The USGC 3-2-1 crack spread (purple line) is averaging about $45/bbl so far in June, down from about $51/bbl in May but still more than double the roughly $21/bbl average seen a year earlier. Diesel cracks led the rally, jumping from about $33/bbl in February to $66/bbl in March before easing to $56/bbl in June. Gasoline cracks (blue line) were slower out of the gate, climbing from winter levels near $15-$18/bbl to $46/bbl in May before slipping back to $40/bbl in June. While both gasoline and diesel cracks (orange line) have softened from their spring highs, diesel remains up about 122% year over year and gasoline is up about 104%, leaving refining margins well above year-ago levels.
Featured Articles
- Analyst Insight
USGC Crack Spread Climbs as Diesel Margins Surge
USGC refining margins strengthened again in August as surging diesel cracks pushed the 3-2-1 crack spread to an average of $65/bbl, more than two-and-a-half times its year-ago level.
- Analyst Insight
USGC Crack Spread Turns Down the Volume After September Rally
USGC refining margins turned down the volume in early October after September’s rally, but the 3-2-1 crack spread remains more than two-and-a-half times its October 2025 average.
- 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.
