3-2-1 Crack Spread (Refining Margin)
A refiner buys crude and sells products, and the crack spread is the gap. The 3-2-1 version assumes three barrels of crude yield two barrels of gasoline and one of distillate: (2 × gasoline + 1 × diesel − 3 × WTI) ÷ 3, in dollars per barrel of crude. Product prices are New York Harbor spot quotes converted from dollars per gallon (× 42); the crude leg is WTI at Cushing. All three inputs are EIA daily spot prices via FRED, so the series starts when ULSD quotes begin in June 2006. It is a gross benchmark before operating costs, RINs, transport and each refinery's actual yield — the industry quotes it because it moves like refining profits do.
3-2-1 crack spread ($/barrel)
- Gasoline crack $/bbl
- $54.68
- Diesel crack $/bbl
- $104.62
Next release: Aug 26, 2026
Latest reading
Refining margins are elevated: as of August 18, 2026 the 3-2-1 crack spread is $71.33 per barrel — 6.0% below the May 13, 2022 record of $75.89. As of August 18, 2026, Crack Spread (3-2-1 crack spread ($/barrel)) stands at $71.33 — up from $70.48 the prior reading. The median since 2006 is about $19 a barrel; the 2022 supercycle peaked near $76. Above roughly $30 refiners earn well; below $10 the weakest plants lose money. Read the level for the state of the margin and the two legs for its composition — a diesel-led spike is a supply story (distillate inventories, export pulls, refinery outages) while a gasoline-led one is usually seasonal demand. The 200-day average marks trend. This is a spot benchmark: refiners' reported margins lag it by a quarter and are diluted by their own crude slates and yields. Series history runs from 2006 to present.
Sources, methodology & freshnessLast updated 2026-08-21 · Open ↓Close ↑
Full history
3-2-1 ($/barrel)
Gasoline crack
The gasoline leg alone: New York Harbor conventional gasoline (× 42) minus WTI, in dollars per barrel. Seasonal — it ramps into summer specifications and fades in the fall.
Diesel crack
The distillate leg alone: New York Harbor ULSD (× 42) minus WTI, in dollars per barrel. When it runs far above the gasoline crack — 2022 and again in 2026 — the 3-2-1 average understates what a distillate-heavy refiner earns.
Methodology & data
Crack Spread is sourced from EIA via the Federal Reserve's FRED service (Computed from EIA daily spot prices via FRED: DGASNYH (NY Harbor conventional gasoline), DDFUELNYH (NY Harbor ULSD), DCOILWTICO (WTI); dollars per barrel). We pull the complete history, chart it on a daily basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date, last updated 2026-08-21. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the 3-2-1 Crack Spread (Refining Margin)?
A refiner buys crude and sells products, and the crack spread is the gap. The 3-2-1 version assumes three barrels of crude yield two barrels of gasoline and one of distillate: (2 × gasoline + 1 × diesel − 3 × WTI) ÷ 3, in dollars per barrel of crude. Product prices are New York Harbor spot quotes converted from dollars per gallon (× 42); the crude leg is WTI at Cushing. All three inputs are EIA daily spot prices via FRED, so the series starts when ULSD quotes begin in June 2006. It is a gross benchmark before operating costs, RINs, transport and each refinery's actual yield — the industry quotes it because it moves like refining profits do.
How do you read Crack Spread?
The median since 2006 is about $19 a barrel; the 2022 supercycle peaked near $76. Above roughly $30 refiners earn well; below $10 the weakest plants lose money. Read the level for the state of the margin and the two legs for its composition — a diesel-led spike is a supply story (distillate inventories, export pulls, refinery outages) while a gasoline-led one is usually seasonal demand. The 200-day average marks trend. This is a spot benchmark: refiners' reported margins lag it by a quarter and are diluted by their own crude slates and yields.
Where does the Crack Spread data come from?
Computed from EIA daily spot prices via FRED: DGASNYH (NY Harbor conventional gasoline), DDFUELNYH (NY Harbor ULSD), DCOILWTICO (WTI); dollars per barrel. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/crack-spread.csv.
How often is Crack Spread updated?
Crack Spread is a daily series from EIA, refreshed here as soon as a new release posts to FRED.
3-2-1 crack spread ($/barrel)
- Gasoline crack $/bbl
- $54.68
- Diesel crack $/bbl
- $104.62
Next release: Aug 26, 2026