The U.S. Gulf Coast 3-2-1 crack spread is near $18.33/bbl. Over the most recent period, the diesel crack increased from approximately $25.45/bbl on December 29 to $27.68/bbl on January 5, while gasoline cracks declined almost continuously since the start of December, reaching $13.66/bbl on January 5. Recent movements in the USGC 3-2-1 crack spread coincide with higher diesel cracks and lower gasoline cracks over the period. As of January 5, there was a $14/bbl difference between diesel and gasoline cracks on the U.S. Gulf Coast.
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- Blog
Double-Edged Sword – Refinery ‘Capacity Creep,’ Falling Inventories May Limit U.S. Crude Export Surge
U.S. crude oil production averaged a record 13.6 MMb/d in 2025, up nearly 1.6 MMb/d from 2023, but crude export volumes remained remarkably stable — at or very near 4.1 MMb/d — until a recent Iran-related surge. A key reason: “capacity creep” expansion projects at several Gulf Coast refineries.
- Blog
Two Out of Three Ain’t Bad – U.S. and European Refineries Thriving So Far, But Asian Ones Suffer
It’s been eight weeks since the steady flow of crude oil and refined product tankers out of the Persian Gulf ended, and the impacts on refineries and product suppliers in key parts of the world are becoming clearer. In today’s RBN blog, we discuss the state of refining in the U.S., Europe and the Asia-Pacific region.
- Analyst Insight
Refinery Crack Spreads Soar on Tightening Global Diesel Supplies
The 3-2-1 crack spread has been soaring in recent weeks on the rising price of diesel as sanctions on Russia have created havoc for the global refined fuel market.
