Executive Summary Transition risks under 2°C pathways (IEA NZE/APS equivalents) drive structural demand destruction for refined products, compressing refining margins…
Executive Summary The 3:2:1 crack spread serves as a primary proxy for gross refining margins, calculated as: 3:2:1 Crack Spread=2×PGasoline (bbl)+1×PDistillate/Heating Oil (bbl)−3×PCrude (bbl)3\text{3:2:1 Crack Spread}…