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Global Refinery Margins Rally Across Asia, US, and Europe

Refinery Margins Report for the week ending 17 July
Published: July 20, 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 17, refinery margins for Asia, US, and Europe all rose. Asian Refinery Margin moved from $24.47/bbl w/w to a high of $37.35/bbl before finishing at $37.13/bbl (+8.35 $/bbl w/w). European Refinery Margin reached $27.56/bbl, marking an upward change of +$3.09/bbl w/w. US Refinery Margin closed the week at 39.77 $/bbl, up by +$4.53/bbl w/w.

  • European Margins: European margins showed significant movement in the GO and EBOB Cracks. The GO Crack rose +10.03 $/bbl w/w to $66.92/bbl, marking the largest weekly change. Meanwhile, the EBOB Crack also increased by +5.59 $/bbl w/w to $36.61/bbl.
  • Asian Margins: Asian margins displayed varied movements across both crack types. On Dubai cracks, Kero Dubai Crack showed strength, rising +14.43 $/bbl w/w, followed by GO Dubai Crack which gained +12.51 $/bbl w/w to $76.23/bbl. Also noted were 92 Dubai Crack (+6.63 $/bbl w/w) and MOPJ Dubai Crack (+2.42 $/bbl w/w). On Brent cracks, Sing Gasoil Crack rose +11.24 $/bbl w/w to $70.24/bbl, while 92 Crack increased by +5.29 $/bbl w/w.

Written by

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti

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