Diesel just broke $6 a gallon nationwide for the first time in U.S. history, and Jeff Currie says $5 gasoline is likely to land before midterms. The founder and CEO of Real Macro, who spent more than a decade running Goldman Sachs’ commodities research desk, told Bloomberg Television on Friday that the odds of average U.S. gasoline hitting $5 a gallon before the November midterms are “extremely high.” AAA data released the same day put the national diesel average at $6.0556, a record that’s up 14 percent in a month…
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.
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