Refiners' "Golden Age" Continues
By keeping domestic product stocks low and exports high in the Ukraine war started, US refiners have boosted their margins (see graph). See "Our View" on this page for more on this.
Oil's Stake in the AI Boom; China's Long-Term Threat to Oil (November 24, 2025) -- We focus on the links between AI construction and oil use in the first part of this report. In the second, we examine China's manipulation of the rare-earth magnet market. More >>