3:2:1 Crack Spread
Recent values
| Date | Value | Change |
|---|---|---|
| Oct 23, 2026 | $51.34 | -7.18 |
| Oct 22, 2026 | $58.52 | +1.61 |
| Oct 21, 2026 | $56.91 | +2.47 |
| Oct 20, 2026 | $54.44 | -0.14 |
| Oct 19, 2026 | $54.58 | +0.20 |
| Oct 18, 2026 | $54.38 | -3.39 |
| Oct 16, 2026 | $57.77 | -1.14 |
| Oct 15, 2026 | $58.91 | -6.25 |
| Oct 14, 2026 | $65.16 | -0.78 |
| Oct 13, 2026 | $65.94 | +1.39 |
| WTI Crude | $103.27 | +3.80 | Oct 25, 2026 |
| RBOB Gasoline | $3.13 | -0.05 | Oct 25, 2026 |
| ULSD (Diesel) | $4.79 | -0.15 | Oct 25, 2026 |
The 3:2:1 crack spread is a quick proxy for refining profitability. It takes three barrels of crude, two barrels of gasoline, and one barrel of diesel, and measures the gap between what the refined products sell for and what the crude costs.
When the spread is wide, refiners earn more per barrel and have reason to run hard, which supports fuel supply. When it narrows, refining is less profitable and run cuts become more likely, which tightens product supply and can firm up rack prices.
Frequently asked
What is the 3:2:1 crack spread?
It is the difference between the combined value of two barrels of gasoline plus one barrel of diesel and the cost of three barrels of crude oil, expressed in dollars per barrel. It approximates a refiner's gross margin.
How is the 3:2:1 crack spread calculated here?
We use delayed futures: (2 x RBOB gasoline + 1 x ULSD diesel, each converted from dollars per gallon to dollars per barrel) minus 3 x WTI crude, divided by three barrels.
Why does the crack spread matter for diesel and gasoline prices?
It signals how much incentive refiners have to produce. A wide spread encourages high utilization and ample supply; a thin spread can lead to run cuts that tighten supply and lift wholesale fuel prices.