The Crack Spread: Refining Margins, Live
The 3:2:1 crack spread — the market's proxy for US refining margin — stands at $55.19 per barrel as of the 2026-10-19 closes (gasoline crack $32.86, distillate crack $99.85). Here's what it means, how it's calculated, and what wide or narrow cracks signal for pump prices.
Today's Cracks (from 2026-10-19 closes)
| Spread | $/bbl | Formula |
|---|---|---|
| 3:2:1 crack | 55.19 | (2×RBOB + 1×HO − 3×WTI) ÷ 3, products ×42 to $/bbl |
| Gasoline crack | 32.86 | RBOB×42 − WTI |
| Distillate crack | 99.85 | HO×42 − WTI |
Inputs: WTI $97.97/bbl · RBOB $3.115/gal · heating oil $4.710/gal (daily closes; the prices page shows the live intraday cracks). Run your own numbers in the crack-spread calculator.
Three Crack Spreads Compared
| Spread | Latest | 1-year average | 1-year high | 1-year low | Percentile |
|---|---|---|---|---|---|
| 3:2:1 crack | $55.19 | $45.70 | $75.32 | $19.66 | 62% |
| Gasoline crack (RBOB − WTI) | $32.86 | $35.50 | $63.18 | $13.92 | 44% |
| Diesel / heating-oil crack (ULSD − WTI) | $99.85 | $66.09 | $117.94 | $30.36 | 85% |
Each is product price per barrel (futures $/gal × 42) minus WTI, in dollars per barrel; the 3:2:1 blends two parts gasoline and one part distillate against three parts crude. Daily closes through Oct 19, 2026; the percentile is the share of the past year's closes that were lower than the latest.
3:2:1 crack spread: Where It Stands
Daily closes through Oct 19, 2026| Measure | Value | Context |
|---|---|---|
| Latest | $55.19 $/bbl | −$2.57 on the day |
| Average, last 252 trading days | $45.70 | latest is above it by $9.49 |
| Highest in that window | $75.32 | Aug 28, 2026 |
| Lowest in that window | $19.66 | Jan 6, 2026 |
| Percentile | 62% | higher than 62% of the past 252 closes |
| A year earlier | $24.41 | change +$30.78 |
The 3:2:1 is (2 × RBOB × 42 + 1 × ULSD × 42 − 3 × WTI) ÷ 3, in dollars per barrel of crude. Computed on the dates both legs have a close, from this site's two-year daily history (from Oct 21, 2024). Descriptive statistics, not a forecast.
3:2:1 crack spread by Month, Last 12 Months
| Month | Average | High | Low | Month-end |
|---|---|---|---|---|
| Oct 2026 TO DATE | $64.18 | $69.72 | $55.19 | $55.19 |
| Sep 2026 | $66.56 | $75.24 | $60.80 | $75.24 |
| Aug 2026 | $65.91 | $75.32 | $56.87 | $73.41 |
| Jul 2026 | $65.57 | $72.23 | $57.53 | $63.25 |
| Jun 2026 | $50.40 | $61.61 | $43.46 | $61.33 |
| May 2026 | $54.19 | $59.59 | $48.28 | $49.71 |
| Apr 2026 | $48.44 | $58.48 | $40.81 | $58.48 |
| Mar 2026 | $46.09 | $58.20 | $34.07 | $49.64 |
| Feb 2026 | $25.44 | $28.56 | $22.73 | $28.56 |
| Jan 2026 | $22.92 | $27.09 | $19.66 | $26.94 |
| Dec 2025 | $22.26 | $25.77 | $19.73 | $20.01 |
| Nov 2025 | $29.51 | $33.05 | $26.27 | $27.20 |
Calendar-month statistics of the daily values; the current month is partial. Live prices behind it: oil price charts.
Crack Spread FAQ
What is the 3:2:1 crack spread right now?
Based on the 2026-10-19 futures closes, the 3:2:1 crack spread is $55.19 per barrel — WTI at $97.97, RBOB gasoline at $3.12/gal and heating oil at $4.71/gal. The gasoline crack alone is $32.86 and the distillate crack $99.85.
Is the crack spread high or low right now?
The 3:2:1 crack of $55.19 a barrel is higher than 62% of the past 252 trading days. Over that period it has averaged $45.70, with a low of $19.66 (Jan 6, 2026) and a high of $75.32 (Aug 28, 2026). A reading in the top of its range means refiners are earning unusually wide margins.
What does the crack spread measure?
The gross margin a refinery earns turning crude into products. The 3:2:1 ratio assumes 3 barrels of crude yield 2 barrels of gasoline and 1 of distillate — close to a typical US refinery's output. It ignores operating costs (a few dollars per barrel), so it's a market signal rather than exact profitability.
What do wide or narrow crack spreads mean?
Wide cracks mean product demand is outrunning refining capacity — bullish for refiner stocks, and pump prices stay high even if crude falls. Narrow or negative cracks pressure refiners to cut runs, which eventually reduces product supply and re-widens the spread. Cracks typically widen into summer driving season.
How is the crack spread calculated?
Convert product prices from $/gallon to $/barrel (×42), then: 3:2:1 crack = (2 × RBOB + 1 × heating oil − 3 × WTI) ÷ 3. Try your own inputs in the crack-spread calculator on the tools page.