This is what is known as refining crack spread. The difference between US local
crude prices (WTI) and gasoline, kerosine etc, which are tied to Brent Crude prices. The wider the spread, the more margin can Oil
Refiner pocket. This spread is what really drives oil
refining stocks, not the price of Oil
itself. Today the spread shrunk from $7 to $6 and look what happened to the refiners.