For consumers of oil products, lulled into a false sense of security by moderate fuel prices over much of the last decade, 2022 came as a shock. The war in Ukraine exposed the fragility of the global oil value chain, downstream in particular, with prices at the pump catapulted to record highs. Thankfully, the heat is now coming out of the market much as our global oil refining team – Alan Gelder, Mark Williams and Sushant Gupta – had predicted. They shared their thoughts on how the market has adapted and the immediate outlook for refining margins and product prices. Why did product prices spike? Russia’s invasion of ... (full story)