Gasoline and diesel refining margins that diverged in March have moved closer together

U.S. gasoline and diesel crack spreads diverged sharply in March and April as a result of the mitigation efforts aimed at slowing the spread of the 2019 novel coronavirus disease (COVID-19), but they have moved closer since May. Crack spreads are the difference between the price of crude oil and the wholesale price of a refined petroleum product, and they are used by industry to estimate refining margins.

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HEDGE accordingly