Diesel crack spread jumps to $102 a barrel over crude as U.S. retail diesel rises 56% to $5.60 a gallon

A diesel crack spread near $102 over crude signals acute refinery/product tightness rather than a crude supply issue, implying rising freight and input costs across the real economy. With US refining capacity reduced by permanent closures and limited policy buffer via a depleted SPR, the shock can transmit quickly into broader inflation and growth concerns. Near-term, this is supportive for refined products and negative for risk assets via stagflation risk.