Returns from turning oil into fuels are lagging behind crude’s jump, signaling that prices are still vulnerable and demand may not be recovering fast enough to justify the rally. Crude futures have soared 73% in May, rebounding from their historic crash below zero just over a month ago, helped by production cuts across the globe after the coronavirus crisis crushed demand. Prices have also been helped by optimism that easing pandemic-related lockdowns will lead to a recovery in consumption. However, refined products haven’t been able to ride that wave. Evidence can be found in the spread between U.S. benchmark West ... (full story)