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Strength in US Margins

Refinery Margins Strengthened across all regions, with US increasing the most by +$1.16/bbl w/w
Published: January 19, 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 16 January, Refinery Margins saw some strength in all regions: Asian M1 Margins up to $9.20/bbl (+$0.02/bbl w/w), European M1 Margins up to $6.09/bbl (+$0.40/bbl w/w), and US Margins up to $12.74/bbl (+$1.16/bbl w/w).

  • Asian margins were mixed: Sing Gasoil cracks rallied by +$1.05/bbl w/w, while 92 Crack fell on the week by -$1.12/bbl. Dubai Cracks were also similarly mixed: MOPJ Dubai Cracks fell by -$1.45/bbl, and 92 Dubai Cracks fell by -$2.22/bbl. w/w. Gasoil Dubai Crack rose by +1.43/bbl w/w.
  • In Europe Gasoil Crack was the biggest mover, rising by +$1.69/bbl w/w, 3.5 Barge Crack also rose by +1.3/bbl w/w.  EBOB Crack and Naphtha Crack saw some weakness falling by -$1.12/bbl and -$0.95/bbl respectively.

About Refinery Margins Report

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

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