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.
- Blog
Basket Case – The $100/bbl Diesel Crack, or How 2026 Exposed the Fragility of Global Refining
For many, 2026 will be remembered as the year that diesel cracks topped the century mark ($100/bbl) for the first time, surpassing even the post-COVID boom year of 2022. Today, we examine the various factors driving this run-up and what they reveal about the broader physical refined products market.
- Analyst Insight
Diesel Cracks the Ceiling, Closing above $100/bbl for Two Straight Weeks
Diesel cracks shifted into overdrive the last two weeks, leaving double-digit territory in the rearview mirror. As we discussed in our Crude Billboard for the week ended September 18, the diesel crack skyrocketed to a record high of $113.48/bbl on Wednesday, September 16.
