Crack spread Loading... : Investor Sentiment and Bull/Bear Views
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Price change since each call, adjusted for long/short direction. Results calculated:
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21:04
Sep 16
Sep 16
Refiners are trade of the year.
Max argues refiners are the trade of the year, outperforming semiconductors. Refining earnings are on fire because crack spreads are extremely wide. Refined-product capacity is shut behind the Strait of Hormuz, China is hoarding rather than exporting refined products, and there are no strategic refined-product stockpiles to cushion supply. Oil is back above $100, and diesel/sulfur stress persists. He does not think earnings have peaked; instead of a spike-and-collapse, he expects more of a plateau. He owns Marathon Petroleum and Valero.
HIGH
18:36
Aug 26
Aug 26
Refined product scarcity keeps crack spreads high.
Refined petroleum products are more attractive than crude oil because crude inventories were ample but refined product inventories were scarce. It takes time and specific facilities to turn crude into products, so crack spreads are extremely high, even above 2022 levels, and could remain supported.
HIGH
16:08
Jul 12
Jul 12
Crack spread unsustainably high, rollover ahead
The crack spread (refined products vs crude) has reached extreme highs, similar to the 2022 peak that preceded a sharp rollover in crude and product prices. With US gasoline demand declining and the historical pattern of extreme spreads reversing, crack spreads are poised to narrow significantly.
MED
About Crack spread Investor Commentary
Across the available history and selected sources, Buzzberg tracks Crack spread across 2 sources: 2 bullish vs 1 bearish calls from 3 authors. Historical directional balance: 33% = 100 × (bullish − bearish) / all deduplicated idea records, including other directions. This is neither a probability of a price rise nor the share of bullish authors. 3 total trade ideas tracked. Past 7 days, before deduplication: 1 bullish. Latest voices: Max Wiethe, Jim Wiederhold, Mike McGlone.