Quote:
Originally Posted by burn_this_city
With the overall demand destruction crack spreads are really low, hence why gas is so cheap compared to 2016.
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I'm beginning to see an issue with SU and HSE's fully integrated model when there is immense demand destruction such as this. The crackspeads are going to stay negative for a while which is an awful sign for unhedged companies such as HSE and SU. Not only are they selling upstream barrels for less, but their refining of said barrels is also yielding them losses. Pretty grim indeed.