3:2:1 Crack SpreadI think just looking at CL inventory has been a bit of a red herring. Refining margins have been under extreme pressure since peaking in June. Margins have returned to normal levels (2018-2019). Product inventories are building which will send a further signal to refiners. The longer dated CL market never really acted concerned.
The supply/demand problem is not fixed. If the globe was firing on all cylinders we wouldn't be here. How long before the globe is firing on all or most of it's cylinders again? It sucks to admit it but Biden might have won this round.