Another gem from Today in Energy, here…
”Gasoline crack spreads typically decline to their lowest levels of the year in the winter months, but this winter has seen some of the lowest crack spreads on record. Futures prices for gasoline crack spreads compared with Brentcrude oil futures prices have been negative for most trading days since November 2018, and spot Gulf Coast gasoline crack spreads with Mars crude oil fell to less than $0 per barrel in late January 2019. Crack spreads increased in the first week of February, but they remained much lower than average through the end of the month.”
In this chart cracks are based on the price of Mars crude oil:
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