Renewed appetite for travel is pumping up profits in one corner of the energy sector. Refiners are benefiting from higher gasoline prices despite pressures including Covid worries weighing on other parts of the global oil sector.
Refiners like Marathon Petroleum stand to gain when the fuel they produce fetch higher prices than the crude they purchase to make it, a gap known as the crack spread that this week hit close to the highest level since 2016. Refiners are running at about 91% capacity, compared with less than 80% a year ago.
Cruise ships will not be allowed to enter ports in the Bahamas if there are unvaccinated passengers on board aged 12 and older without a medical excuse. The emergency order issued yesterday takes effect Sept. 3 and is valid through Nov. 1. The new rule is applicable to private islands such as Royal Caribbean's private island Perfect Day at CocoCay.
