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Crack spreads (i.e. oil refining margins) are down a lot over the last month and at the lowest levels since Jan 2022. Could be a sign of falling demand, either because oil prices ran up too much or the consumer is buckling. Implies lower gas prices though… pic.twitter.com/fU8FdkKQVL

— Liz Young (@LizYoungStrat) October 5, 2023