Crack spreads surge as oil hits $100, refining constraints bite

Oil's rise to $100 amplifies fuel-price concerns as crack spreads—fuel vs. crude differentials—stay historically high due to global refining capacity restrictions and lost diesel, gasoline, and jet fuel supply. The sustained spread signals a product-specific shortage beyond crude, pressuring downstream margins and consumer fuel costs. Uncertainty centers on how long refining constraints persist and whether demand destruction or policy responses will ease the squeeze.