Electric Trucks Have Moved From Impossible to Inevitable

Heavy trucks were supposed to be the place where batteries stopped working. Electric cars could manage school runs and commuting, critics conceded. But long-distance freight needed range, rapid refueling and maximum payload. Batteries would be too large, too heavy and too slow to charge.

Buses might electrify predictable urban routes, but serious trucking would require diesel, hydrogen or renewable liquid fuels. The market is beginning to deliver a different verdict. Global sales of zero-emission medium- and heavy-duty vehicles rose 86% in 2025,…

Refining & Products Context

Downstream margins — or crack spreads — have experienced considerable volatility as refinery operators navigate feedstock cost fluctuations, product demand seasonality, and evolving fuel specifications. Gasoline and distillate margins serve as key profitability levers for integrated refiners.

Refinery utilization rates, particularly in the U.S. Gulf Coast and Northwest European hubs, directly influence product availability and pricing. Unplanned outages, scheduled turnarounds, and weather-related disruptions are recurring factors that tighten regional product supply.

What to Watch

Key metrics to watch include refinery utilization rates, weekly distillate inventory builds or draws, and crack spread movements, which serve as real-time indicators of refining profitability across major processing hubs.