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.
