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Refinery Margins: Weakness Across all Regions

Week to 9 Jan: Refinery margins fell—Asia $9.18 (-0.40), Europe $5.69 (-0.81), US $11.58 (-0.13).
Published: January 12, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Harinder Sandhu

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu
11 page report
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In the week ending 09 January, Refinery Margins fell across all regions: Asian M1 Margins down to $9.18/bbl (-$0.40/bbl w/w), European M1 Margins down to $5.69/bbl (-$0.81/bbl w/w), and US Margins down to $11.58/bbl (-$0.13/bbl w/w).

  • Asian margins were mixed: Sing Gasoil cracks fell by -$0.77/bbl w/w, while MOPJ Crack rose on the week by +$1.39/bbl. Dubai Cracks  saw some strength: MOPJ Dubai Cracks rose by +$1.96/bbl, and 92 Dubai Cracks rose by +$1.21/bbl. w/w.
  • In Europe 3.5 Bgs crack were the biggest mover, falling by -$2.89/bbl w/w, while GO Cracks also weakened, falling by -$0.59/bbl. Naphtha crack saw some strength, increasing by +$1.08/bbl.

About Refinery Margins Report

A weekly free report encompassing regional refinery economics based on proprietary yields of financial swaps contracts

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