Uploaded August 2026 | Updated September 2026, 2 weeks ago

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Crack spreads have hit record highs even as crude flows recover, because much of global refining stays offline and fuel supply stays tight.

Bruno Santos, Market Intelligence Analyst at StoneX Brazil, explains why refining capacity has become as important to oil products as the Strait of Hormuz.

Santos breaks down how much global refining capacity is offline, why unplanned refinery outages now outweigh planned maintenance, and how Ukrainian attacks on Russian refineries are tightening diesel supply. He also covers why U.S. refining margins stay strong as American plants lift diesel and jet fuel output for export.

Discover Actionable Energy Insights with StoneX Market Intelligence: shop.stonex.com/collections/energy?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_bruno_santos&utm_content=share

0:00 Refining Steals the Oil Story
0:56 Crack Spreads Break a Record
1:48 Unplanned Outages Take Over
2:52 Russia Refineries Under Fire
5:14 US Refiners Cash In on Margins
6:48 Three Risks Loom Into Winter

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