RE:RE:Why is Oil Down the beauty of oil producers with downstream operation is the rarely talk about juicy crack spread which is still $52.89/bo today, that's still 2.65X of historical mean of $20/bo. Compare this with $110 WTI today versus $60 before the start of the oil run, that's a only a 1.83X. Crude oil is quite useless without refinement and refinery capacity is fixed. Disruption from hurricanes, fires and turnaround can impact petrol prices alot more than WTI price variation.
Looking at the oil price drop today, it didn't hit WCS hard at all but the oilsand producers got hit hard on WTI and Brent price drop.
WTI Crude 110.22 -7.26 -6.17%
Brent Crude 113.59 -6.22 -5.19%
WCS 101.15 -0.06 -0.06%