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Asian Margin Falls as EU and US Margins Rally

Refinery Margins Report for the week ending 21 August
Published: August 24, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
11 page report
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In the week ending August 21, refinery margins experienced varying trends across global markets. Asian Margins showed a notable downtrend, falling from highs near $40/bbl down to $37.45/bbl after losing $1.95/bbl w/w. European Refinery Margins ended at $28.58/bbl, recording a modest increase of +$1.04/bbl w/w. Meanwhile, US margins settled at $39.22/bbl with a +$0.75/bbl change w/w.

  • European Margins: European margins showed strength this week, supported by key products such as the GO Crack and EBOB Crack, both of which climbed significantly w/w. The GO Crack rose +$3.11/bbl w/w to $79.42/bbl, while EBOB Crack increased +$3.42/bbl w/w to $35.46/bbl. However, the 3.5 Bgs Crack fell sharply -$3.00/bbl w/w to $12.05/bbl.
  • Asian Margins: Asian margins saw significant volatility across both crude benchmarks. On Dubai cracks, the 92 benchmark was the biggest mover, softening by -$4.04/bbl w/w to 21.42/bbl, while Kero Dubai Crack and the 380 crack also softened w/w at -$2.26/bbl and -$2.31/bbl, respectively. On Brent cracks, Asian margins found support through S10 BRT rising +$2.00/bbl w/w to 69.25/bbl while the 92 crack fell -$1.93/bbl w/w and Sing 0.5 Crack moved down -$1.00/bbl w/w.

Written by

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti

About Refinery Margins Report

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

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