Story perspectives
Record U.S. Refining Margins Hit as Supply Disruptions Mount
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Story summary
- U.S. oil refiners posted record crack spreads as geopolitical tensions disrupted supply.
- Supply disruptions stem from Venezuelan nationalization, Nord Stream sabotage, the Russia-Ukraine war, and Houthi attacks.
- Trader John Arnold said the supply posture remains bullish despite those disruptions.
- Record refining margins are boosting oil company profits for years, according to analysts.
- Oil service firms led by SLB rallied, though they have not reached all-time highs.