Ghoddusi, Hamed; Titman, Sheridan; Tompaidis, Stathis - 2021
refiners. We use the model to examine the relation between refinery capacity utilization and the spread between crude oil … predictions of the model, the crack spread is highly correlated with capacity utilization at low frequencies, but that, at high … frequencies, there is no evidence of Granger causality between either the crack spread and capacity utilization, or vice versa …