Ukraine will resume drone strikes on Russian refineries after Russia kept hitting energy infrastructure and killing civilians in Ukraine despite U.S. President Trump’s claim of an “energy ceasefire”, Ukrainian President Volodymyr Zelenskyy told the Financial Times. In the interview in London, the Ukrainian President told FT he had ordered a pause in strikes on Russian refineries for three days to comply with the U.S. wishes.
Meanwhile, Russia continued to strike Ukraine’s energy infrastructure and kill civilians, Zelenskyy…
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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