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Strong Margins in all Regions

Refinery Margins Report for the week ending 20 February
Published: February 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 February, Refinery Margins rose across all three regions. European M1 Margins up to $6.93/bbl (+$1.24/bbl w/w), US Margins up to $16.82/bbl (+$1.13/bbl w/w), and Asian M1 Margins up to $9.76/bbl (+$0.91/bbl w/w).

  • Asian margins were mixed: Sing Gasoil cracks rose by -$1.67/bbl w/w, while 380 Cracks fell by -$2.16/bbl. Dubai Cracks were strong: Gasoil Dubai Cracks increased by +$3.77/bbl, Kero Dubai Cracks rose by +$2.42/bbl w/w, while 380 Dubai Cracks fell by -$1.81/bbl w/w.
  • In Europe, Gasoil Crack was strong, rising by -+$3.12/bbl w/w, Naphtha Crack however, was weak falling by -$1.80/bbl.

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