Oil is down substantially yet diesel hasn’t declined nearly as much because…

Oil is down substantially yet diesel hasn’t declined nearly as much because refiners are making more money.  Over the past year, refiners have averaged $10/barrel for processing – the so called “crack spread”.  Now the crack spread is running around $25/barrel.  
 
Meishan terminal at China’s Ningbo port, the third largest port in the world, closed for 2 weeks because of a single COVID case.