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US, Asian, European Margins drop

Refinery Margins Report for the week ending 25 September
Published: September 28, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
11 page report
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In the week ending September 25, refinery margins across US, Asian, and European markets recorded declines. The M1 Asian Refinery Margin experienced a steep drop from $43.74 to $36.99, declining by -$6.75/bbl w/w. European Margins were at $25.47/bbl after falling by -$4.99/bbl w/w and US Refinery Margins stood at $39.36/bbl with a decrease of -$2.67/bbl w/w.

  • European Margins: European refinery margins saw notable changes during the week ending 25 Sep; GO Crack fell -$5.26/bbl w/w to $89.33/bbl and 3.5 Bgs Crack improved significantly +$3.95/bbl w/w to -$8.8/bbl, while EBOB Crack rose slightly +$0.68/bbl w/w to $39.69/bbl.
  • Asian Margins: Asian margins saw diverse movement across both benchmarks as of 25 Sep; on Dubai Cracks GO Dubai Crack fell -$10.44/bbl w/w, Kero Dubai Crack fell sharply -$11.62/bbl w/w to $66.35/bbl, and MOPJ Dubai Crack also declined -$4.06/bbl w/w to -$2.11/bbl. On Brent cracks, S10 BRT declined significantly - $8.35/bbl w/w to $72.55/bbl while 380 Crack moved up strongly +$6.90/bbl w/w to $4.11/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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