Refinery crack spreads, an approximate measure of the profitability of refining a barrel of crude oil into refined products such as gasoline and diesel, have soared in recent weeks to reach their highest levels since early 2024. As discussed in RBN’s TradeView report, the diesel and 3-2-1 crack spreads late last week reached their highest point since mid-February 2024 in the case of the diesel crack (orange line and arrow for comparison in chart below) and since late March 2024 in the case of the 3-2-1 crack (green line and arrow). In contrast, the gasoline crack reached its highest level since mid-September 2025 (blue line and arrow).
Featured Articles
- Blog
Cracking the Code – What 2026’s Record Crack Spreads Tell Us About Refining Economics
Crude oil may get the headlines, but the fuels made from it have delivered some of the market’s biggest surprises of 2026. With supply disruptions, strained trade flows and compliance costs all shaping this year’s numbers, let’s look at what goes into a crack spread and what we can learn from it.
- Blog
Basket Case – With U.S. Refiners Already Running Hard, Relief on Diesel Remains Elusive
Today, we look at why high crack spreads don’t necessarily increase a refinery’s output, how market disruptions elsewhere can drain U.S. inventories, and the indicators that will help tell us whether the diesel squeeze is easing (or worsening).
- Blog
Leap of Faith – Potential Plans to Limit U.S. Diesel Exports Come With Plenty of Downside Risk
A series of disruptions to global refining capacity and refined-product flows has raised the prospect of a ban on U.S. diesel exports as a way to keep prices in check. Today, we look at where things stand and how a U.S. export ban could result in a number of major unintended and negative consequences.
