Crack Spread Today
The live 3-2-1 crack spread — a refining-margin proxy — computed from the WTI, RBOB gasoline, and heating oil prices we track. Products are quoted per gallon and converted to a per-barrel basis (x 42).
Computed by OilPriceAPI from prices we access (crude leg updated Jul 17, 2026, 09:31 PM UTC). A crack spread is a benchmark gross-margin proxy — we present a computed value and claim no authority or endorsement. It excludes actual refinery yields, operating costs, transport, and basis. 1 barrel = 42 US gallons.
The Price Legs
The 3-2-1 spread is derived from these four prices. Crude is per barrel; gasoline and heating oil are per gallon (x 42 to reach a per-barrel basis). Missing legs show "Data not available" rather than a guess.
| Leg | Code | Price |
|---|---|---|
| WTI Crude | WTI_USD | $82.47/bbl |
| Brent Crude | BRENT_CRUDE_USD | $88.13/bbl |
| RBOB Gasoline | GASOLINE_RBOB_USD | $3.3900/gal |
| Heating Oil | HEATING_OIL_USD | $4.0800/gal |
3-2-1 Crack Spread — Last 12 Weeks
Weekly WTI-based 3-2-1 spread, one point per ISO week, aligned across all three product and crude legs.
Each point is computed from that week's aligned WTI, RBOB, and heating oil closes. Weeks missing any leg are omitted rather than interpolated.
Interactive Crack Spread Calculator
Seeded with live prices where available. Override the crude, gasoline, or heating oil price to recompute the 3-2-1, 2-1-1, or simple spread instantly — the math runs entirely in your browser.
Crack Spread Calculator
Refining margin analysis
Price Inputs
Benchmark proxy for a gasoline-heavy refinery slate: two gasoline legs and one distillate leg against three crude barrels.
= $88.20/barrel
= $100.80/barrel
Crack Spread Result
Prices from OilPriceAPI.com. Crack spreads are benchmark gross-margin proxies and do not include actual refinery yields, operating costs, transportation, basis, or downtime. 1 barrel = 42 US gallons.
What Is a Crack Spread?
A crack spread is the price difference between crude oil and the refined products "cracked" out of it — principally gasoline and distillate (heating oil / diesel). Quoted in dollars per barrel, it is the market's shorthand for a refiner's gross processing margin: what a barrel of products is worth minus what the crude to make them costs.
The 3-2-1 Ratio
The most-quoted US benchmark is the 3-2-1 crack spread: 3 barrels of crude in, 2 barrels of gasoline and 1 barrel of distillate out. Because RBOB gasoline and heating oil trade in dollars per gallon, each is multiplied by 42 (gallons per barrel) to convert to a per-barrel basis:
Swapping WTI for Brent gives the Brent-based variant shown above — useful for refiners running waterborne crude priced off Brent.
The 2-1-1 Ratio
The 2-1-1 crack spread assumes a balanced yield — 1 barrel of gasoline and 1 of distillate per 2 barrels of crude. It better fits slates weighted toward distillate, such as some European or winter configurations. The interactive calculator supports both ratios plus a simple gasoline-only crack.
How Refiners Use It
Refiners and traders use the crack spread to gauge refining profitability and to hedge. Buying crude futures while selling product futures in the 3-2-1 ratio locks in a margin regardless of where outright prices go. A widening spread signals stronger refining economics and often pulls more crude into refineries; a narrowing or negative spread signals margin pressure and can foreshadow run cuts.
A crack spread is a benchmark gross-margin proxy. It excludes actual refinery yields, operating and energy costs, transportation, crude basis, secondary products, and downtime. OilPriceAPI presents a value computed from prices we access and claims no authority or endorsement.
Related Pages
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