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 Crack Spread Turns Down the Volume After September Rally
USGC refining margins turned down the volume in early October after September’s rally, but the 3-2-1 crack spread remains more than two-and-a-half times its October 2025 average.
- Blog
Cracking the Code – What 2026’s Record Crack Spreads Tell Us About Refining Economics
Crude oil may get the headlines, but the fuels made from it have delivered some of the market’s biggest surprises of 2026. With supply disruptions, strained trade flows and compliance costs all shaping this year’s numbers, let’s look at what goes into a crack spread and what we can learn from it.
- 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.
