Iran War Energy Shock Puts Hydrogen Back on the Table

This year’s global energy crisis has revived international interest in hydrogen’s potential to replace fossil fuels in a wide range of industrial applications, from steelmaking to shipping. Green hydrogen is still massively expensive to produce, reducing its potential for commercial scaling, while gray and blue hydrogen relies on the same fossil fuels that many global markets are trying to move away from. But scientific breakthroughs are piling up to expand the hydrogen rainbow in ways that could sidestep these pitfalls and potentially…

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.