Margins are soaring — but crude oil prices are drifting lower. In this episode of Trading Corner, Manny Newman, Partner and Head of Desk, and James Anderson, Senior Oil Derivatives Trader, return to unpack this unexpected divergence in the market.

They dive into the strength in diesel and gasoline cracks, why crude demand remains muted despite strong refining economics, and how unconfirmed OPEC production rumors are influencing sentiment. The episode also explores positioning opportunities — including long-dated gasoline cracks, Brent/Dubai spread strategies, and Q3 crude risk setups.