USGC 3-2-1 crack spreads are averaging $41.75/bbl so far for April 2026, down 5% month-over-month from March’s elevated $43.81/bbl but still up 95% from April 2025. Diesel is averaging $61.42/bbl, down 7% from March’s $65.94, and gasoline is averaging $31.91/bbl, down 3% from March’s $32.75. Despite the decline, both products remain well above year-ago levels — diesel up 164% and gasoline up 55% — indicating that refining margins, while easing, remain well above historical norms. Recent volatility may in part reflect market reactions to geopolitical tensions involving Iran.
Featured Articles
- Analyst Insight
USGC 3-2-1 Crack Spread Cools but Remains Strong
The USGC 3-2-1 crack spread has cooled from its spring highs, but refining margins remain exceptionally strong. June's average crack spread is running more than 100% above year-ago levels, supported by elevated gasoline and diesel cracks.
- 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.
- 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.
