CRACK SPREAD TODAY
As of 2026-09-02, the 3-2-1 crack spread computes to $59.81 per barrel — wider than a month ago ($56.88), and well above a year ago ($24.85). The spread is the market's shorthand for a refiner's gross margin: what three barrels of crude return once they become two barrels of gasoline and one of diesel.
What today's level means
Pre-war, a 3-2-1 crack in the $20s was normal and $30+ was a good quarter. The 2026 Hormuz crisis pushed product prices far above crude's own war premium, and even with Brent back near pre-crisis levels the spread has stayed elevated — crude normalized faster than products. A wide crack means refiners keep more of every barrel and pump prices lag crude on the way down; a narrowing crack is how that gap closes.
Method — exactly how this number is computed
- Formula: (2 × RBOB gasoline + 1 × ULSD diesel − 3 × WTI) ÷ 3, all in dollars per barrel.
- Units: gasoline and diesel futures quote in $/gallon; each is converted at 42 gallons per barrel.
- Basis: front-month CME futures for all three legs (Crude Oil Oct 26, RBOB Gasoline Oct 26, Heating Oil Oct 26); each leg rolls with its front month.
- Timestamp: computed from settles as of 2026-09-02; refreshed with every data update.
- What it is not: a futures-implied benchmark, not any refiner's realized margin — actual margins vary by crude slate, location, and product yield. WTI (not Brent) basis, as is standard for the US 3-2-1.
FAQ
What is a normal crack spread? Historically the US 3-2-1 has spent most of its time between roughly $15 and $35 a barrel; sustained prints above $40 mark genuinely stressed product markets, like 2022 and the 2026 war spring.
Why does the crack spread matter for gas prices? It is the gap between what refiners pay for crude and earn on products. When crude falls but the crack stays wide, pump prices fall slower than oil — the pattern seen through the spring de-escalation, and the mirror of what happens when crude spikes on a shock like the July re-escalation.
Is a wide crack bullish or bearish for refiners? We keep this plain: a wide crack means higher refining margins, and refiner earnings tend to follow it with a quarter's lag.