原油监测：美国行动将驱动油价，柴油更易受中东风险影响，汽油则拖累炼油利润率-Oil Monitor US actions to drive oil prices with diesel subject more to Mideast risk while gasoline drags on refining margins

Vi e w p o i n t | Refining margins remain elevated compared to late 2025 but they should compress further because of (1) potential oil supply disruptions or purchase diversion away from Russian oil, (2) higher y/y refinery capacity growth and capacity availability, such as possibly more robust Russian refinery operation despite hits by Ukraine, and (3) looser fundamentals of gasoline relative to middle distillates. Surging gasoline inventories are pressuring gasoline crack spreads, but gasoil and jet fuel ...