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
USGC Crack Spreads Ease but Remain Elevated
USGC crack spreads are easing in April, but margins remain well above historical norms as diesel and gasoline cracks stay elevated year over year.
