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Asian Refinery Margin soars, Europe and US see declines

Refinery Margins Report for the week ending 27 July
Published: July 27, 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 July 24, Asian Refinery Margin experienced substantial growth, moving from levels around $39.41 to a peak of $42.98 before closing at $42.71, an increase of +$5.58/bbl w/w. European Refinery Margin closed the week at $23.60, showing a decrease of -$3.96/bbl w/w. US Refinery Margin finished at $37.90, demonstrating a slight decline in value by -$1.87/bbl w/w.

  •  European Margins: The M1 European Cracks showed mixed trends last week. EBOB Crack saw a significant decline of -$2.97/bbl w/w to $33.63/bbl, while GO Crack rose by $2.54/bbl w/w to $69.46/bbl. Naphtha Crack moved up by $1.9/bbl w/w to -$0.30/bbl, and 3.5 Bgs Crack fell by -$1.4/bbl w/w to -$9.40/bbl.
  • Asian Margins: Overall Asian cracks displayed positive movements across various products. On Dubai cracks, Kero Dubai Crack was the biggest mover rising $6.39/bbl w/w to $70.68/bbl, followed by 92 Dubai Crack which increased $5.93/bbl w/w to $33.03/bbl. On Brent cracks, S10 BRT margin saw the largest weekly jump of $6.93/bbl w/w to $65.93/bbl, with 92 Crack also moving up by $4.98/bbl w/w to $26.28/bbl.

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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