FEATURED ARTICLES
Economics
Low Tanks, High Margins: Why Product Cracks Are at Records, and How Long They Are Likely to Last
September 9, 2026
“Refining margins are at all-time highs! $100 cracks! Buy refining stocks?!” We’ve seen the heady buzz around refinery cracks and stock performance. Checking the stocks, the four major American refiners are in fact all up over 100% in the past 12 months, well outperforming the S&P 500 (except P66, but 96% is close!). Major U.S....
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Economics
The West Coast Is Redrawing Its Fuel Map. Will the New Pipeline Fit?
September 9, 2026
Bottom Line Up Front: The West Coast is losing refineries, tightening supply, and rewriting its own demand curve through some of the most aggressive fuel policy in the country. To add to the uncertainty, for the first time in a generation, a major new pipeline has reached final investment decision to bring in new supply....
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Economics
What do shifting product balances on the West Coast mean for future fuel prices and refining margins?
September 4, 2026
Bottom Line Up Front: West Coast refinery closures, climate regulations, and proposed new pipeline capacity are tightening fuel supply and changing the cost to bring fuels to market. Stillwater’s Supply & Demand Outlook answers how much product the region will have. Our new Price & Margin Outlook answers the next question: At what price, and at what refining margin? Together, under the West Coast Fuels Outlooks banner, they give fuel...
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ADDITIONAL INSIGHT
Economics
A Diesel Export Ban Would Cut Refinery Runs, Not Fuel Bills
October 2, 2026
“Just keep the diesel here” has become the most popular energy policy idea in Washington this fall. Diesel is at record prices, and the U.S. is exporting record volumes of it (1.88 million barrels a day in one week this summer), so the logic goes: stop the exports and the price comes down. On September...
Economics
Low Tanks, High Margins: Why Product Cracks Are at Records, and How Long They Are Likely to Last
September 9, 2026
“Refining margins are at all-time highs! $100 cracks! Buy refining stocks?!” We’ve seen the heady buzz around refinery cracks and stock performance. Checking the stocks, the four major American refiners are in fact all up over 100% in the past 12 months, well outperforming the S&P 500 (except P66, but 96% is close!). Major U.S....
Economics
The West Coast Is Redrawing Its Fuel Map. Will the New Pipeline Fit?
September 9, 2026
Bottom Line Up Front: The West Coast is losing refineries, tightening supply, and rewriting its own demand curve through some of the most aggressive fuel policy in the country. To add to the uncertainty, for the first time in a generation, a major new pipeline has reached final investment decision to bring in new supply....
Economics
What do shifting product balances on the West Coast mean for future fuel prices and refining margins?
September 4, 2026
Bottom Line Up Front: West Coast refinery closures, climate regulations, and proposed new pipeline capacity are tightening fuel supply and changing the cost to bring fuels to market. Stillwater’s Supply & Demand Outlook answers how much product the region will have. Our new Price & Margin Outlook answers the next question: At what price, and at what refining margin? Together, under the West Coast Fuels Outlooks banner, they give fuel...
Policy
Pancakes, Politics, and Pipelines: The Political Winds Supporting the Development of Canadian Crude Oil Pipelines
August 25, 2026
The Calgary Stampede is an opportunity for folks to let their hair down and become a cowboy or cowgirl for ten days every July. Billed as “The Greatest Outdoor Show on Earth,” the Stampede attracts tourists from around the world and politicians from around Canada. Local and visiting politicians take in the fun that is...
Economics
U.S. West Coast HEFA Margins – The FOG clears
August 6, 2026
The rapid expansion of renewable diesel (RD) and sustainable aviation fuel (SAF) production in North America has transformed the economics of biofuels, with California becoming the single largest RD market globally in a short period of time. Looking at the market from the perspective of pricing and value stacks, biofuel margins provide visibility into the...
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