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Margins Weaken in Europe

Refinery Margins Report for the week ending 30 January
Published: February 3, 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 30 January, Refinery Margins rose in Asia and the US, but fell in Europe. Asian M1 Margins up to $10.78/bbl (+$0.32/bbl w/w), US Margins up to $14.19/bbl (+$0.26/bbl w/w), and European M1 Margins down to $6.08/bbl (-$0.47/bbl w/w).

  • Asian margins were mixed: 92 cracks were the biggest movers falling by -$2.03/bbl w/w, MOPJ Crack also fell on the week by -$0.98/bbl. Dubai Cracks  however saw some strength: Gasoil Dubai Cracks rising by +$1.68/bbl, but 92 Dubai Cracks fell by -$1.80/bbl. w/w.
  • In Europe, EBOB Crack was the biggest mover, falling by -$2.34/bbl w/w, Naphtha Crack also weakened, falling by -$1.34/bbl.

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