered in China and the Middle East, the baton is passing to India. Today, we examine India’s long-term goals, the kinds of projects underway, and how the U.S. is playing a role in their development.

Crude oil may get the headlines, but the fuels made from it have delivered some of the market’s biggest surprises of 2026. With supply disruptions, strained trade flows and compliance costs all shaping this year’s numbers, let’s look at what goes into a crack spread and what we can learn from it. 

Two vehicles may look identical from the outside, but what’s under the hood can make all the difference. Today, we look at how the same principle applies to crude oil, as barrels that meet the same basic specifications can still behave very differently once they reach a refinery. 

It’s no secret that rising prices for refined products have drawn scorn from consumers, businesses and politicians alike, but the market isn’t stuck indefinitely. Today, we look at how China could play a major role in stabilizing the global refined products market and help bring down prices.

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.

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.