Americas Oil: US refined product flows show why oil and product prices are disconnected amidst all-time high crack spreads

Research evidence excerpt

Americas Oil: US refined product flows show why oil and product prices are disconnected amidst all-time high crack spreads

Bob Brackett, Ph.D. +1 917 344 8422 bob.brackett@bernsteinsg.com 17 July 2026

registration number CL10040 and is provisioned for Arranging Deals in Investments and Advising on Financial Products. All

communications and services are directed at Professional Clients and Market Counterparties only (as defined in the DFSA

rulebook). Persons other than Professional Clients and Market Counterparties, such as Retail Clients, are not the intended

recipients of our communications or services.

LEGAL

All research publications are disseminated to our clients through posting on the firm's password protected websites,

bernsteinresearch.com and autonomous.com. Certain, but not all, research publications are also made available to clients through

third-party vendors or redistributed to clients through alternate electronic means as a convenience.

This publication has been published and distributed in accordance with the Firm's policy for management of conflicts of interest

in investment research, a copy of which is available from Bernstein Institutional Services LLC, Director of Compliance, 245 Park

Avenue, New York, NY 10167. Additional disclosures and information regarding Bernstein's business are available on our website

www.bernsteinresearch.com.

The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors where that

permission profile is not consistent with the licenses held by the entities noted herein. This document is for distribution only as may

be permitted by law. This publication is not directed to, or intended for distribution to or use by, any person or entity who is a citizen