Macro Pulse U.S.: Refining Margins Define the Energy Shock
Crack spreads have risen much faster than the West Texas Intermediate (WTI), suggesting that refining economics are adding to end-product fuel costs and increasing pressure on fuel-intensive businesses and consumers.
In the latest 3 Things in Credit, KBRA’s Chief Markets Strategist Van Hesser assesses why distillate prices matter more than crude alone, how renewed uncertainty is widening the range of market outcomes, and why productivity still supports the case for U.S. exceptionalism. Listen to Van Hesser’s insights on: Apple Podcasts | YouTube Music | Spotify or visit
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