Refinery Analytics•US Market
U.S. 3-2-1 Crack Spread — Weekly
Refining margin proxy: (2 × gasoline + 1 × distillate) × 42 − 3 × WTI, divided by 3, in dollars per barrel. Built from EIA weekly spot prices.
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Rough operating bands often cited by analysts:$10–20 normal$20–30 firm$30–40 stressed$40+ acute
Source: EIA weekly spot prices (WTI Cushing; NY Harbor conventional gasoline & No. 2 heating oil; U.S. Gulf Coast conventional gasoline & ULSD). NY Harbor back to 1986; Gulf Coast ULSD from 2006. Latest week: 2026-07-17. Note: this is a WTI-based, conventional-gasoline/heating-oil 3-2-1 for long history — it runs a few dollars per barrel above published Gulf Coast LLS/RBOB daily cracks.