Flux Markets | Refinery Margins: Weakness Across all Regions Skip to main content

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
Share

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

More News

S&P Reaches Highest Level On Record, Negotiations Break Down, Sulfur Prices Double

Stocks hit records on AI mania and crowded positioning, while oil, copper and refinery stress signal inflation risks.

Dither and Delay

Given their maximalist demands and lack of trust in one another, delay and deadlock remain the more likely outcomes in the near term....
29 page report

Volatile Afternoon in Brent

Oil jumps on Iran-Israel-Hezbollah tensions, strike risk in Norway, mixed demand outlook; spreads widen.
4 page report