U.S. Gasoline Refining Profits Tumble As Demand Weakens

The U.S. gasoline crack spread – a leading refining profitability indicator – slumped in October to the lowest level in nearly three years amid seasonally weaker American gasoline demand and the switch to the cheaper winter-grade gasoline, the Energy Information Administration said on Wednesday. In October, the crack spread, or the difference between the price of a wholesale petroleum product and the crude oil price, averaged 16 cents per gallon, the lowest monthly average since December 2020. The crack spread between New York Harbor…