How to read this

The 3-2-1 crack spread approximates a refinery run: three barrels of WTI crude yield two barrels of gasoline and one of distillate. Per barrel of crude, the margin is (2×gasoline + 1×distillate) × 42 gallons ÷ 3 − WTI, with product prices converted from dollars per gallon to per barrel. Legs are EIA daily spot prices — WTI at Cushing, conventional gasoline and No. 2 fuel oil at New York Harbor, the standard distillate leg of the construction.

It is a gross margin — before operating costs, energy, catalysts and capital charges — so it overstates the cash a refiner keeps. It is a representative product slate, not any single plant, and reference spot prices, not one operator’s realisations. This page shows what the margin has done, not what it will do. Full methodology, series and files on the dataset page.

Go deeper

• 3-2-1 crack dataset
• Refining margins, the hidden driver
• US refinery closures since 2020
• Refining-margin simulator

Source: U.S. Energy Information Administration (EIA) — daily spot prices, WTI Cushing / NY Harbor gasoline & No. 2 fuel oil. Eco3min reconstruction of the 3-2-1 crack. Daily closes.