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Margins Rally All Week

Refinery Margins Report for the week ending 20 March
Published: March 23, 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 20 March, Refinery Margins rallied all week. European M1 Margins rallying up to $19.97/bbl (+$5.33/bbl), US Margins up to $38.71/bbl (+$12.62/bbl w/w), and Asian M1 Margins up to around $34.82/bbl (+$13.42/bbl w/w).

  • European margins were very strong w/w: NWE Naphtha cracks rose +$4.40/bbl w/w, however Gasoil Crack was the biggest mover rising by +$19.41/bbl.
  • In Asia, the story was also bullish:  Sing Gasoil rose by +$28.67/bbl, followed by 92 cracks at +$9.59/bbl. Dubai Cracks were also very strong, Dubai Gasoil cracks being the biggest movers again at +$21.83/bbl, followed by Dubai Kero cracks which increased +$15.65/bbl w/w.

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