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Cracks
’That Opec effect on fuel cracks
When Opec first started cutting crude production back in October, one of the immediate effects on the market was a pullback in the supply of heavy sour crudes.
As we noted before, this is because Saudi Arabia, Opec’s largest and most proficient swing producer,
Cracktastic
At FT Alphaville we’ve been noting the recent strength in energy cracks for a while – that is, the difference between product and crude prices, which reflect the refining margin and when it pays to produce gasoline.